Comtech Telecommunications Corp.
CMTL Technology Communication Equipment
Comtech Telecommunications Corp.’s revenue for fiscal 2025 (year ended July 2025) was $499.5 million, down 7.56% from fiscal 2024. In the quarter to April 2026, revenue fell 16.4%, EPS grew 4.08%, free cash flow grew 520.6% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Comtech Telecommunications Corp. (CMTL) Altman Z-score
Comtech Telecommunications Corp.'s Altman Z-score for fiscal 2025 is 0.31, 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 | 0.31 | (0.49) |
| FY2024 | 0.79 | (0.54) |
| FY2023 | 1.33 | 0.00 |
| FY2022 | 1.33 | (0.38) |
| FY2021 | 1.71 | (0.43) |
| FY2020 | 2.14 | (0.84) |
| FY2019 | 2.98 | (0.08) |
| FY2018 | 3.06 | 0.75 |
| FY2017 | 2.32 | 0.84 |
| FY2016 | 1.48 | (5.09) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | (0.01) | — | −0.01 | |
| EBIT / total assets | (0.19) | — | −0.62 | |
| Market value of equity / total liabilities | 0.14 | — | 0.09 | |
| Sales / total assets | 0.67 | — | 0.67 | |
| Altman Z-score | Distress zone | 0.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.39 | ||
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 |
|---|---|
| FKWL Franklin Wireless Corp. compare | 3.0× |
| AMPG AmpliTech Group, Inc. compare | 1.5× |
| BOSC B.O.S. Better Online Solutions compare | 1.1× |
| CMTL Comtech Telecommunications Corp. | 0.3× |
| AIRG Airgain, Inc. compare | −0.3× |
| CMBMF Cambium Networks Corporation compare | −1.8× |
| INSG Inseego compare | −10.5× |
| UTSI UTStarcom Holdings Corp compare | −30.6× |
| WATT Energous Corporation compare | −34.3× |
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