Fisker Inc.
FSRNQ Consumer Cyclical Auto Manufacturers
Fisker Inc.’s revenue for fiscal 2023 (year ended December 2023) was $272.9 million, up 79,690.4% from fiscal 2022. Revenue growth for three consecutive years.
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Fisker Inc. (FSRNQ) Altman Z-score
Fisker Inc.'s Altman Z-score for fiscal 2023 is −2.35, 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 | −2.35 | (1.79) |
| FY2022 | −0.56 | (3.65) |
| FY2021 | 3.09 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | (1.15) | — | −1.61 | |
| EBIT / total assets | (0.33) | — | −1.09 | |
| Market value of equity / total liabilities | 0.31 | — | 0.19 | |
| Sales / total assets | 0.15 | — | 0.15 | |
| Altman Z-score | Distress zone | −2.35 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.94 | ||
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 |
|---|---|
| NIU Niu Technologies compare | 1.5× |
| GGR Gogoro Inc. compare | −1.4× |
| EMPD Empery Digital Inc. compare | −2.2× |
| FSRNQ Fisker Inc. | −2.3× |
| WKHS Workhorse Group, Inc. compare | −4.3× |
| CENN Cenntro Inc. compare | −8.1× |
| AZIO Azio AI Holdings, Inc. compare | −62.3× |
| AIIO Robo.ai Inc. - Class B compare | −227× |
| SEV Aptera Motors Corp. 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