Phunware
PHUN Technology Software Application
Phunware’s revenue for fiscal 2025 (year ended December 2025) was $2.6 million, down 19.9% from fiscal 2024. In the quarter to June 2026, revenue grew 75.6%, EPS fell 62.5%, free cash flow fell 65.8% and total debt fell 79.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Phunware (PHUN) Altman Z-score
Phunware's Altman Z-score for fiscal 2025 is −2.43, 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 | −2.43 | (3.87) |
| FY2024 | 1.43 | 87.91 |
| FY2023 | −86.48 | (80.11) |
| FY2022 | −6.37 | (7.07) |
| FY2021 | 0.69 | 8.43 |
| FY2020 | −7.73 | (1.37) |
| FY2019 | −6.37 | (8.89) |
| FY2018 | 2.52 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.80 | — | 0.96 | |
| Retained earnings / total assets | (2.69) | — | −3.76 | |
| EBIT / total assets | (0.17) | — | −0.56 | |
| Market value of equity / total liabilities | 1.52 | — | 0.91 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Distress zone | −2.43 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.56 | ||
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 |
|---|---|
| ATHR Aether Holdings, Inc. compare | 74.3× |
| JG Aurora Mobile Limited Sponsored ADR compare | 4.0× |
| VTSI VirTra, Inc. compare | 2.7× |
| MAPS WM Technology, Inc. compare | 1.7× |
| THRY Thryv Holdings, Inc. compare | 0.6× |
| PHUN Phunware | −2.4× |
| FRMM Forum Markets, Incorporated compare | −4.9× |
| BZAI Blaize Holdings, Inc. compare | −9.1× |
| IDN Intellicheck Mobilisa, 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