JE Cleantech Holdings Limited
JCSE Industrials Specialty Industrial Machinery
JE Cleantech Holdings Limited’s revenue for fiscal 2025 (year ended December 2025) was $15.8 million, up 11.8% from fiscal 2024. Operating cash flow growth for three consecutive years.
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JE Cleantech Holdings Limited (JCSE) Altman Z-score
JE Cleantech Holdings Limited's Altman Z-score for fiscal 2025 is 1.82, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.82 | 0.39 |
| FY2024 | 1.43 | 0.19 |
| FY2023 | 1.24 | (0.33) |
| FY2022 | 1.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.53 | — | 0.63 | |
| Retained earnings / total assets | 0.13 | — | 0.19 | |
| EBIT / total assets | 0.02 | — | 0.06 | |
| Market value of equity / total liabilities | 0.54 | — | 0.33 | |
| Sales / total assets | 0.62 | — | 0.62 | |
| Altman Z-score | Grey zone | 1.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.58 | ||
Z and Z″ put JE Cleantech Holdings Limited in different zones: grey 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 |
|---|---|
| JCSE JE Cleantech Holdings Limited | 1.8× |
| WFF WF Holding Limited compare | 1.3× |
| INLF INLIF Limited compare | 0.9× |
| SPPL SIMPPLE LTD. compare | −0.5× |
| XCH XCHG Limited compare | −2.4× |
| CETY Clean Energy Technologies, Inc. compare | −4.2× |
| OPTT Ocean Power Technologies, Inc. compare | −16.7× |
| VGTK Camber Energy, Inc. compare | −16.9× |
| BURU Nuburu, Inc. compare | −35.9× |
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