Velo3D, Inc.
VELO Technology Computer Hardware
Velo3D, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $46.0 million, up 12.1% from fiscal 2024. In the quarter to June 2026, revenue grew 52.3%, EPS grew 60.2%, free cash flow fell 731.6% and total debt fell 63.6%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Velo3D, Inc. (VELO) Altman Z-score
Velo3D, Inc.'s Altman Z-score for fiscal 2025 is −5.35, 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 | −5.35 | 3.43 |
| FY2024 | −8.79 | (4.23) |
| FY2023 | −4.55 | (4.98) |
| FY2022 | 0.42 | (0.28) |
| FY2021 | 0.71 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.53 | |
| Retained earnings / total assets | (4.73) | — | −6.62 | |
| EBIT / total assets | (0.52) | — | −1.72 | |
| Market value of equity / total liabilities | 3.37 | — | 2.02 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Distress zone | −5.35 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −15.44 | ||
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 |
|---|---|
| DPRO Draganfly Inc. compare | 17.6× |
| OSS One Stop Systems, Inc. compare | 15.1× |
| CAN Canaan Inc. Sponsored ADR compare | 0.6× |
| NNDM Nano Dimension Ltd. compare | 0.5× |
| BGIN Bgin Blockchain Limited compare | −0.5× |
| SSYS Stratasys, Ltd. compare | −0.6× |
| DDD 3D Systems Corporation compare | −2.4× |
| VELO Velo3D, Inc. | −5.4× |
| QTEX QTREX Quantum Ltd. compare | −23.6× |
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