RF Industries, Ltd.
RFIL Industrials Electrical Equipment & Parts
RF Industries, Ltd.’s revenue for fiscal 2025 (year ended October 2025) was $80.6 million, up 24.3% from fiscal 2024. In the quarter to July 2026, revenue grew 21.1%, EPS grew 225.0%, free cash flow grew 453.3% and total debt fell 27.0%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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RF Industries, Ltd. (RFIL) Altman Z-score
RF Industries, Ltd.'s Altman Z-score for fiscal 2025 is 2.87, 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) |
|---|---|---|
| FY2025 | 2.87 | 1.06 |
| FY2024 | 1.81 | 0.08 |
| FY2023 | 1.73 | (0.61) |
| FY2022 | 2.34 | (4.83) |
| FY2021 | 7.17 | 2.29 |
| FY2020 | 4.88 | (3.62) |
| FY2019 | 8.50 | (3.96) |
| FY2018 | 12.45 | 7.29 |
| FY2017 | 5.16 | 1.81 |
| FY2016 | 3.35 | (2.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.23 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.02 | — | 0.08 | |
| Market value of equity / total liabilities | 2.20 | — | 1.32 | |
| Sales / total assets | 1.10 | — | 1.10 | |
| Altman Z-score | Grey zone | 2.87 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.72 | ||
Z and Z″ put RF Industries, Ltd. in different zones: grey zone by Z, safe 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 |
|---|---|
| NEOV NeoVolta, Inc. compare | 3.8× |
| TGEN Tecogen Inc. compare | 3.7× |
| RFIL RF Industries, Ltd. | 2.9× |
| ULBI Ultralife Corporation compare | 1.6× |
| CBAT China BAK Battery, Inc. compare | −0.3× |
| OESX Orion Energy Systems, Inc. compare | −0.8× |
| NVX NOVONIX Limited Sponsored ADR compare | −1.6× |
| SKYX SKYX Platforms Corp. compare | −3.0× |
| STI Solidion Technology Inc. compare | −58.0× |
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