Sunworks, Inc.
SUNWQ Technology Solar
Sunworks, Inc.’s revenue for fiscal 2022 (year ended December 2022) was $161.9 million. Revenue growth for five consecutive years.
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Sunworks, Inc. (SUNWQ) Altman Z-score
Sunworks, Inc.'s Altman Z-score for fiscal 2022 is −0.31, 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 | −0.31 | (0.87) |
| FY2021 | 0.56 | (0.16) |
| FY2020 | 0.72 | 2.77 |
| FY2019 | −2.05 | (1.28) |
| FY2018 | −0.77 | (0.90) |
| FY2017 | 0.13 | (1.11) |
| FY2016 | 1.24 | (2.65) |
| FY2015 | 3.90 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.20 | — | 0.24 | |
| Retained earnings / total assets | (1.20) | — | −1.67 | |
| EBIT / total assets | (0.24) | — | −0.78 | |
| Market value of equity / total liabilities | 0.93 | — | 0.56 | |
| Sales / total assets | 1.35 | — | 1.35 | |
| Altman Z-score | Distress zone | −0.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.99 | ||
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 |
|---|---|
| SUNE SUNation Energy Inc. compare | −0.1× |
| SUNWQ Sunworks, Inc. | −0.3× |
| ISUNQ iSun, Inc. compare | −0.7× |
| ZEO Zeo Energy Corp. compare | −0.8× |
| SPIEQ SPI Energy Co., Ltd. compare | −4.2× |
| BEEM Beam Global compare | −4.7× |
| MAXNQ Maxeon Solar Technologies, Ltd. compare | −9.1× |
| VSTTF Vast Renewables Limited compare | −54.8× |
| 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