stockrowFuel Tech, Inc.
FTEK Industrials Pollution & Treatment Controls
Fuel Tech, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.7 million, up 6.14% from fiscal 2024.
- Revenue
- +16.7%
- EPS
- −100.0%
- Free cash flow
- −1,603.5%
Quarter to June 2026, against a year earlier
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Fuel Tech, Inc. (FTEK) Altman Z-score
Fuel Tech, Inc.'s Altman Z-score for fiscal 2025 is 1.34, 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 | 1.34 | 1.17 |
| FY2024 | 0.17 | (0.57) |
| FY2023 | 0.74 | (1.59) |
| FY2022 | 2.33 | (2.35) |
| FY2021 | 4.68 | 1.72 |
| FY2020 | 2.96 | 4.57 |
| FY2019 | −1.60 | (1.45) |
| FY2018 | −0.15 | 0.85 |
| FY2017 | −1.00 | (0.73) |
| FY2016 | −0.28 | (1.75) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.54 | — | 0.65 | |
| Retained earnings / total assets | (2.58) | — | −3.61 | |
| EBIT / total assets | (0.08) | — | −0.26 | |
| Market value of equity / total liabilities | 6.66 | — | 4.00 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Distress zone | 1.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.41 | ||
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 |
|---|---|
| CLWT Euro Tech Holdings Company Limited compare | 2.4× |
| FTEK Fuel Tech, Inc. | 1.3× |
| ARQ Arq, Inc. compare | 1.2× |
| LIQT LiqTech International, Inc. compare | −4.3× |
| CLIR ClearSign Technologies Corporation compare | −5.6× |
| BCHT Birchtech Corp. compare | −7.4× |
| SCWO 374Water Inc. compare | −8.1× |
| TOMZ TOMI Environmental Solutions, Inc. compare | −10.9× |
| RAIN Rain Enhancement Technologies Holdco, 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