Tantech Holdings Ltd.
TANH Consumer Defensive Household & Personal Products
Tantech Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $38.4 million, down 10.7% from fiscal 2024.
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Tantech Holdings Ltd. (TANH) Altman Z-score
Tantech Holdings Ltd.'s Altman Z-score for fiscal 2025 is 0.89, 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 | 0.89 | (1.02) |
| FY2024 | 1.91 | 0.13 |
| FY2023 | 1.78 | (0.04) |
| FY2022 | 1.82 | (0.11) |
| FY2021 | 1.94 | (1.72) |
| FY2020 | 3.65 | (719,001.98) |
| FY2019 | 719005.63 | 123,952.39 |
| FY2018 | 595053.24 | (73,276.16) |
| FY2017 | 668329.41 | (281,655.96) |
| FY2016 | 949985.36 | (1,350,797.69) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.61 | |
| Retained earnings / total assets | 0.14 | — | 0.20 | |
| EBIT / total assets | (0.10) | — | −0.32 | |
| Market value of equity / total liabilities | 0.17 | — | 0.10 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Distress zone | 0.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 11.62 | ||
Z and Z″ put Tantech Holdings Ltd. in different zones: distress zone by Z, safe zone by Z″.
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 |
|---|---|
| UG United-Guardian, Inc. compare | 12.5× |
| ATTT Atlas Trinity Tech Limited compare | 2.3× |
| SLSN Solesence, Inc. compare | 1.0× |
| TANH Tantech Holdings Ltd. | 0.9× |
| DSY Big Tree Cloud Holdings Limited compare | −8.8× |
| GROV Grove Collaborative Holdings, Inc. compare | −14.3× |
| BYAH Park Ha Biological Technology Co., Ltd. compare | −14.5× |
| XAGE Longevity Health Holdings, Inc. compare | −56.9× |
| BRSHF Bruush Oral Care 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