stockrowTecogen Inc.
TGEN Industrials Electrical Equipment & Parts
Tecogen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $27.1 million, up 19.7% from fiscal 2024.
- Revenue
- −21.2%
- EPS
- −16.7%
- Free cash flow
- +11.9%
- Total debt
- −43.2%
Quarter to June 2026, against a year earlier
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Tecogen Inc. (TGEN) Altman Z-score
Tecogen Inc.'s Altman Z-score for fiscal 2025 is 3.72, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.72 | 4.37 |
| FY2024 | −0.65 | (0.21) |
| FY2023 | −0.44 | (1.77) |
| FY2022 | 1.33 | 0.06 |
| FY2021 | 1.27 | 0.89 |
| FY2020 | 0.39 | (1.12) |
| FY2019 | 1.50 | (0.83) |
| FY2018 | 2.34 | (0.22) |
| FY2017 | 2.56 | (2.99) |
| FY2016 | 5.54 | 1.49 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.53 | — | 0.64 | |
| Retained earnings / total assets | (1.51) | — | −2.12 | |
| EBIT / total assets | (0.22) | — | −0.74 | |
| Market value of equity / total liabilities | 8.67 | — | 5.20 | |
| Sales / total assets | 0.73 | — | 0.73 | |
| Altman Z-score | Safe zone | 3.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.49 | ||
Z and Z″ put Tecogen Inc. in different zones: safe zone by Z, distress 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 |
|---|---|
| TGEN Tecogen Inc. | 3.7× |
| RFIL RF Industries, Ltd. compare | 2.9× |
| ZOOZ ZOOZ Strategy Ltd. compare | 2.2× |
| CBAT China BAK Battery, Inc. compare | −0.3× |
| OESX Orion Energy Systems, Inc. compare | −0.8× |
| NVX NOVONIX Limited Sponsored ADR compare | −1.6× |
| WBX Wallbox N.V. compare | −4.4× |
| STI Solidion Technology Inc. compare | −58.0× |
| NMAD Nomad Power Solutions, 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