Snap Inc.
SNAP Communication Services Internet Content & Information
Snap Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 10.6% from fiscal 2024. In the quarter to June 2026, revenue grew 18.9%, EPS grew 37.5%, free cash flow grew 406.6% and total debt fell 1.16%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Snap Inc. (SNAP) Altman Z-score
Snap Inc.'s Altman Z-score for fiscal 2025 is 0.04, 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 | 0.04 | (0.57) |
| FY2024 | 0.61 | (0.86) |
| FY2023 | 1.47 | 1.06 |
| FY2022 | 0.41 | (10.67) |
| FY2021 | 11.08 | (3.52) |
| FY2020 | 14.60 | 9.17 |
| FY2019 | 5.43 | (1.69) |
| FY2018 | 7.12 | (12.38) |
| FY2017 | 19.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.43 | — | 0.52 | |
| Retained earnings / total assets | (1.82) | — | −2.54 | |
| EBIT / total assets | (0.07) | — | −0.23 | |
| Market value of equity / total liabilities | 2.53 | — | 1.52 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Distress zone | 0.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.13 | ||
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 |
|---|---|
| PINS Pinterest, Inc. compare | 15.7× |
| ZG Zillow Group, Inc. compare | 12.6× |
| Z Zillow Group, Inc. compare | 12.6× |
| BZ KANZHUN LIMITED Sponsored ADR compare | 10.1× |
| TME Tencent Music Entertainment Group Sponsored ADR compare | 7.2× |
| BIDU Baidu, Inc. compare | 2.1× |
| BILI Bilibili Inc. Sponsored ADR compare | 1.8× |
| MTCH Match Group Inc. compare | 0.7× |
| SNAP Snap Inc. | 0.0× |
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