Satellogic Inc.
SATL Industrials Aerospace & Defense
Satellogic Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.7 million, up 37.6% from fiscal 2024. In the quarter to June 2026, revenue grew 258.5%, EPS fell 116.7%, free cash flow fell 178.7% and total debt fell 8.17%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Satellogic Inc. (SATL) Altman Z-score
Satellogic Inc.'s Altman Z-score for fiscal 2025 is −2.22, 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 | −2.22 | 8.21 |
| FY2024 | −10.44 | (6.25) |
| FY2023 | −4.18 | (4.44) |
| FY2022 | 0.26 | 16.14 |
| FY2021 | −15.88 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.61 | — | 0.73 | |
| Retained earnings / total assets | (2.68) | — | −3.75 | |
| EBIT / total assets | (0.21) | — | −0.68 | |
| Market value of equity / total liabilities | 2.25 | — | 1.35 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | Distress zone | −2.22 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.38 | ||
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 |
|---|---|
| PKE Park Aerospace Corp. compare | 27.0× |
| RCAT Red Cat Holdings, Inc. compare | 16.2× |
| RGR Sturm, Ruger & Company, Inc. compare | 9.2× |
| TATT TAT Technologies Ltd. compare | 8.4× |
| NPK National Presto Industries, Inc. compare | 7.4× |
| SWBI Smith & Wesson Brands, Inc. compare | 5.7× |
| SATL Satellogic Inc. | −2.2× |
| SPCE Virgin Galactic Holdings, Inc. compare | −5.5× |
| EVEX Eve Holding, 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