Optex Systems Holdings Inc.
OPXS Industrials Aerospace & Defense
Optex Systems Holdings Inc.’s revenue for fiscal 2025 (year ended September 2025) was $41.3 million, up 21.6% from fiscal 2024. In the quarter to June 2026, revenue fell 12.4%, EPS fell 18.2% and free cash flow grew 53.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
Follow OPXS
Optex Systems Holdings Inc. (OPXS) Altman Z-score
Optex Systems Holdings Inc.'s Altman Z-score for fiscal 2025 is 12.33, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 12.33 | 5.19 |
| FY2024 | 7.13 | 3.00 |
| FY2023 | 4.13 | 0.62 |
| FY2022 | 3.51 | 0.75 |
| FY2021 | 2.76 | (0.31) |
| FY2020 | 3.07 | (0.12) |
| FY2019 | 3.19 | 1.15 |
| FY2018 | 2.04 | 1.44 |
| FY2017 | 0.60 | 0.69 |
| FY2016 | −0.10 | 0.49 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.70 | — | 0.84 | |
| Retained earnings / total assets | 0.08 | — | 0.12 | |
| EBIT / total assets | 0.24 | — | 0.78 | |
| Market value of equity / total liabilities | 15.35 | — | 9.21 | |
| Sales / total assets | 1.38 | — | 1.38 | |
| Altman Z-score | Safe zone | 12.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 10.90 | ||
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 |
|---|---|
| SPAI Safe Pro Group Inc. compare | 26.7× |
| BYRN Byrna Technologies Inc. compare | 15.0× |
| OPXS Optex Systems Holdings Inc. | 12.3× |
| PEW GrabAGun Digital Holdings Inc. compare | 3.0× |
| CVU CPI Aerostructures, Inc. compare | 0.9× |
| EVTL Vertical Aerospace Ltd. compare | −2.4× |
| MNTS Momentus Inc. compare | −17.2× |
| HOVR New Horizon Aircraft Ltd. compare | — |
| FJET Starfighters Space, Inc. 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