stockrowPDF Solutions, Inc.
PDFS Technology Software Application
PDF Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $219.0 million, up 22.0% from fiscal 2024.
- Revenue
- +19.6%
- EPS
- +433.3%
- Free cash flow
- +552.9%
- Total debt
- −3.29%
Quarter to September 2026, against a year earlier
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PDF Solutions, Inc. (PDFS) Altman Z-score
PDF Solutions, Inc.'s Altman Z-score for fiscal 2025 is 5.07, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.07 | (4.70) |
| FY2024 | 9.77 | (2.91) |
| FY2023 | 12.69 | 2.80 |
| FY2022 | 9.88 | (3.50) |
| FY2021 | 13.38 | 4.60 |
| FY2020 | 8.79 | 0.58 |
| FY2019 | 8.21 | 1.20 |
| FY2018 | 7.01 | (5.75) |
| FY2017 | 12.75 | (6.62) |
| FY2016 | 19.38 | 6.19 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | (0.23) | — | −0.32 | |
| EBIT / total assets | 0.01 | — | 0.05 | |
| Market value of equity / total liabilities | 7.60 | — | 4.56 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Safe zone | 5.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.73 | ||
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 |
|---|---|
| PDFS PDF Solutions, Inc. | 5.1× |
| DFIN Donnelley Financial Solutions compare | 4.4× |
| ADEA Adeia Inc. compare | 3.4× |
| LSPD Lightspeed Commerce Inc. compare | 2.7× |
| IBTA Ibotta, Inc. compare | 2.4× |
| EVCM EverCommerce Inc. compare | 2.0× |
| CXM Sprinklr, Inc. compare | 1.8× |
| BTDR Bitdeer Technologies Group compare | 0.8× |
| WLTH Wealthfront Corporation compare | 0.6× |
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