Digimarc Corporation
DMRC Technology Software Application
Digimarc Corporation’s revenue for fiscal 2025 (year ended December 2025) was $33.9 million, down 11.7% from fiscal 2024. In the quarter to June 2026, revenue fell 7.77%, EPS fell 42.1% and free cash flow grew 80.9%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Digimarc Corporation (DMRC) Altman Z-score
Digimarc Corporation's Altman Z-score for fiscal 2025 is −4.56, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.56 | (30.42) |
| FY2024 | 25.86 | 8.81 |
| FY2023 | 17.05 | 8.16 |
| FY2022 | 8.89 | (26.78) |
| FY2021 | 35.67 | 10.36 |
| FY2020 | 25.31 | (0.39) |
| FY2019 | 25.70 | 9.56 |
| FY2018 | 16.14 | (21.02) |
| FY2017 | 37.16 | 7.15 |
| FY2016 | 30.02 | (6.08) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.29 | |
| Retained earnings / total assets | (7.23) | — | −10.13 | |
| EBIT / total assets | (0.63) | — | −2.07 | |
| Market value of equity / total liabilities | 11.16 | — | 6.70 | |
| Sales / total assets | 0.64 | — | 0.64 | |
| Altman Z-score | Distress zone | −4.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −22.86 | ||
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 |
|---|---|
| DUOT Duos Technologies Group, Inc. compare | 5.2× |
| TONX TON Strategy Company compare | 5.0× |
| PERF Perfect Corp. compare | 1.3× |
| DHX DHI Group, Inc. compare | 0.9× |
| ASUR Asure Software, Inc. compare | −0.1× |
| DMRC Digimarc Corporation | −4.6× |
| HUCK Huckleberry.ai, Inc. compare | −8.6× |
| MRT MARTI TECH INC compare | −9.2× |
| LAIX LAIX Inc. Sponsored ADR 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