MultiSensor AI Holdings, Inc.
MSAI Technology Electronic Components
MultiSensor AI Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.6 million, down 25.0% from fiscal 2024. In the quarter to June 2026, revenue grew 19.5%, EPS grew 70.3% and free cash flow fell 105.0%, each against the same quarter a year earlier.
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MultiSensor AI Holdings, Inc. (MSAI) Altman Z-score
MultiSensor AI Holdings, Inc.'s Altman Z-score for fiscal 2025 is −0.75, 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 | −0.75 | 0.19 |
| FY2024 | −0.94 | 5.00 |
| FY2023 | −5.95 | (5.03) |
| FY2022 | −0.92 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.80 | — | 0.96 | |
| Retained earnings / total assets | (1.87) | — | −2.62 | |
| EBIT / total assets | (0.34) | — | −1.12 | |
| Market value of equity / total liabilities | 3.12 | — | 1.87 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Distress zone | −0.75 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.62 | ||
Z and Z″ put MultiSensor AI Holdings, Inc. in different zones: distress zone by Z, safe 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 |
|---|---|
| WETH Wetouch Technology Inc. compare | 5.4× |
| SELXF Semilux International Ltd. compare | 1.9× |
| VIAOY VIA optronics AG Sponsored ADR compare | 1.6× |
| MSAI MultiSensor AI Holdings, Inc. | −0.7× |
| OST Ostin Technology Group Co., Ltd. compare | −1.0× |
| NEON Neonode Inc. compare | −1.2× |
| GAUZ Gauzy Ltd. compare | −1.4× |
| MTEK Maris-Tech Ltd. compare | −4.4× |
| REFR Research Frontiers Incorporated compare | −61.5× |
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