Northann Corp.
NCLX Consumer Cyclical Furnishings Fixtures & Appliances
Northann Corp.’s revenue for fiscal 2025 (year ended December 2025) was $13.6 million, down 11.4% from fiscal 2024. In the quarter to March 2026, revenue grew 44.3%, EPS fell 117.4%, free cash flow fell 39.0% and total debt fell 12.1%, each against the same quarter a year earlier.
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Northann Corp. (NCLX) Altman Z-score
Northann Corp.'s Altman Z-score for fiscal 2025 is −2.15, 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 | −2.15 | (4.61) |
| FY2024 | 2.46 | (7.46) |
| FY2023 | 9.92 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.24 | — | 0.29 | |
| Retained earnings / total assets | (1.05) | — | −1.46 | |
| EBIT / total assets | (0.56) | — | −1.85 | |
| Market value of equity / total liabilities | 0.34 | — | 0.20 | |
| Sales / total assets | 0.67 | — | 0.67 | |
| Altman Z-score | Distress zone | −2.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.75 | ||
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 |
|---|---|
| MWYN Marwynn Holdings, Inc. compare | 10.4× |
| VIOT Viomi Technology Co., Ltd. Sponsored ADR compare | 2.5× |
| CRWS Crown Crafts, Inc. compare | 2.2× |
| FGI FGI Industries Ltd. compare | 2.0× |
| SNBRQ Sleep Number Corporation compare | −0.7× |
| PRPL PURPLE INNOVATION, INC. compare | −1.6× |
| AUVI Applied UV, Inc. compare | −1.6× |
| NCLX Northann Corp. | −2.2× |
| EFOI Energy Focus, Inc. compare | −34.1× |
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