NET Power Inc.
NPWR Industrials Specialty Industrial Machinery
NET Power Inc.’s revenue for fiscal 2024 (year ended December 2024) was $250,000.00, up 42.9% from fiscal 2023. In the quarter to June 2026, EPS fell 152.8% and free cash flow grew 62.4%, each against the same quarter a year earlier.
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NET Power Inc. (NPWR) Altman Z-score
NET Power Inc.'s Altman Z-score for fiscal 2024 is 0.21, 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 | 0.21 | 0.00 |
| FY2023 | 0.21 | 4.71 |
| FY2022 | −4.50 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | (0.05) | — | −0.07 | |
| EBIT / total assets | (0.08) | — | −0.26 | |
| Market value of equity / total liabilities | 0.47 | — | 0.28 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | 0.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.14 | ||
Z and Z″ put NET Power Inc. in different zones: distress zone by Z, grey 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 |
|---|---|
| TAYD Taylor Devices, Inc. compare | 22.8× |
| SERV Serve Robotics Inc. compare | 21.8× |
| RR Richtech Robotics Inc. compare | 14.7× |
| OFLX Omega Flex, Inc. compare | 11.7× |
| LXFR Luxfer Holdings PLC compare | 3.4× |
| TWIN Twin Disc, Incorporated compare | 3.3× |
| HURC Hurco Companies, Inc. compare | 3.2× |
| NPWR NET Power Inc. | 0.2× |
| SHMD SCHMID Group N.V. 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