Marchex, Inc.
MCHX Communication Services Advertising Agencies
Marchex, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $45.4 million, down 5.61% from fiscal 2024. In the quarter to June 2026, revenue fell 5.60%, EPS fell 626.3% and free cash flow fell 329.3%, each against the same quarter a year earlier.
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Marchex, Inc. (MCHX) Altman Z-score
Marchex, Inc.'s Altman Z-score for fiscal 2025 is −6.14, 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 | −6.14 | (0.99) |
| FY2024 | −5.15 | 0.59 |
| FY2023 | −5.74 | (2.18) |
| FY2022 | −3.56 | (2.35) |
| FY2021 | −1.21 | 2.87 |
| FY2020 | −4.08 | (5.84) |
| FY2019 | 1.75 | 0.02 |
| FY2018 | 1.73 | 0.74 |
| FY2017 | 0.99 | (0.60) |
| FY2016 | 1.60 | (4.15) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.33 | |
| Retained earnings / total assets | (8.35) | — | −11.69 | |
| EBIT / total assets | (0.14) | — | −0.48 | |
| Market value of equity / total liabilities | 7.59 | — | 4.55 | |
| Sales / total assets | 1.14 | — | 1.14 | |
| Altman Z-score | Distress zone | −6.14 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −23.09 | ||
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 |
|---|---|
| MF MindForge Inc. compare | 7.6× |
| SWAG Stran & Company, Inc. compare | 3.5× |
| NCMI National CineMedia, Inc. compare | 3.2× |
| ACCS ACCESS Newswire Inc. compare | 2.4× |
| TSQ Townsquare Media, Inc. compare | 0.2× |
| DLPN Dolphin Digital Media Inc. compare | −2.5× |
| STFS Star Fashion Culture Holdings Limited compare | −4.0× |
| FLNT FLUENT, INC. compare | −4.7× |
| MCHX Marchex, Inc. | −6.1× |
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