Draganfly Inc.
DPRO Technology Computer Hardware
Draganfly Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.5 million, up 15.6% from fiscal 2024. In the quarter to June 2026, revenue grew 25.8%, EPS grew 45.5%, free cash flow fell 149.8% and total debt fell 54.7%, each against the same quarter a year earlier.
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Draganfly Inc. (DPRO) Altman Z-score
Draganfly Inc.'s Altman Z-score for fiscal 2025 is 17.59, 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 | 17.59 | 35.52 |
| FY2024 | −17.93 | 5.68 |
| FY2023 | −23.61 | (16.71) |
| FY2022 | −6.91 | (9.30) |
| FY2021 | 2.40 | (271.49) |
| FY2020 | 273.89 | (337.95) |
| FY2019 | 611.84 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.94 | — | 1.13 | |
| Retained earnings / total assets | (1.39) | — | −1.94 | |
| EBIT / total assets | (0.21) | — | −0.68 | |
| Market value of equity / total liabilities | 31.67 | — | 19.00 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Safe zone | 17.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 21.44 | ||
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 |
|---|---|
| AMCI AMC Robotics Corporation compare | 114× |
| DPRO Draganfly Inc. | 17.6× |
| OSS One Stop Systems, Inc. compare | 15.1× |
| YIBO Planet Image International Limited compare | 1.7× |
| CAN Canaan Inc. Sponsored ADR compare | 0.6× |
| NNDM Nano Dimension Ltd. compare | 0.5× |
| BGIN Bgin Blockchain Limited compare | −0.5× |
| VELO Velo3D, Inc. compare | −5.4× |
| QTEX QTREX Quantum Ltd. compare | −23.6× |
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