Swvl Holdings Corp.
SWVL Industrials Railroads
Swvl Holdings Corp.’s revenue for fiscal 2025 (year ended December 2025) was $24.2 million, up 40.5% from fiscal 2024. Operating cash flow growth for three consecutive years.
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Swvl Holdings Corp. (SWVL) Altman Z-score
Swvl Holdings Corp.'s Altman Z-score for fiscal 2025 is −21.76, 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 | −21.76 | 6.15 |
| FY2024 | −27.91 | (10.27) |
| FY2023 | −17.64 | (5.49) |
| FY2022 | −12.16 | (85.37) |
| FY2021 | 73.21 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | (16.89) | — | −23.65 | |
| EBIT / total assets | (0.02) | — | −0.08 | |
| Market value of equity / total liabilities | 1.19 | — | 0.71 | |
| Sales / total assets | 1.21 | — | 1.21 | |
| Altman Z-score | Distress zone | −21.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −54.74 | ||
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 |
|---|---|
| RVSN Rail Vision Ltd. compare | 136× |
| FSTR L.B. Foster Company compare | 3.9× |
| WAB Wabtec compare | 3.1× |
| NSC Norfolk Southern Corporation compare | 2.3× |
| CP Canadian Pacific Kansas City Limited compare | 2.1× |
| RAIL Freightcar America, Inc. compare | 2.1× |
| GBX Greenbrier Companies, Inc. (The) compare | 2.0× |
| TRN Trinity Industries, Inc. compare | 0.9× |
| SWVL Swvl Holdings Corp. | −21.8× |
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