Captivision Inc.
CPTAF Basic Materials Building Materials
Captivision Inc.’s revenue for fiscal 2023 (year ended December 2023) was $14.6 million, down 27.5% from fiscal 2022.
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Captivision Inc. (CPTAF) Altman Z-score
Captivision Inc.'s Altman Z-score for fiscal 2023 is −11.92, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −11.92 | (11.83) |
| FY2022 | −0.09 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.89) | — | −2.27 | |
| Retained earnings / total assets | (6.36) | — | −8.90 | |
| EBIT / total assets | (0.62) | — | −2.04 | |
| Market value of equity / total liabilities | 1.01 | — | 0.61 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Distress zone | −11.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −38.00 | ||
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 |
|---|---|
| SMID Smith-Midland Corp. compare | 6.4× |
| TGLS Tecnoglass Holdings Inc. compare | 5.0× |
| TTAM Titan America SA compare | 4.3× |
| CPAC Cementos Pacasmayo S.A.A. compare | 2.2× |
| LOMA Loma Negra Compania Industrial Argentina S.A. Sponsored ADR compare | 2.1× |
| RETO ReTo Eco-Solutions, Inc. compare | −3.5× |
| CAPS Capstone Therapeutics Corp. compare | −5.7× |
| CPTAF Captivision Inc. | −11.9× |
| RMIX Suncrete, 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