Aquaron Acquisition Corp.
JXG Consumer Cyclical Apparel Manufacturing
Aquaron Acquisition Corp.’s revenue for fiscal 2025 (year ended December 2025) was $82.9 million, up 66.4% from fiscal 2024.
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Aquaron Acquisition Corp. (JXG) Altman Z-score
Aquaron Acquisition Corp.'s Altman Z-score for fiscal 2025 is −1.30, 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 | −1.30 | (0.28) |
| FY2024 | −1.02 | 0.94 |
| FY2023 | −1.97 | 10.32 |
| FY2022 | −12.29 | (13.67) |
| FY2021 | 1.38 | 0.08 |
| FY2020 | 1.30 | (0.67) |
| FY2019 | 1.97 | 1.25 |
| FY2018 | 0.73 | (0.53) |
| FY2017 | 1.26 | (0.63) |
| FY2016 | 1.89 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | (1.92) | — | −2.68 | |
| EBIT / total assets | (0.25) | — | −0.84 | |
| Market value of equity / total liabilities | 0.20 | — | 0.12 | |
| Sales / total assets | 1.93 | — | 1.93 | |
| Altman Z-score | Distress zone | −1.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.62 | ||
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 |
|---|---|
| JL J-Long Group Limited compare | 4.4× |
| JRSH Jerash Holdings (US), Inc. compare | 4.1× |
| SGC Superior Group of Companies, Inc. compare | 2.7× |
| LAKE Lakeland Industries, Inc. compare | 2.1× |
| OXM Oxford Industries, Inc. compare | 1.8× |
| PLCE The Children's Place, Inc. compare | 1.0× |
| JXG Aquaron Acquisition Corp. | −1.3× |
| VNCE Vince Holding Corp. compare | −5.1× |
| PMNT Perfect Moment Ltd. compare | −7.0× |
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