Orange
ORANY Communication Services Telecom Services
Orange’s revenue for fiscal 2025 (year ended December 2025) was $45.7 billion, up 4.91% from fiscal 2024.
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Orange (ORANY) Altman Z-score
Orange's Altman Z-score for fiscal 2025 is 0.80, 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 | 0.80 | 0.07 |
| FY2024 | 0.73 | 0.02 |
| FY2023 | 0.71 | 0.00 |
| FY2022 | 0.71 | 0.06 |
| FY2021 | 0.64 | (0.13) |
| FY2020 | 0.77 | (0.04) |
| FY2019 | 0.82 | 0.02 |
| FY2018 | 0.80 | (0.06) |
| FY2017 | 0.86 | 0.05 |
| FY2016 | 0.81 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.03 | |
| Retained earnings / total assets | (0.02) | — | −0.03 | |
| EBIT / total assets | 0.03 | — | 0.11 | |
| Market value of equity / total liabilities | 0.53 | — | 0.32 | |
| Sales / total assets | 0.38 | — | 0.38 | |
| Altman Z-score | Distress zone | 0.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.79 | ||
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 |
|---|---|
| CHT Chunghwa Telecom Co., Ltd. compare | 5.7× |
| AMX America Movil, S.A.B. de C.V. Unsponsored ADR compare | 1.7× |
| TIGO Millicom International Cellular SA compare | 1.2× |
| TELFY Telefonica SA compare | 0.8× |
| ORANY Orange | 0.8× |
| CHTR Charter Communications, Inc. compare | 0.6× |
| VOD Vodafone Group PLC compare | −0.7× |
| ECHO EchoStar Corporation compare | −0.8× |
| VIV Telefonica Brasil S.A. 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