HeartCore Enterprises, Inc.
HTCR Technology Software Application
In the quarter to June 2026, revenue grew 71.6%, EPS fell 245.0%, free cash flow fell 383.3% and total debt fell 69.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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HeartCore Enterprises, Inc. (HTCR) Altman Z-score
HeartCore Enterprises, Inc.'s Altman Z-score for fiscal 2025 is −0.56, 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 | −0.56 | (2.86) |
| FY2024 | 2.30 | 2.34 |
| FY2023 | −0.04 | 0.45 |
| FY2022 | −0.50 | — |
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 | (1.05) | — | −1.47 | |
| EBIT / total assets | (0.24) | — | −0.79 | |
| Market value of equity / total liabilities | 1.22 | — | 0.73 | |
| Sales / total assets | 0.69 | — | 0.69 | |
| Altman Z-score | Distress zone | −0.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.17 | ||
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 |
|---|---|
| MASK 3 E Network Technology Group Ltd compare | 5.7× |
| LGCL Lucas GC Limited compare | 3.1× |
| LYTHF Lytus Technologies Holdings PTV. Ltd. compare | 0.6× |
| HTCR HeartCore Enterprises, Inc. | −0.6× |
| NTCL NetClass Technology Inc compare | −1.0× |
| FMTOF Femto Technologies Inc. compare | −3.1× |
| EPWKF EPWK Holdings Ltd. compare | −3.6× |
| OMQS OMNIQ Corp. compare | −6.4× |
| PARA Parabolic Technologies, Inc. compare | −6.7× |
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