NaaS Technology Inc. Sponsored ADR
NAAS Consumer Cyclical Specialty Retail
In the quarter to December 2024, revenue fell 149.0%, EPS fell 7.82% and free cash flow fell 165.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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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 −44.79, 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 | −44.79 | (23.18) |
| FY2024 | −21.61 | (13.65) |
| FY2023 | −7.96 | 1.48 |
| FY2022 | −9.44 | 9.37 |
| FY2021 | −18.81 | (19.41) |
| FY2020 | 0.61 | (0.90) |
| FY2019 | 1.50 | (0.33) |
| FY2018 | 1.84 | (0.30) |
| FY2017 | 2.14 | — |
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 | 0.06 | — | 0.04 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Distress zone | −44.79 | ||
| 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 | 54.5× |
| HTLM HomesToLife Ltd compare | 4.5× |
| ABLV Able View Global Inc. compare | 4.3× |
| ZOOZ ZOOZ Strategy Ltd. compare | 2.2× |
| GRWG GrowGeneration Corp. compare | −0.4× |
| BARK BARK, Inc. compare | −1.0× |
| NAAS NaaS Technology Inc. Sponsored ADR | −44.8× |
| SPWH Sportsman's Warehouse Holdings, Inc. compare | — |
| NPT Texxon Holding Limited 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