stockrowEarlyworks Co., Ltd. Unsponsored ADR
PDC Technology Software Application
Earlyworks Co., Ltd. Unsponsored ADR’s revenue for fiscal 2026 (year ended April 2026) was $1.6 million, down 47.0% from fiscal 2025.
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Earlyworks Co., Ltd. Unsponsored ADR (PDC) Altman Z-score
Earlyworks Co., Ltd. Unsponsored ADR's Altman Z-score for fiscal 2026 is 2.58, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.58 | 15.98 |
| FY2025 | −13.40 | (12.00) |
| FY2024 | −1.40 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.18) | — | −0.22 | |
| Retained earnings / total assets | (0.48) | — | −0.68 | |
| EBIT / total assets | (0.27) | — | −0.89 | |
| Market value of equity / total liabilities | 7.23 | — | 4.34 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Grey zone | 2.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.12 | ||
Z and Z″ put Earlyworks Co., Ltd. Unsponsored ADR in different zones: grey zone by Z, distress zone by Z″.
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 |
|---|---|
| BMR Beamr Imaging Ltd. compare | 11.4× |
| PDC Earlyworks Co., Ltd. Unsponsored ADR | 2.6× |
| IPM Intelligent Protection Management Corp. compare | 0.9× |
| WQEY WISeQey Corp compare | 0.6× |
| IFBD Infobird Co., Ltd. compare | −11.6× |
| AHI Advanced Human Imaging Limited Sponsored ADR compare | −13.3× |
| AIFF Firefly Neuroscience, Inc. compare | −15.2× |
| SMSI Smith Micro Software, Inc. compare | — |
| RPGL Republic Power Group Limited 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