Moatable, Inc. Sponsored ADR
MTBLY Technology Software Application
Moatable, Inc. Sponsored ADR’s revenue for fiscal 2024 (year ended December 2024) was $63.5 million, up 21.9% from fiscal 2023. In the quarter to September 2025, revenue grew 22.4%, EPS fell 208.0% and free cash flow fell 96.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Moatable, Inc. Sponsored ADR (MTBLY) Altman Z-score
Moatable, Inc. Sponsored ADR's Altman Z-score for fiscal 2024 is −12.59, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −12.59 | 0.53 |
| FY2023 | −13.12 | (4.21) |
| FY2022 | −8.92 | (10.38) |
| FY2021 | 1.47 | 5.07 |
| FY2020 | −3.61 | 0.58 |
| FY2019 | −4.19 | (3.04) |
| FY2018 | −1.15 | (1.30) |
| FY2017 | 0.15 | 0.01 |
| FY2016 | 0.14 | (1.64) |
| FY2015 | 1.77 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.29 | — | 0.35 | |
| Retained earnings / total assets | (10.28) | — | −14.39 | |
| EBIT / total assets | (0.04) | — | −0.13 | |
| Market value of equity / total liabilities | 1.11 | — | 0.67 | |
| Sales / total assets | 0.91 | — | 0.91 | |
| Altman Z-score | Distress zone | −12.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −29.95 | ||
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 |
|---|---|
| NXTT Next Technology Holding Inc. compare | 1.2× |
| BIYA Baiya International Group Inc. compare | 0.8× |
| RBTC Rubicon Technologies, Inc. compare | −0.2× |
| UPLD Upland Software, Inc. compare | −1.6× |
| MYSE Myseum.AI Inc. compare | −8.8× |
| GETR Getaround, Inc. compare | −9.7× |
| YXT YXT.COM Group Holding Limited - Unsponsored ADR compare | −9.7× |
| MTBLY Moatable, Inc. Sponsored ADR | −12.6× |
| AMOD Alpha Modus Holdings, Inc. 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