Vision Marine Technologies Inc.
VMAR Consumer Cyclical Recreational Vehicles
Vision Marine Technologies Inc.’s revenue for fiscal 2025 (year ended August 2025) was $13.8 million, up 395.8% from fiscal 2024. In the quarter to May 2026, revenue grew 8,619.1%, EPS grew 98.4%, free cash flow grew 183.4% and total debt rose 7,753.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Vision Marine Technologies Inc. (VMAR) Altman Z-score
Vision Marine Technologies Inc.'s Altman Z-score for fiscal 2025 is −1.55, 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 | −1.55 | (12,055,787.70) |
| FY2023 | 12055786.15 | (31,404,838.43) |
| FY2022 | 43460624.58 | 6,405,779.71 |
| FY2021 | 37054844.87 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | (1.02) | — | −1.43 | |
| EBIT / total assets | (0.15) | — | −0.49 | |
| Market value of equity / total liabilities | 0.02 | — | 0.01 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Distress zone | −1.55 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.31 | ||
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 |
|---|---|
| MAMO Massimo Group compare | 6.0× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | 3.4× |
| WGO Winnebago Industries, Inc. compare | 3.4× |
| KNDI Kandi Technologies Group, Inc. compare | 2.8× |
| MBUU Malibu Boats, Inc. compare | 2.4× |
| EZGO EZGO Technologies Ltd. compare | 0.0× |
| VMAR Vision Marine Technologies Inc. | −1.6× |
| VEEE Twin Vee PowerCats, Co. compare | −2.9× |
| FUVV Arcimoto, Inc. compare | −7.4× |
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