SuperCom, Ltd.
SPCB Industrials Security & Protection Services
SuperCom, Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $27.9 million, up 0.94% from fiscal 2024. In the quarter to June 2026, revenue grew 13.3%, EPS fell 20.0%, free cash flow fell 109.9% and total debt fell 18.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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SuperCom, Ltd. (SPCB) Altman Z-score
SuperCom, Ltd.'s Altman Z-score for fiscal 2025 is −0.14, 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 | −0.14 | 1.82 |
| FY2024 | −1.96 | 0.38 |
| FY2023 | −2.34 | 0.46 |
| FY2022 | −2.81 | (0.21) |
| FY2021 | −2.59 | (0.08) |
| FY2020 | −2.51 | 0.00 |
| FY2019 | −2.52 | (1.05) |
| FY2018 | −1.47 | (2.23) |
| FY2017 | 0.75 | (0.02) |
| FY2016 | 0.77 | (3.88) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.48 | — | 0.57 | |
| Retained earnings / total assets | (1.50) | — | −2.10 | |
| EBIT / total assets | 0.00 | — | −0.02 | |
| Market value of equity / total liabilities | 1.66 | — | 0.99 | |
| Sales / total assets | 0.41 | — | 0.41 | |
| Altman Z-score | Distress zone | −0.14 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.05 | ||
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 |
|---|---|
| CIX CompX International Inc. compare | 12.7× |
| SNT Senstar Technologies Ltd. compare | 7.3× |
| NL NLI Holdings, Inc. compare | 3.4× |
| SPCB SuperCom, Ltd. | −0.1× |
| GFAI Guardforce AI Co., Limited compare | −0.5× |
| BAER Bridger Aerospace Group Holdings, Inc. compare | −1.0× |
| OPNW OpenWorld, Inc. compare | −7.0× |
| KSCP Knightscope, Inc. compare | −8.2× |
| CIGL Concorde International Group Ltd. compare | −12.4× |
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