Crexendo Inc.
CXDO Communication Services Telecom Services
Crexendo Inc.’s revenue for fiscal 2025 (year ended December 2025) was $68.2 million, up 12.0% from fiscal 2024. In the quarter to June 2026, revenue grew 48.9%, EPS fell 25.0% and free cash flow grew 115.4%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Crexendo Inc. (CXDO) Altman Z-score
Crexendo Inc.'s Altman Z-score for fiscal 2025 is 8.37, 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 | 8.37 | 2.73 |
| FY2024 | 5.64 | 0.32 |
| FY2023 | 5.32 | 7.19 |
| FY2022 | −1.87 | (6.60) |
| FY2021 | 4.73 | (7.57) |
| FY2020 | 12.30 | 9.02 |
| FY2019 | 3.28 | 11.92 |
| FY2018 | −8.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | (1.05) | — | −1.47 | |
| EBIT / total assets | 0.06 | — | 0.20 | |
| Market value of equity / total liabilities | 13.85 | — | 8.31 | |
| Sales / total assets | 0.88 | — | 0.88 | |
| Altman Z-score | Safe zone | 8.37 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.31 | ||
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 |
|---|---|
| CXDO Crexendo Inc. | 8.4× |
| RDCM Radcom Ltd. compare | 5.2× |
| KVHI KVH Industries, Inc. compare | 5.1× |
| SHEN Shenandoah Telecommunications Co compare | 1.0× |
| ATNI ATN International, Inc. compare | 1.0× |
| GOGO Gogo Inc. compare | 0.2× |
| CCOI Cogent Communications Holdings, Inc. compare | 0.2× |
| OPTU Optimum Communications, Inc. compare | 0.1× |
| PCLA PicoCELA Inc. compare | −2.6× |
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