Kartoon Studios, Inc.
TOON Communication Services Entertainment
Kartoon Studios, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $39.4 million, up 20.7% from fiscal 2024. In the quarter to June 2026, revenue fell 43.4%, EPS grew 415.4%, free cash flow grew 856.3% and total debt rose 164.4%, each against the same quarter a year earlier.
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Kartoon Studios, Inc. (TOON) Altman Z-score
Kartoon Studios, Inc.'s Altman Z-score for fiscal 2025 is −14.59, 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 | −14.59 | (2.50) |
| FY2024 | −12.09 | (1.91) |
| FY2023 | −10.18 | (6.93) |
| FY2022 | −3.26 | (4.46) |
| FY2021 | 1.21 | (2.24) |
| FY2020 | 3.45 | 7.17 |
| FY2019 | −3.73 | (0.82) |
| FY2018 | −2.91 | (1.55) |
| FY2017 | −1.36 | 1.06 |
| FY2016 | −2.42 | (0.81) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.04 | |
| Retained earnings / total assets | (10.77) | — | −15.08 | |
| EBIT / total assets | (0.18) | — | −0.60 | |
| Market value of equity / total liabilities | 0.83 | — | 0.50 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Distress zone | −14.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −35.46 | ||
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 |
|---|---|
| LFS Leifras Co., Ltd. - Sponsored ADR compare | 5.8× |
| BLMZF Harrison Global Holdings Inc. compare | 3.3× |
| GAIA Gaia, Inc. compare | 0.6× |
| RDI Reading International Inc compare | −0.2× |
| CNVS Cineverse Corp. compare | −5.2× |
| ANGH Anghami Inc. compare | −5.5× |
| NIPG NIP Group Inc. Sponsored ADR compare | −5.6× |
| TOON Kartoon Studios, Inc. | −14.6× |
| MMVVF MultiMetaVerse Holdings Limited compare | −45.4× |
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