Guardforce AI Co., Limited
GFAI Industrials Security & Protection Services
Guardforce AI Co., Limited’s revenue for fiscal 2025 (year ended December 2025) was $35.2 million, up 7.96% from fiscal 2024.
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Guardforce AI Co., Limited (GFAI) Altman Z-score
Guardforce AI Co., Limited's Altman Z-score for fiscal 2025 is −0.53, 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 | −0.53 | (0.17) |
| FY2024 | −0.36 | 1.66 |
| FY2023 | −2.02 | (1.42) |
| FY2022 | −0.61 | (1.14) |
| FY2021 | 0.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.56 | — | 0.68 | |
| Retained earnings / total assets | (1.44) | — | −2.02 | |
| EBIT / total assets | (0.12) | — | −0.40 | |
| Market value of equity / total liabilities | 0.81 | — | 0.49 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Distress zone | −0.53 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.58 | ||
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 |
|---|---|
| SNT Senstar Technologies Ltd. compare | 7.3× |
| SUGP SU Group Holdings Limited compare | 6.6× |
| SPCB SuperCom, Ltd. compare | −0.1× |
| GFAI Guardforce AI Co., Limited | −0.5× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −1.0× |
| OPNW OpenWorld, Inc. compare | −7.0× |
| KSCP Knightscope, Inc. compare | −8.2× |
| IVDA Iveda Solutions, Inc. compare | −11.1× |
| BKYI BIO-key International Inc. compare | −24.1× |
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