Magnite, Inc.
MGNI Communication Services Advertising Agencies
Magnite, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $714.0 million, up 6.85% from fiscal 2024. In the quarter to June 2026, revenue grew 11.2%, EPS grew 75.0%, free cash flow grew 6,786.0% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Magnite, Inc. (MGNI) Altman Z-score
Magnite, Inc.'s Altman Z-score for fiscal 2025 is 0.73, 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 | 0.73 | 0.03 |
| FY2024 | 0.70 | 0.58 |
| FY2023 | 0.12 | (0.21) |
| FY2022 | 0.33 | (0.33) |
| FY2021 | 0.66 | (2.10) |
| FY2020 | 2.76 | 2.76 |
| FY2019 | 0.00 | 0.81 |
| FY2018 | −0.80 | 0.55 |
| FY2017 | −1.35 | (2.80) |
| FY2016 | 1.45 | (0.54) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.02 | |
| Retained earnings / total assets | (0.16) | — | −0.23 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 1.03 | — | 0.62 | |
| Sales / total assets | 0.23 | — | 0.23 | |
| Altman Z-score | Distress zone | 0.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.19 | ||
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 |
|---|---|
| DV DoubleVerify Holdings, Inc. compare | 6.4× |
| TTD The Trade Desk compare | 4.1× |
| QNST QuinStreet, Inc. compare | 3.2× |
| CRTO Criteo S.A. compare | 2.4× |
| ZD Ziff Davis, Inc. compare | 1.6× |
| STGW Stagwell Inc. compare | 0.9× |
| WPP WPP PLC compare | 0.8× |
| MGNI Magnite, Inc. | 0.7× |
| EVC Entravision Communications Corporation compare | −1.6× |
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