IT Tech Packaging Inc
ITP Basic Materials Paper & Paper Products
IT Tech Packaging Inc’s revenue for fiscal 2024 (year ended December 2024) was $75.8 million, down 12.4% from fiscal 2023. In the quarter to September 2025, revenue grew 2.07%, EPS grew 45.0% and free cash flow grew 22.1%, each against the same quarter a year earlier.
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IT Tech Packaging Inc (ITP) Altman Z-score
IT Tech Packaging Inc's Altman Z-score for fiscal 2024 is 1.08, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | 1.08 | 0.08 |
| FY2023 | 1.00 | (0.34) |
| FY2022 | 1.34 | (0.65) |
| FY2021 | 1.99 | 0.47 |
| FY2020 | 1.52 | (0.57) |
| FY2019 | 2.09 | 0.88 |
| FY2018 | 1.21 | (0.66) |
| FY2017 | 1.88 | (0.18) |
| FY2016 | 2.05 | 0.35 |
| FY2015 | 1.71 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | 0.42 | — | 0.58 | |
| EBIT / total assets | (0.05) | — | −0.15 | |
| Market value of equity / total liabilities | 0.28 | — | 0.17 | |
| Sales / total assets | 0.43 | — | 0.43 | |
| Altman Z-score | Distress zone | 1.08 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.97 | ||
Z and Z″ put IT Tech Packaging Inc in different zones: distress zone by Z, safe 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 |
|---|---|
| SLVM Sylvamo Corporation compare | 3.6× |
| CLW Clearwater Paper Corporation compare | 2.1× |
| SUZ Suzano S.A. Sponsored ADR compare | 1.2× |
| ITP IT Tech Packaging Inc | 1.1× |
| MERC Mercer International Inc. compare | 0.5× |
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