Firy Inc.
FIRY Communication Services Electronic Gaming & Multimedia
Firy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $104.5 million, up 12.5% from fiscal 2024. In the quarter to June 2026, revenue grew 22.9%, EPS fell 31.4%, free cash flow grew 15.9% and total debt rose 1.62%, each against the same quarter a year earlier.
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Firy Inc. (FIRY) Altman Z-score
Firy Inc.'s Altman Z-score for fiscal 2025 is −5.20, 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 | −5.20 | (2.25) |
| FY2024 | −2.95 | (0.16) |
| FY2023 | −2.79 | (0.26) |
| FY2022 | −2.54 | (6.11) |
| FY2021 | 3.57 | (11.48) |
| FY2020 | 15.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.15 | |
| Retained earnings / total assets | (3.72) | — | −5.21 | |
| EBIT / total assets | (0.22) | — | −0.72 | |
| Market value of equity / total liabilities | 0.37 | — | 0.22 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Distress zone | −5.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −12.15 | ||
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 |
|---|---|
| MYPS PLAYSTUDIOS, Inc. compare | 8.5× |
| GRVY GRAVITY Co., Ltd. compare | 6.4× |
| DDI DoubleDown Interactive Co., Ltd. Sponsored ADR compare | 4.9× |
| SOHU Sohu.com Inc. compare | 1.8× |
| GCL GCL Global Holdings Ltd. compare | 1.6× |
| GDEV GDEV Inc. compare | 1.4× |
| PLTK Playtika Holding Corp. compare | 0.5× |
| FIRY Firy Inc. | −5.2× |
| CTW CTW Cayman 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