Euro Tech Holdings Company Limited
CLWT Industrials Pollution & Treatment Controls
Euro Tech Holdings Company Limited’s revenue for fiscal 2025 (year ended December 2025) was $13.3 million, down 13.8% from fiscal 2024.
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Euro Tech Holdings Company Limited (CLWT) Altman Z-score
Euro Tech Holdings Company Limited's Altman Z-score for fiscal 2025 is 2.38, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.38 | (0.71) |
| FY2024 | 3.09 | 0.35 |
| FY2023 | 2.74 | (0.08) |
| FY2022 | 2.82 | (1.14) |
| FY2021 | 3.96 | 1.95 |
| FY2020 | 2.01 | 0.05 |
| FY2019 | 1.96 | (0.52) |
| FY2018 | 2.48 | (0.98) |
| FY2017 | 3.46 | (0.44) |
| FY2016 | 3.90 | 0.01 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | 0.27 | — | 0.38 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 1.92 | — | 1.15 | |
| Sales / total assets | 0.62 | — | 0.62 | |
| Altman Z-score | Grey zone | 2.38 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.90 | ||
Z and Z″ put Euro Tech Holdings Company Limited in different zones: grey 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 |
|---|---|
| CLWT Euro Tech Holdings Company Limited | 2.4× |
| FTEK Fuel Tech, Inc. compare | 1.3× |
| LIQT LiqTech International, Inc. compare | −4.3× |
| CLIR ClearSign Technologies Corporation compare | −5.5× |
| BCHT Birchtech Corp. compare | −7.4× |
| SCWO 374Water Inc. compare | −8.1× |
| DEVSF DevvStream Corp. compare | −8.6× |
| TOMZ TOMI Environmental Solutions, Inc. compare | −10.9× |
| RAIN Rain Enhancement Technologies Holdco, Inc. 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