FTC Solar, Inc.
FTCI Technology Solar
FTC Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $99.7 million, up 110.5% from fiscal 2024. In the quarter to June 2026, revenue grew 30.8%, EPS fell 43.2%, free cash flow grew 429.0% and total debt rose 107.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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FTC Solar, Inc. (FTCI) Altman Z-score
FTC Solar, Inc.'s Altman Z-score for fiscal 2025 is −4.59, 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 | −4.59 | 1.28 |
| FY2024 | −5.87 | (3.46) |
| FY2023 | −2.41 | (1.21) |
| FY2022 | −1.20 | (4.33) |
| FY2021 | 3.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.32 | |
| Retained earnings / total assets | (3.82) | — | −5.35 | |
| EBIT / total assets | (0.32) | — | −1.05 | |
| Market value of equity / total liabilities | 0.99 | — | 0.59 | |
| Sales / total assets | 0.89 | — | 0.89 | |
| Altman Z-score | Distress zone | −4.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −13.15 | ||
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 |
|---|---|
| PN PN Smart Energy Limited compare | 2.3× |
| TYGO Tigo Energy, Inc. compare | 0.0× |
| SPRU Spruce Power Holding Corporation compare | −0.5× |
| ZEO Zeo Energy Corp. compare | −0.8× |
| SMXT Solarmax Technology, Inc. compare | −0.9× |
| SPIEQ SPI Energy Co., Ltd. compare | −4.2× |
| FTCI FTC Solar, Inc. | −4.6× |
| BEEM Beam Global compare | −4.7× |
| ASTI Ascent Solar Technologies Inc. compare | −112× |
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