SPI Energy Co., Ltd.
SPIEQ Technology Solar
Revenue growth for five consecutive years.
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SPI Energy Co., Ltd. (SPIEQ) Altman Z-score
SPI Energy Co., Ltd.'s Altman Z-score for fiscal 2022 is −4.20, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2022 | −4.20 | (0.18) |
| FY2021 | −4.02 | (0.88) |
| FY2020 | −3.13 | 1.95 |
| FY2019 | −5.08 | (0.90) |
| FY2018 | −4.18 | (1.11) |
| FY2017 | −3.08 | 0.56 |
| FY2016 | −3.63 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.47) | — | −0.56 | |
| Retained earnings / total assets | (2.90) | — | −4.06 | |
| EBIT / total assets | (0.12) | — | −0.41 | |
| Market value of equity / total liabilities | 0.11 | — | 0.06 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Distress zone | −4.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −13.27 | ||
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 |
|---|---|
| PN PN Smart Energy Limited compare | 2.3× |
| SUNE SUNation Energy Inc. compare | −0.1× |
| SPRU Spruce Power Holding Corporation compare | −0.5× |
| ZEO Zeo Energy Corp. compare | −0.8× |
| SMXT Solarmax Technology, Inc. compare | −0.9× |
| SPIEQ SPI Energy Co., Ltd. | −4.2× |
| FTCI FTC Solar, Inc. compare | −4.6× |
| BEEM Beam Global compare | −4.7× |
| ASTI Ascent Solar Technologies Inc. compare | −112× |
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