Remark Holdings, Inc.
MARK Technology Software Infrastructure
Remark Holdings, Inc.’s revenue for fiscal 2023 (year ended December 2023) was $4.4 million, down 62.3% from fiscal 2022. Operating cash flow growth for three consecutive years.
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Remark Holdings, Inc. (MARK) Altman Z-score
Remark Holdings, Inc.'s Altman Z-score for fiscal 2023 is −66.83, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −66.83 | (23.42) |
| FY2022 | −43.41 | (38.67) |
| FY2021 | −4.74 | 39.24 |
| FY2020 | −43.98 | (4.32) |
| FY2019 | −39.65 | (32.92) |
| FY2018 | −6.73 | (2.39) |
| FY2017 | −4.35 | (1.86) |
| FY2016 | −2.49 | 0.19 |
| FY2015 | −2.68 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (3.92) | — | −4.70 | |
| Retained earnings / total assets | (40.80) | — | −57.13 | |
| EBIT / total assets | (1.68) | — | −5.53 | |
| Market value of equity / total liabilities | 0.17 | — | 0.10 | |
| Sales / total assets | 0.43 | — | 0.43 | |
| Altman Z-score | Distress zone | −66.83 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −170.82 | ||
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 |
|---|---|
| YYAI AiRWA Inc. compare | 0.4× |
| CETX Cemtrex Inc. compare | −1.1× |
| TAOP Taoping Inc. compare | −7.4× |
| SONM DNA X, Inc. compare | −8.9× |
| CISO CISO Global, Inc. compare | −10.1× |
| AUID authID Inc. compare | −27.1× |
| MARK Remark Holdings, Inc. | −66.8× |
| CYAB Cyabra, Inc. compare | — |
| FAASF DigiAsia Corp. compare | — |
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