Coda Octopus Group Inc.
CODA Industrials Aerospace & Defense
Coda Octopus Group Inc.’s revenue for fiscal 2025 (year ended October 2025) was $26.6 million, up 30.7% from fiscal 2024. In the quarter to July 2026, revenue grew 9.24%, EPS grew 9.09% and free cash flow fell 24.4%, each against the same quarter a year earlier.
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Coda Octopus Group Inc. (CODA) Altman Z-score
Coda Octopus Group Inc.'s Altman Z-score for fiscal 2025 is 12.23, 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 | 12.23 | (1.91) |
| FY2024 | 14.14 | 0.10 |
| FY2023 | 14.04 | 0.97 |
| FY2022 | 13.07 | (0.33) |
| FY2021 | 13.39 | 2.96 |
| FY2020 | 10.43 | (2.65) |
| FY2019 | 13.08 | 4.55 |
| FY2018 | 8.54 | 6.20 |
| FY2017 | 2.34 | 1.81 |
| FY2016 | 0.52 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.69 | — | 0.83 | |
| Retained earnings / total assets | (0.05) | — | −0.07 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 18.05 | — | 10.83 | |
| Sales / total assets | 0.41 | — | 0.41 | |
| Altman Z-score | Safe zone | 12.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 14.39 | ||
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 |
|---|---|
| SPAI Safe Pro Group Inc. compare | 26.7× |
| BYRN Byrna Technologies Inc. compare | 15.0× |
| OPXS Optex Systems Holdings Inc. compare | 12.3× |
| CODA Coda Octopus Group Inc. | 12.2× |
| AIRO AIRO Group Holdings, Inc. compare | 3.1× |
| SIF SIFCO Industries, Inc. compare | 2.4× |
| SIDU Sidus Space, Inc. compare | 0.4× |
| MRLN Merlin Inc compare | — |
| HOVR New Horizon Aircraft Ltd. 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