GameSquare Holdings, Inc.
GAME Communication Services Electronic Gaming & Multimedia
In the quarter to June 2026, revenue grew 137.2%, EPS fell 37.5% and free cash flow fell 263.3%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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GameSquare Holdings, Inc. (GAME) Altman Z-score
GameSquare Holdings, Inc.'s Altman Z-score for fiscal 2025 is −2.78, 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 | −2.78 | 0.03 |
| FY2024 | −2.81 | (0.93) |
| FY2023 | −1.88 | 1.53 |
| FY2022 | −3.41 | 1.23 |
| FY2022 | −4.65 | (3.10) |
| FY2021 | −1.55 | 1.46 |
| FY2020 | −3.01 | 4.18 |
| FY2019 | −7.19 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.24) | — | −0.28 | |
| Retained earnings / total assets | (2.05) | — | −2.86 | |
| EBIT / total assets | (0.17) | — | −0.55 | |
| Market value of equity / total liabilities | 0.58 | — | 0.35 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Distress zone | −2.78 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.47 | ||
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× |
| GMHS Gamehaus Holdings Inc. compare | 5.2× |
| GCL GCL Global Holdings Ltd. compare | 1.6× |
| GDEV GDEV Inc. compare | 1.4× |
| SNAL Snail, Inc. compare | −0.7× |
| GAME GameSquare Holdings, Inc. | −2.8× |
| GIGM GigaMedia Limited compare | −3.3× |
| MSGM Motorsport Games Inc. compare | −5.6× |
| 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