UTStarcom Holdings Corp
UTSI Technology Communication Equipment
UTStarcom Holdings Corp’s revenue for fiscal 2025 (year ended December 2025) was $9.0 million, down 17.5% from fiscal 2024.
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UTStarcom Holdings Corp (UTSI) Altman Z-score
UTStarcom Holdings Corp's Altman Z-score for fiscal 2025 is −30.64, 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 | −30.64 | (6.02) |
| FY2024 | −24.62 | (3.31) |
| FY2023 | −21.31 | (3.00) |
| FY2022 | −18.32 | (3.35) |
| FY2021 | −14.97 | (1.32) |
| FY2020 | −13.64 | (4.59) |
| FY2019 | −9.05 | (1.60) |
| FY2018 | −7.45 | (0.66) |
| FY2017 | −6.79 | 1.40 |
| FY2016 | −8.19 | (0.86) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.60 | — | 0.72 | |
| Retained earnings / total assets | (22.67) | — | −31.74 | |
| EBIT / total assets | (0.15) | — | −0.51 | |
| Market value of equity / total liabilities | 1.20 | — | 0.72 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Distress zone | −30.64 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −69.02 | ||
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 |
|---|---|
| FKWL Franklin Wireless Corp. compare | 3.0× |
| CLRO ClearOne, Inc. compare | 2.5× |
| BOSC B.O.S. Better Online Solutions compare | 1.1× |
| CMTL Comtech Telecommunications Corp. compare | 0.2× |
| AIRG Airgain, Inc. compare | −0.3× |
| CMBMF Cambium Networks Corporation compare | −1.8× |
| INSG Inseego compare | −10.5× |
| UTSI UTStarcom Holdings Corp | −30.6× |
| WATT Energous Corporation compare | −34.3× |
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