Perfect Corp.
PERF Technology Software Application
Perfect Corp.’s revenue for fiscal 2025 (year ended December 2025) was $69.2 million, up 14.9% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 400.0%, free cash flow fell 73.8% and total debt fell 36.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Perfect Corp. (PERF) Altman Z-score
Perfect Corp.'s Altman Z-score for fiscal 2025 is 1.32, 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 | 1.32 | (2.08) |
| FY2024 | 3.40 | (1.75) |
| FY2023 | 5.15 | (2.78) |
| FY2022 | 7.93 | (18.14) |
| FY2022 | 26.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.71 | — | 0.85 | |
| Retained earnings / total assets | (1.93) | — | −2.70 | |
| EBIT / total assets | (0.01) | — | −0.03 | |
| Market value of equity / total liabilities | 4.74 | — | 2.85 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Distress zone | 1.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.41 | ||
Z and Z″ put Perfect Corp. in different zones: distress zone by Z, grey 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 |
|---|---|
| DUOT Duos Technologies Group, Inc. compare | 5.2× |
| EXFY Expensify, Inc. compare | 1.4× |
| PERF Perfect Corp. | 1.3× |
| SMRT SmartRent, Inc. compare | 1.1× |
| DHX DHI Group, Inc. compare | 0.9× |
| SVCO Silvaco Group, Inc. compare | 0.1× |
| ASUR Asure Software, Inc. compare | −0.1× |
| KLTR Kaltura, Inc. compare | −2.4× |
| DMRC Digimarc Corporation compare | −4.6× |
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