ECARX Holdings, Inc.
ECX Consumer Cyclical Auto Parts
ECARX Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $847.9 million, up 9.89% from fiscal 2024. In the quarter to June 2026, revenue grew 44.7%, EPS grew 76.9%, free cash flow grew 46.1% and total debt rose 98.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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ECARX Holdings, Inc. (ECX) Altman Z-score
ECARX Holdings, Inc.'s Altman Z-score for fiscal 2025 is −1.76, 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 | −1.76 | 0.76 |
| FY2024 | −2.51 | (1.34) |
| FY2023 | −1.17 | (0.69) |
| FY2022 | −0.49 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.51) | — | −0.62 | |
| Retained earnings / total assets | (1.80) | — | −2.52 | |
| EBIT / total assets | (0.08) | — | −0.27 | |
| Market value of equity / total liabilities | 0.62 | — | 0.37 | |
| Sales / total assets | 1.28 | — | 1.28 | |
| Altman Z-score | Distress zone | −1.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.09 | ||
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 |
|---|---|
| SLDP Solid Power, Inc. compare | 11.1× |
| STRT Strattec Security Corporation compare | 5.0× |
| SES SES AI Corporation compare | 4.2× |
| CPS Cooper-Standard Holdings Inc. compare | 1.6× |
| HLLY Holley Inc. compare | 1.5× |
| MPAA Motorcar Parts of America, Inc. compare | 1.4× |
| MNRO Monro Muffler Brake, Inc. compare | 1.4× |
| MVST Microvast Holdings, Inc. compare | −0.2× |
| ECX ECARX Holdings, Inc. | −1.8× |
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