Nuvve Holding Corp.
NVVE Consumer Cyclical Specialty Retail
Nuvve Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $4.8 million, down 9.31% from fiscal 2024. In the quarter to June 2026, revenue grew 268.4%, EPS grew 99.1%, free cash flow grew 33.1% and total debt fell 40.6%, each against the same quarter a year earlier.
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Nuvve Holding Corp. (NVVE) Altman Z-score
Nuvve Holding Corp.'s Altman Z-score for fiscal 2025 is −21.52, 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 | −21.52 | (3.93) |
| FY2024 | −17.59 | (3.40) |
| FY2023 | −14.19 | (8.73) |
| FY2022 | −5.46 | (3,457,577.09) |
| FY2022 | 3457571.64 | 1,977,677.67 |
| FY2021 | 1479893.96 | (674,751.79) |
| FY2021 | 2154645.75 | (1,111,265.41) |
| FY2020 | 3265911.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | (11.29) | — | −15.81 | |
| EBIT / total assets | (1.85) | — | −6.11 | |
| Market value of equity / total liabilities | 0.05 | — | 0.03 | |
| Sales / total assets | 0.28 | — | 0.28 | |
| Altman Z-score | Distress zone | −21.52 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −48.91 | ||
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 |
|---|---|
| CGTL Creative Global Technology Holdings Limited compare | 30.5× |
| RECT Rectitude Holdings Ltd. compare | 3.0× |
| TKLF Tokyo Lifestyle Co., Ltd. compare | 2.1× |
| CONNQ Conn's, Inc. compare | 1.0× |
| LESLQ Leslie's, Inc. compare | 0.2× |
| POLCQ Polished.com Inc. compare | −0.1× |
| TCSGQ Container Store (The) compare | −0.4× |
| BQ Boqii Holding Limited Sponsored ADR compare | −16.1× |
| NVVE Nuvve Holding Corp. | −21.5× |
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