Townsquare Media, Inc.
TSQ Communication Services Advertising Agencies
Townsquare Media, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $427.4 million, down 5.23% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 2,460.0%, free cash flow fell 97.7% and total debt was flat, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Townsquare Media, Inc. (TSQ) Altman Z-score
Townsquare Media, Inc.'s Altman Z-score for fiscal 2025 is 0.21, 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 | 0.21 | (0.10) |
| FY2024 | 0.31 | 0.09 |
| FY2023 | 0.22 | (0.38) |
| FY2022 | 0.60 | (0.09) |
| FY2021 | 0.69 | 0.78 |
| FY2020 | −0.09 | (0.42) |
| FY2019 | 0.33 | (0.18) |
| FY2018 | 0.51 | (0.22) |
| FY2017 | 0.73 | (0.14) |
| FY2016 | 0.88 | (0.03) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.03 | |
| Retained earnings / total assets | (0.67) | — | −0.94 | |
| EBIT / total assets | 0.08 | — | 0.28 | |
| Market value of equity / total liabilities | 0.15 | — | 0.09 | |
| Sales / total assets | 0.81 | — | 0.81 | |
| Altman Z-score | Distress zone | 0.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.85 | ||
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 |
|---|---|
| MF MindForge Inc. compare | 7.6× |
| SWAG Stran & Company, Inc. compare | 3.5× |
| NCMI National CineMedia, Inc. compare | 3.2× |
| ACCS ACCESS Newswire Inc. compare | 2.4× |
| TSQ Townsquare Media, Inc. | 0.2× |
| SDM Smart Digital Group Limited compare | −3.2× |
| STFS Star Fashion Culture Holdings Limited compare | −4.0× |
| FLNT FLUENT, INC. compare | −4.7× |
| MCHX Marchex, Inc. compare | −6.1× |
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