Vodafone Group PLC
VOD Communication Services Telecom Services
Vodafone Group PLC’s revenue for fiscal 2026 (year ended March 2026) was $46.9 billion, up 16.6% from fiscal 2025.
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Vodafone Group PLC (VOD) Altman Z-score
Vodafone Group PLC's Altman Z-score for fiscal 2026 is −0.70, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −0.70 | 0.01 |
| FY2025 | −0.71 | (0.17) |
| FY2024 | −0.54 | (0.28) |
| FY2023 | −0.26 | 0.22 |
| FY2022 | −0.48 | (0.05) |
| FY2021 | −0.42 | (0.01) |
| FY2020 | −0.41 | (0.08) |
| FY2019 | −0.33 | (0.17) |
| FY2018 | −0.16 | (0.10) |
| FY2017 | −0.07 | (0.29) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.03 | |
| Retained earnings / total assets | (0.97) | — | −1.36 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 0.41 | — | 0.25 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Distress zone | −0.70 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.11 | ||
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 |
|---|---|
| CHT Chunghwa Telecom Co., Ltd. compare | 5.7× |
| AMX America Movil, S.A.B. de C.V. Unsponsored ADR compare | 1.7× |
| CMCSA Comcast Corporation compare | 1.4× |
| TELFY Telefonica SA compare | 0.8× |
| ORANY Orange compare | 0.8× |
| CHTR Charter Communications, Inc. compare | 0.6× |
| VOD Vodafone Group PLC | −0.7× |
| ECHO EchoStar Corporation compare | −0.8× |
| VIV Telefonica Brasil S.A. compare | — |
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