CTS Corporation
CTS Technology Electronic Components
CTS Corporation’s revenue for fiscal 2025 (year ended December 2025) was $541.3 million, up 5.16% from fiscal 2024. In the quarter to June 2026, revenue grew 7.00%, EPS grew 8.06%, free cash flow grew 15.1% and total debt fell 37.5%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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CTS Corporation (CTS) Altman Z-score
CTS Corporation's Altman Z-score for fiscal 2025 is 6.17, 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 | 6.17 | (0.29) |
| FY2024 | 6.45 | 0.04 |
| FY2023 | 6.41 | 0.73 |
| FY2022 | 5.68 | (0.37) |
| FY2021 | 6.05 | 0.39 |
| FY2020 | 5.66 | 0.81 |
| FY2019 | 4.85 | (0.91) |
| FY2018 | 5.75 | 0.76 |
| FY2017 | 5.00 | 0.24 |
| FY2016 | 4.75 | 0.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.22 | |
| Retained earnings / total assets | 0.93 | — | 1.31 | |
| EBIT / total assets | 0.11 | — | 0.36 | |
| Market value of equity / total liabilities | 5.95 | — | 3.57 | |
| Sales / total assets | 0.71 | — | 0.71 | |
| Altman Z-score | Safe zone | 6.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.72 | ||
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 |
|---|---|
| CTS CTS Corporation | 6.2× |
| ROG Rogers Corporation compare | 6.1× |
| DAKT Daktronics, Inc. compare | 5.1× |
| OUST Ouster, Inc. compare | 4.9× |
| BELFB Bel Fuse Inc. compare | 4.6× |
| BELFA Bel Fuse Inc. compare | 4.3× |
| KN Knowles Corporation compare | 4.3× |
| ALNT Allient Inc. compare | 4.0× |
| BHE Benchmark Electronics, Inc. compare | 3.2× |
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