Stem, Inc.
STEM Utilities Utilities Renewable
Stem, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $156.3 million, up 8.08% from fiscal 2024. In the quarter to June 2026, revenue fell 12.3%, EPS fell 106.5%, free cash flow grew 96.1% and total debt rose 2.31%, each against the same quarter a year earlier.
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Stem, Inc. (STEM) Altman Z-score
Stem, Inc.'s Altman Z-score for fiscal 2025 is −6.74, 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 | −6.74 | 4.38 |
| FY2024 | −11.12 | (10.81) |
| FY2023 | −0.31 | (0.81) |
| FY2022 | 0.50 | (2.02) |
| FY2021 | 2.51 | 5.44 |
| FY2020 | −2.93 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.03) | — | −0.04 | |
| Retained earnings / total assets | (4.82) | — | −6.75 | |
| EBIT / total assets | (0.18) | — | −0.59 | |
| Market value of equity / total liabilities | 0.22 | — | 0.13 | |
| Sales / total assets | 0.51 | — | 0.51 | |
| Altman Z-score | Distress zone | −6.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −17.61 | ||
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 |
|---|---|
| BESS Bimergen Energy Corporation compare | 1,023× |
| WAVE Eco Wave Power Global AB (publ) Unsponsored ADR compare | 3.8× |
| PBK PowerBank Corporation compare | −0.6× |
| SAFX XCF Global Capital, Inc. compare | −1.1× |
| AGIG Abundia Global Impact Group, Inc. compare | −2.0× |
| STEM Stem, Inc. | −6.7× |
| HTOO Fusion Fuel Green PLC compare | −9.7× |
| NXXT NextNRG Inc. compare | −35.4× |
| VGAS Verde Clean Fuels, Inc. compare | — |
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