OpenWorld, Inc.
OPNW Industrials Security & Protection Services
OpenWorld, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.4 million, down 32.3% from fiscal 2024. In the quarter to June 2026, revenue fell 57.8%, EPS fell 64.2%, free cash flow fell 176.7% and total debt was flat, each against the same quarter a year earlier.
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OpenWorld, Inc. (OPNW) Altman Z-score
OpenWorld, Inc.'s Altman Z-score for fiscal 2025 is −6.99, 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 | −6.99 | (1.74) |
| FY2024 | −5.25 | (1.36) |
| FY2023 | −3.89 | 0.00 |
| FY2022 | −3.89 | (25.59) |
| FY2021 | 21.70 | 13.84 |
| FY2020 | 7.86 | 104.07 |
| FY2019 | −96.21 | (1,339.08) |
| FY2018 | 1242.87 | 1,541.36 |
| FY2016 | −298.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.53 | |
| Retained earnings / total assets | (6.96) | — | −9.74 | |
| EBIT / total assets | (0.39) | — | −1.29 | |
| Market value of equity / total liabilities | 3.74 | — | 2.25 | |
| Sales / total assets | 1.26 | — | 1.26 | |
| Altman Z-score | Distress zone | −6.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.73 | ||
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 |
|---|---|
| SNT Senstar Technologies Ltd. compare | 7.3× |
| SUGP SU Group Holdings Limited compare | 6.6× |
| SPCB SuperCom, Ltd. compare | −0.1× |
| GFAI Guardforce AI Co., Limited compare | −0.5× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −1.0× |
| OPNW OpenWorld, Inc. | −7.0× |
| KSCP Knightscope, Inc. compare | −8.2× |
| IVDA Iveda Solutions, Inc. compare | −11.1× |
| BKYI BIO-key International Inc. compare | −24.1× |
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