CSLM Acquisition Corp.
SPWR Technology Solar
CSLM Acquisition Corp.’s revenue for fiscal 2025 (year ended December 2025) was $300.0 million, up 175.9% from fiscal 2024. In the quarter to June 2026, revenue fell 17.0%, EPS grew 117.9%, free cash flow fell 499.7% and total debt fell 16.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
Follow SPWR
CSLM Acquisition Corp. (SPWR) Altman Z-score
CSLM Acquisition Corp.'s Altman Z-score for fiscal 2025 is −1.74, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.74 | 2.63 |
| FY2024 | −4.37 | 9.55 |
| FY2023 | −13.92 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.17) | — | −0.21 | |
| Retained earnings / total assets | (1.89) | — | −2.65 | |
| EBIT / total assets | (0.11) | — | −0.37 | |
| Market value of equity / total liabilities | 0.41 | — | 0.25 | |
| Sales / total assets | 1.24 | — | 1.24 | |
| Altman Z-score | Distress zone | −1.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.35 | ||
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× |
| TOYO TOYO Co., Ltd. compare | 1.7× |
| TYGO Tigo Energy, Inc. compare | 0.0× |
| SPRU Spruce Power Holding Corporation compare | −0.5× |
| SMXT Solarmax Technology, Inc. compare | −0.9× |
| SPWR CSLM Acquisition Corp. | −1.7× |
| SPIEQ SPI Energy Co., Ltd. compare | −4.2× |
| FTCI FTC Solar, Inc. compare | −4.6× |
| BEEM Beam Global compare | −4.7× |
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