Tingo Group, Inc.
TIOG Technology Software Application
Tingo Group, Inc.’s revenue for fiscal 2022 (year ended December 2022) was $146.0 million. Revenue growth for five consecutive years.
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Tingo Group, Inc. (TIOG) Altman Z-score
Tingo Group, Inc.'s Altman Z-score for fiscal 2022 is 0.33, 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 | 0.33 | (1.23) |
| FY2021 | 1.56 | (0.31) |
| FY2020 | 1.87 | 4.99 |
| FY2019 | −3.12 | (0.11) |
| FY2018 | −3.00 | (2.95) |
| FY2017 | −0.05 | (0.25) |
| FY2016 | 0.20 | (1.04) |
| FY2015 | 1.24 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (0.07) | — | −0.10 | |
| EBIT / total assets | (0.01) | — | −0.02 | |
| Market value of equity / total liabilities | 0.30 | — | 0.18 | |
| Sales / total assets | 0.09 | — | 0.09 | |
| Altman Z-score | Distress zone | 0.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.66 | ||
Z and Z″ put Tingo Group, Inc. 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 |
|---|---|
| TRAK ReposiTrak Inc. compare | 12.6× |
| TONX TON Strategy Company compare | 5.0× |
| TIOG Tingo Group, Inc. | 0.3× |
| EGAN eGain Corporation compare | 0.1× |
| RYDE Ryde Group Ltd. compare | −1.1× |
| HUCK Huckleberry.ai, Inc. compare | −8.6× |
| MRT MARTI TECH INC compare | −9.2× |
| RAAS Cloopen Group Holding Limited Sponsored ADR compare | — |
| LAIX LAIX Inc. Sponsored ADR 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