SemiLEDS Corporation
LEDS Technology Semiconductors
SemiLEDS Corporation’s revenue for fiscal 2025 (year ended August 2025) was $43.0 million, up 729.8% from fiscal 2024. In the quarter to May 2026, revenue fell 48.6%, EPS grew 500.0%, free cash flow grew 455.3% and total debt fell 27.7%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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SemiLEDS Corporation (LEDS) Altman Z-score
SemiLEDS Corporation's Altman Z-score for fiscal 2025 is −13.95, 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 | −13.95 | 9.72 |
| FY2024 | −23.67 | (4.09) |
| FY2023 | −19.58 | (3.88) |
| FY2022 | −15.70 | (3.23) |
| FY2021 | −12.47 | 4.18 |
| FY2020 | −16.66 | 4.59 |
| FY2019 | −21.25 | (4.61) |
| FY2018 | −16.64 | (3.19) |
| FY2017 | −13.45 | (1.72) |
| FY2016 | −11.73 | (6.81) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.01 | |
| Retained earnings / total assets | (12.17) | — | −17.04 | |
| EBIT / total assets | (0.10) | — | −0.34 | |
| Market value of equity / total liabilities | 1.13 | — | 0.68 | |
| Sales / total assets | 2.76 | — | 2.76 | |
| Altman Z-score | Distress zone | −13.95 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −40.18 | ||
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 |
|---|---|
| ICG Intchains Group Limited Unsponsored ADR compare | 12.0× |
| WQEY WISeQey Corp compare | 0.6× |
| NA Nano Labs Ltd. Sponsored ADR compare | 0.1× |
| SQNS Sequans Communications S.A. compare | −2.4× |
| MOBX Mobix Labs, Inc. compare | −8.9× |
| IPWR Ideal Power Inc. compare | −11.6× |
| LEDS SemiLEDS Corporation | −14.0× |
| PXLW Pixelworks, Inc. compare | −14.0× |
| PRSO Peraso Inc. compare | −39.1× |
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