Gilat Satellite Networks Ltd.
GILT Technology Communication Equipment
Gilat Satellite Networks Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $451.7 million, up 47.9% from fiscal 2024. In the quarter to June 2026, revenue grew 16.9%, EPS fell 35.3%, free cash flow fell 250.3% and total debt fell 96.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Gilat Satellite Networks Ltd. (GILT) Altman Z-score
Gilat Satellite Networks Ltd.'s Altman Z-score for fiscal 2025 is 1.72, 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 | 1.72 | 0.75 |
| FY2024 | 0.96 | 0.60 |
| FY2023 | 0.36 | 0.46 |
| FY2022 | −0.10 | (0.43) |
| FY2021 | 0.32 | 0.31 |
| FY2020 | 0.02 | (0.68) |
| FY2019 | 0.70 | 0.01 |
| FY2018 | 0.69 | 0.64 |
| FY2017 | 0.05 | 0.71 |
| FY2016 | −0.67 | 1.17 |
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 | (0.82) | — | −1.15 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 3.13 | — | 1.88 | |
| Sales / total assets | 0.61 | — | 0.61 | |
| Altman Z-score | Distress zone | 1.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.21 | ||
Z and Z″ put Gilat Satellite Networks Ltd. in different zones: distress zone by Z, grey zone by Z″.
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 |
|---|---|
| FEIM Frequency Electronics, Inc. compare | 9.6× |
| CLFD Clearfield, Inc. compare | 7.4× |
| LTRX Lantronix, Inc. compare | 2.7× |
| GILT Gilat Satellite Networks Ltd. | 1.7× |
| NTGR NETGEAR, Inc. compare | 1.7× |
| ADTN ADTRAN Holdings, Inc. compare | 0.7× |
| VISN Vistance Networks, Inc. compare | 0.5× |
| TSAT Telesat Corporation compare | −0.4× |
| HLIT Harmonic Inc. compare | −1.0× |
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