stockrowCanoo Inc.
GOEVQ Consumer Cyclical Auto Manufacturers
Canoo Inc.’s revenue for fiscal 2023 (year ended December 2023) was $886,000.00.
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Canoo Inc. (GOEVQ) Altman Z-score
Canoo Inc.'s Altman Z-score for fiscal 2023 is −5.49, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −5.49 | (9.92) |
| FY2020 | 4.43 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.28) | — | −0.34 | |
| Retained earnings / total assets | (2.73) | — | −3.83 | |
| EBIT / total assets | (0.49) | — | −1.63 | |
| Market value of equity / total liabilities | 0.50 | — | 0.30 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −5.49 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −13.21 | ||
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 |
|---|---|
| LOBO Lobo EV Technologies Ltd compare | 0.8× |
| DCX Digital Currency X Technology Inc. compare | 0.5× |
| WKHS Workhorse Group, Inc. compare | −4.3× |
| GOEVQ Canoo Inc. | −5.5× |
| CENN Cenntro Inc. compare | −8.1× |
| FFAI Faraday Future Intelligent Electric Inc. compare | −27.7× |
| SSM Sono Group N.V. compare | −326× |
| FLYE Fly-E Group, Inc. compare | — |
| EGOXF Next.e.GO N.V. 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