Spectral AI, Inc.
MDAI Healthcare Medical Devices
Spectral AI, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $19.7 million, down 33.6% from fiscal 2024. In the quarter to June 2026, revenue fell 30.4%, EPS grew 58.1%, free cash flow fell 21.9% and total debt rose 44.9%, each against the same quarter a year earlier.
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Spectral AI, Inc. (MDAI) Altman Z-score
Spectral AI, Inc.'s Altman Z-score for fiscal 2025 is −3.29, 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 | −3.29 | 0.81 |
| FY2024 | −4.10 | 1.11 |
| FY2023 | −5.22 | (17.78) |
| FY2022 | 12.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.05) | — | −0.07 | |
| Retained earnings / total assets | (2.61) | — | −3.65 | |
| EBIT / total assets | (0.40) | — | −1.33 | |
| Market value of equity / total liabilities | 1.39 | — | 0.83 | |
| Sales / total assets | 0.92 | — | 0.92 | |
| Altman Z-score | Distress zone | −3.29 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.78 | ||
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 |
|---|---|
| SRTS Sensus Healthcare, Inc. compare | 8.9× |
| XTNT Xtant Medical Holdings, Inc. compare | 0.0× |
| SNWV Sanuwave Health Inc. compare | −3.0× |
| MYO Myomo, Inc. compare | −3.0× |
| MDAI Spectral AI, Inc. | −3.3× |
| TELA TELA Bio, Inc. compare | −5.9× |
| RPID Rapid Micro Biosystems, Inc. compare | −8.9× |
| TLIS Talis Biomedical Corporation compare | −9.1× |
| COCH Envoy Medical, Inc. compare | −60.1× |
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