Vertical Aerospace Ltd.
EVTL Industrials Aerospace & Defense
In the quarter to June 2026, EPS grew 82.1%, free cash flow fell 586.3% and total debt rose 43.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
Follow EVTL
Vertical Aerospace Ltd. (EVTL) Altman Z-score
Vertical Aerospace Ltd.'s Altman Z-score for fiscal 2021 is −2.40, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2021 | −2.40 | (171.89) |
| FY2020 | 169.48 | — |
How fiscal 2021’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.75 | — | 0.89 | |
| Retained earnings / total assets | (1.07) | — | −1.50 | |
| EBIT / total assets | (1.19) | — | −3.92 | |
| Market value of equity / total liabilities | 3.54 | — | 2.12 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −2.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −6.21 | ||
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 |
|---|---|
| SPAI Safe Pro Group Inc. compare | 26.7× |
| BYRN Byrna Technologies Inc. compare | 15.0× |
| OPXS Optex Systems Holdings Inc. compare | 12.3× |
| PEW GrabAGun Digital Holdings Inc. compare | 3.0× |
| CVU CPI Aerostructures, Inc. compare | 0.9× |
| EVTL Vertical Aerospace Ltd. | −2.4× |
| MNTS Momentus Inc. compare | −17.2× |
| HOVR New Horizon Aircraft Ltd. compare | — |
| FJET Starfighters Space, Inc. 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