stockrowNaaS Technology Inc. Sponsored ADR
NAAS Consumer Cyclical Specialty Retail
NaaS Technology Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $17.9 million, down 35.0% from fiscal 2024.
- Revenue
- −36.0%
- EPS
- +5.85%
- Free cash flow
- −165.5%
Quarter to December 2024, against a year earlier
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NaaS Technology Inc. Sponsored ADR (NAAS) Altman Z-score
NaaS Technology Inc. Sponsored ADR's Altman Z-score for fiscal 2025 is −44.68, 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 | −44.68 | (23.31) |
| FY2024 | −21.37 | (16.32) |
| FY2023 | −5.05 | (9.56) |
| FY2022 | 4.52 | 20.65 |
| FY2021 | −16.13 | (18.84) |
| FY2020 | 2.71 | (1.11) |
| FY2019 | 3.81 | (1.07) |
| FY2018 | 4.88 | (2.56) |
| FY2017 | 7.45 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (2.91) | — | −3.49 | |
| Retained earnings / total assets | (27.80) | — | −38.93 | |
| EBIT / total assets | (0.85) | — | −2.81 | |
| Market value of equity / total liabilities | 0.24 | — | 0.14 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Distress zone | −44.68 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −116.21 | ||
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 |
|---|---|
| PTLE PTL Limited compare | 54.6× |
| HTLM HomesToLife Ltd compare | 4.5× |
| ABLV Able View Global Inc. compare | 4.3× |
| JBDI JBDI Holdings Limited compare | 3.4× |
| ONEW OneWater Marine Inc. compare | 1.4× |
| GRWG GrowGeneration Corp. compare | −0.4× |
| BARK BARK, Inc. compare | −1.0× |
| NAAS NaaS Technology Inc. Sponsored ADR | −44.7× |
| SPWH Sportsman's Warehouse 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