Society Pass Incorporated
SOPAQ Communication Services Advertising Agencies
In the quarter to September 2025, revenue fell 17.6%, EPS fell 75.0% and free cash flow fell 920.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Society Pass Incorporated (SOPAQ) Altman Z-score
Society Pass Incorporated's Altman Z-score for fiscal 2024 is −8.79, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −8.79 | 2.55 |
| FY2023 | −11.34 | (6.15) |
| FY2022 | −5.19 | (21.74) |
| FY2021 | 16.55 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.41) | — | −0.49 | |
| Retained earnings / total assets | (5.18) | — | −7.25 | |
| EBIT / total assets | (0.44) | — | −1.45 | |
| Market value of equity / total liabilities | 0.11 | — | 0.07 | |
| Sales / total assets | 0.33 | — | 0.33 | |
| Altman Z-score | Distress zone | −8.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −22.63 | ||
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 |
|---|---|
| CHR Cheer Holding, Inc. compare | 2.4× |
| HAO Haoxi Health Technology Limited compare | 1.6× |
| YDKG Yueda Digital Holding compare | 1.2× |
| DRCT Direct Digital Holdings, Inc. compare | −3.9× |
| VSME VS MEDIA Holdings Limited compare | −6.3× |
| KRKR 36Kr Holdings Inc. Sponsored ADR compare | −7.8× |
| SOPAQ Society Pass Incorporated | −8.8× |
| CNET ZW Data Action Technologies Inc. compare | −8.9× |
| TC Token Cat Limited - Sponsored ADR compare | −10.9× |
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