Dave Inc.
DAVE Technology Software Application
Dave Inc.’s revenue for fiscal 2025 (year ended December 2025) was $554.2 million, up 59.7% from fiscal 2024. In the quarter to June 2026, revenue grew 29.6%, EPS fell 22.1%, free cash flow fell 1.03% and total debt rose 256.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Dave Inc. (DAVE) Altman Z-score
Dave Inc.'s Altman Z-score for fiscal 2025 is 16.50, 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 | 16.50 | 9.07 |
| FY2024 | 7.44 | 6.72 |
| FY2023 | 0.72 | 0.85 |
| FY2022 | −0.13 | (7.81) |
| FY2021 | 7.68 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.66 | — | 0.79 | |
| Retained earnings / total assets | 0.09 | — | 0.12 | |
| EBIT / total assets | 0.38 | — | 1.26 | |
| Market value of equity / total liabilities | 21.97 | — | 13.18 | |
| Sales / total assets | 1.14 | — | 1.14 | |
| Altman Z-score | Safe zone | 16.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 9.96 | ||
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 |
|---|---|
| DAVE Dave Inc. | 16.5× |
| KVYO Klaviyo, Inc. compare | 15.3× |
| MNDY monday.com Ltd. compare | 6.2× |
| QTWO Q2 Holdings, Inc. compare | 4.4× |
| WK Workiva Inc. compare | 2.1× |
| CCC CCC Intelligent Solutions Holdings Inc. compare | 1.4× |
| FSLY Fastly, Inc. compare | 0.9× |
| NIQ NIQ Global Intelligence plc compare | 0.7× |
| BILL BILL Holdings, Inc. compare | 0.5× |
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