ENSERVCO Corporation
ENSV Energy Oil & Gas Equipment & Services
Revenue growth for three consecutive years, operating cash flow growth for three.
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ENSERVCO Corporation (ENSV) Altman Z-score
ENSERVCO Corporation's Altman Z-score for fiscal 2023 is −5.15, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −5.15 | (2.29) |
| FY2022 | −2.86 | 0.05 |
| FY2021 | −2.92 | (0.95) |
| FY2020 | −1.97 | (1.08) |
| FY2019 | −0.88 | (1.58) |
| FY2018 | 0.69 | (0.26) |
| FY2017 | 0.96 | 0.83 |
| FY2016 | 0.12 | (1.35) |
| FY2015 | 1.48 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.31) | — | −0.37 | |
| Retained earnings / total assets | (3.58) | — | −5.01 | |
| EBIT / total assets | (0.48) | — | −1.57 | |
| Market value of equity / total liabilities | 0.36 | — | 0.21 | |
| Sales / total assets | 1.59 | — | 1.59 | |
| Altman Z-score | Distress zone | −5.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.95 | ||
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 |
|---|---|
| GEOS Geospace Technologies Corporation compare | 6.7× |
| OMSE OMS Energy Technologies Inc. compare | 5.2× |
| LSE Leishen Energy Holding Co., Ltd. compare | 4.3× |
| STAK STAK Inc. compare | 1.8× |
| DTI Drilling Tools International Corp. compare | 1.5× |
| RCON Recon Technology, Ltd. compare | 0.0× |
| KLXE KLX Energy Services Holdings, Inc. compare | −0.9× |
| DWSN Dawson Geophysical Company compare | −1.6× |
| ENSV ENSERVCO Corporation | −5.2× |
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