Lilium N.V.
LILMF Industrials Aerospace & Defense
Operating cash flow growth for three consecutive years.
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Lilium N.V. (LILMF) Altman Z-score
Lilium N.V.'s Altman Z-score for fiscal 2021 is 3.93, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2021 | 3.93 | — |
How fiscal 2021’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.69 | — | 0.83 | |
| Retained earnings / total assets | (1.66) | — | −2.33 | |
| EBIT / total assets | (0.93) | — | −3.06 | |
| Market value of equity / total liabilities | 14.15 | — | 8.49 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Safe zone | 3.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.10 | ||
Z and Z″ put Lilium N.V. in different zones: safe zone by Z, distress 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 |
|---|---|
| LILMF Lilium N.V. | 3.9× |
| PEW GrabAGun Digital Holdings Inc. compare | 3.0× |
| CVU CPI Aerostructures, Inc. compare | 0.9× |
| MOB Mobilicom Limited Sponsored ADR compare | −1.4× |
| EVTL Vertical Aerospace Ltd. compare | −2.4× |
| GPUS Hyperscale Data, Inc. compare | −3.7× |
| XTIA XTI Aerospace, Inc. compare | −4.0× |
| MNTS Momentus Inc. compare | −17.2× |
| DFNS T3 Defense Inc. compare | −82.2× |
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