Baozun Inc.
BZUN Consumer Cyclical Internet Retail
Baozun Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 10.2% from fiscal 2024. In the quarter to June 2026, revenue grew 13.5%, EPS grew 150.0%, free cash flow grew 151.7% and total debt fell 5.57%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Baozun Inc. (BZUN) Altman Z-score
Baozun Inc.'s Altman Z-score for fiscal 2025 is 1.45, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.45 | 0.14 |
| FY2024 | 1.32 | 0.09 |
| FY2023 | 1.23 | (0.25) |
| FY2022 | 1.48 | (0.29) |
| FY2021 | 1.77 | (2.11) |
| FY2020 | 3.88 | 0.25 |
| FY2019 | 3.63 | (2.28) |
| FY2018 | 5.92 | (2.07) |
| FY2017 | 7.99 | 2.72 |
| FY2016 | 5.27 | 1.73 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.39 | |
| Retained earnings / total assets | (0.10) | — | −0.13 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 0.25 | — | 0.15 | |
| Sales / total assets | 1.03 | — | 1.03 | |
| Altman Z-score | Distress zone | 1.45 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.20 | ||
Z and Z″ put Baozun Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HOUR Hour Loop, Inc. compare | 9.0× |
| RERE ATRenew Inc. Sponsored ADR compare | 5.0× |
| NEGG Newegg Commerce, Inc. compare | 4.7× |
| BZUN Baozun Inc. | 1.5× |
| ZKH ZKH Group Limited Unsponsored ADR compare | 1.3× |
| TDUP ThredUp Inc. compare | 0.9× |
| MI NFT Limited compare | 0.7× |
| NXH Neighborhood Intelligence, Inc. compare | 0.3× |
| LOGC ContextLogic Inc. compare | −8.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets