Chunghwa Telecom Co., Ltd.
CHT Communication Services Telecom Services
Chunghwa Telecom Co., Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $7.5 billion, up 7.33% from fiscal 2024. In the quarter to June 2026, revenue grew 5.50%, EPS grew 2.33%, free cash flow grew 39.6% and total debt fell 18.3%, each against the same quarter a year earlier.
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Chunghwa Telecom Co., Ltd. (CHT) Altman Z-score
Chunghwa Telecom Co., Ltd.'s Altman Z-score for fiscal 2025 is 5.66, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.66 | 0.32 |
| FY2024 | 5.34 | (0.11) |
| FY2023 | 5.46 | 0.28 |
| FY2022 | 5.18 | (0.40) |
| FY2021 | 5.57 | 0.21 |
| FY2020 | 5.36 | (1.39) |
| FY2019 | 6.75 | (0.72) |
| FY2018 | 7.47 | 0.16 |
| FY2017 | 7.30 | 0.01 |
| FY2016 | 7.29 | (0.25) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.08 | |
| Retained earnings / total assets | 0.29 | — | 0.40 | |
| EBIT / total assets | 0.09 | — | 0.30 | |
| Market value of equity / total liabilities | 7.40 | — | 4.44 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Safe zone | 5.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.04 | ||
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 |
|---|---|
| CHT Chunghwa Telecom Co., Ltd. | 5.7× |
| AMX America Movil, S.A.B. de C.V. Unsponsored ADR compare | 1.7× |
| CMCSA Comcast Corporation compare | 1.4× |
| TELFY Telefonica SA compare | 0.8× |
| ORANY Orange compare | 0.8× |
| CHTR Charter Communications, Inc. compare | 0.6× |
| VOD Vodafone Group PLC compare | −0.7× |
| ECHO EchoStar Corporation compare | −0.8× |
| VIV Telefonica Brasil S.A. compare | — |
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