Innovative Solutions and Support, Inc.
IA Industrials Aerospace & Defense
Innovative Solutions and Support, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $84.3 million, up 78.6% from fiscal 2024. In the quarter to June 2026, revenue grew 10.7%, EPS grew 78.6%, free cash flow grew 31.1% and total debt rose 133.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Innovative Solutions and Support, Inc. (IA) Altman Z-score
Innovative Solutions and Support, Inc.'s Altman Z-score for fiscal 2025 is 5.63, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.63 | 2.15 |
| FY2024 | 3.49 | (1.38) |
| FY2023 | 4.87 | (20.03) |
| FY2022 | 24.90 | (5.81) |
| FY2021 | 30.71 | 24.44 |
| FY2020 | 6.27 | (15.64) |
| FY2019 | 21.90 | 13.55 |
| FY2018 | 8.35 | (3.87) |
| FY2017 | 12.22 | 1.38 |
| FY2016 | 10.84 | 4.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.40 | |
| Retained earnings / total assets | 0.27 | — | 0.38 | |
| EBIT / total assets | 0.19 | — | 0.64 | |
| Market value of equity / total liabilities | 5.66 | — | 3.40 | |
| Sales / total assets | 0.82 | — | 0.82 | |
| Altman Z-score | Safe zone | 5.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.11 | ||
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 |
|---|---|
| PKE Park Aerospace Corp. compare | 27.0× |
| TATT TAT Technologies Ltd. compare | 8.4× |
| SWBI Smith & Wesson Brands, Inc. compare | 5.7× |
| IA Innovative Solutions and Support, Inc. | 5.6× |
| POWW Outdoor Holding Company compare | 3.6× |
| EH EHang Holdings Limited Unsponsored ADR compare | 3.0× |
| SATL Satellogic Inc. compare | −2.2× |
| SPCE Virgin Galactic Holdings, Inc. compare | −5.5× |
| EVEX Eve Holding, Inc. 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