Telos Corporation
TLS Technology Software Infrastructure
Telos Corporation’s revenue for fiscal 2025 (year ended December 2025) was $164.8 million, up 52.2% from fiscal 2024. In the quarter to June 2026, revenue grew 32.7%, EPS grew 107.7%, free cash flow grew 43.0% and total debt fell 31.8%, each against the same quarter a year earlier.
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Telos Corporation (TLS) Altman Z-score
Telos Corporation's Altman Z-score for fiscal 2025 is 2.17, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.17 | 0.28 |
| FY2024 | 1.89 | 0.04 |
| FY2023 | 1.85 | (0.69) |
| FY2022 | 2.54 | (6.84) |
| FY2021 | 9.38 | (5.72) |
| FY2020 | 15.10 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.49 | |
| Retained earnings / total assets | (2.60) | — | −3.64 | |
| EBIT / total assets | (0.29) | — | −0.94 | |
| Market value of equity / total liabilities | 8.46 | — | 5.08 | |
| Sales / total assets | 1.18 | — | 1.18 | |
| Altman Z-score | Grey zone | 2.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.40 | ||
Z and Z″ put Telos Corporation in different zones: grey 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 |
|---|---|
| IMXI INTERNATIONAL MONEY EXPRESS, INC. compare | 3.6× |
| XNET Xunlei Limited compare | 2.2× |
| TLS Telos Corporation | 2.2× |
| SUPX SuperX AI Technology Limited compare | 1.1× |
| AIOT PowerFleet, Inc. compare | 0.7× |
| PSFE Paysafe Limited compare | −0.1× |
| KDK Kodiak AI, Inc. compare | −6.3× |
| NUAI New Era Energy & Digital, Inc. compare | −6.7× |
| QIWI QIWI PLC 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