Newton Golf Company, Inc.
NWTG Consumer Cyclical Leisure
Newton Golf Company, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.1 million, up 136.1% from fiscal 2024. In the quarter to June 2026, revenue fell 36.4%, EPS fell 44.1% and free cash flow fell 31.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Newton Golf Company, Inc. (NWTG) Altman Z-score
Newton Golf Company, Inc.'s Altman Z-score for fiscal 2025 is −15.65, 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 | −15.65 | (10.46) |
| FY2024 | −5.19 | (10.00) |
| FY2023 | 4.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | (8.51) | — | −11.92 | |
| EBIT / total assets | (2.29) | — | −7.55 | |
| Market value of equity / total liabilities | 2.34 | — | 1.40 | |
| Sales / total assets | 2.47 | — | 2.47 | |
| Altman Z-score | Distress zone | −15.65 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −43.00 | ||
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 |
|---|---|
| PUSA Powerus Corporation compare | 13.3× |
| KMRK K-Tech Solutions Company Limited compare | 8.7× |
| NOMA NOMADAR Corp. compare | 4.4× |
| KBSX FST Corp. compare | 1.5× |
| HERE Here Group Limited compare | 1.1× |
| DOGZ Dogness (International) Corporation compare | −0.8× |
| ESYN EnerSyn Global Inc. compare | −1.1× |
| TRUG TruGolf Holdings, Inc. compare | −2.8× |
| NWTG Newton Golf Company, Inc. | −15.7× |
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