Pioneer Power Solutions, Inc.
PPSI Industrials Electrical Equipment & Parts
In the quarter to June 2026, revenue fell 40.0%, EPS fell 58.3%, free cash flow grew 50.6% and total debt fell 44.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Pioneer Power Solutions, Inc. (PPSI) Altman Z-score
Pioneer Power Solutions, Inc.'s Altman Z-score for fiscal 2025 is 5.76, 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 | 5.76 | 4.47 |
| FY2023 | 1.29 | 0.61 |
| FY2022 | 0.68 | (4.46) |
| FY2021 | 5.14 | 2.35 |
| FY2020 | 2.79 | 2.31 |
| FY2019 | 0.47 | 0.37 |
| FY2018 | 0.11 | (1.95) |
| FY2017 | 2.06 | (0.18) |
| FY2016 | 2.24 | 0.29 |
| FY2015 | 1.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.58 | — | 0.70 | |
| Retained earnings / total assets | (0.17) | — | −0.24 | |
| EBIT / total assets | (0.19) | — | −0.61 | |
| Market value of equity / total liabilities | 8.56 | — | 5.13 | |
| Sales / total assets | 0.78 | — | 0.78 | |
| Altman Z-score | Safe zone | 5.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.04 | ||
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 |
|---|---|
| PPSI Pioneer Power Solutions, Inc. | 5.8× |
| TGEN Tecogen Inc. compare | 3.7× |
| RFIL RF Industries, Ltd. compare | 2.9× |
| APWC Asia Pacific Wire & Cable Corporation Limited compare | 2.3× |
| CBAT China BAK Battery, Inc. compare | −0.3× |
| OESX Orion Energy Systems, Inc. compare | −0.8× |
| NVX NOVONIX Limited Sponsored ADR compare | −1.6× |
| STI Solidion Technology Inc. compare | −58.0× |
| PITEF Heramba Electric PLC 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