Newegg Commerce, Inc.
NEGG Consumer Cyclical Internet Retail
Newegg Commerce, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 16.9% from fiscal 2024. In the quarter to June 2026, revenue fell 8.23% and free cash flow grew 138.9%, each against the same quarter a year earlier.
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Newegg Commerce, Inc. (NEGG) Altman Z-score
Newegg Commerce, Inc.'s Altman Z-score for fiscal 2025 is 4.73, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.73 | 2.29 |
| FY2024 | 2.44 | (0.61) |
| FY2023 | 3.05 | (1.33) |
| FY2022 | 4.38 | (9.98) |
| FY2021 | 14.36 | 6.26 |
| FY2020 | 8.11 | 38.87 |
| FY2019 | −30.76 | (25.15) |
| FY2018 | −5.61 | (10.58) |
| FY2017 | 4.97 | 0.28 |
| FY2016 | 4.69 | 5.47 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.27 | |
| Retained earnings / total assets | (0.38) | — | −0.53 | |
| EBIT / total assets | (0.02) | — | −0.07 | |
| Market value of equity / total liabilities | 3.31 | — | 1.99 | |
| Sales / total assets | 3.08 | — | 3.08 | |
| Altman Z-score | Safe zone | 4.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.62 | ||
Z and Z″ put Newegg Commerce, Inc. in different zones: safe zone by Z, distress 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 |
|---|---|
| HOUR Hour Loop, Inc. compare | 9.0× |
| RERE ATRenew Inc. Sponsored ADR compare | 5.0× |
| NEGG Newegg Commerce, Inc. | 4.7× |
| BZUN Baozun Inc. compare | 1.5× |
| ZKH ZKH Group Limited Unsponsored ADR compare | 1.3× |
| TDUP ThredUp Inc. compare | 0.9× |
| NXH Neighborhood Intelligence, Inc. compare | 0.3× |
| LOGC ContextLogic Inc. compare | −8.4× |
| JMIA Jumia Technologies compare | −14.8× |
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