XMax Inc.
XMAX Consumer Cyclical Furnishings Fixtures & Appliances
XMax Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.7 million, up 72.6% from fiscal 2024. In the quarter to June 2026, revenue grew 7.06%, EPS grew 2,750.0%, free cash flow fell 4,043.4% and total debt rose 2,091.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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XMax Inc. (XMAX) Altman Z-score
XMax Inc.'s Altman Z-score for fiscal 2025 is 8.32, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.32 | 15.71 |
| FY2024 | −7.39 | 3.58 |
| FY2023 | −10.96 | (4.02) |
| FY2022 | −6.95 | (8.10) |
| FY2021 | 1.15 | 0.22 |
| FY2020 | 0.93 | (1.89) |
| FY2019 | 2.82 | (0.30) |
| FY2018 | 3.12 | (3.60) |
| FY2017 | 6.71 | 2.02 |
| FY2016 | 4.70 | 1.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.32 | |
| Retained earnings / total assets | (1.50) | — | −2.10 | |
| EBIT / total assets | (0.05) | — | −0.18 | |
| Market value of equity / total liabilities | 16.36 | — | 9.81 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Safe zone | 8.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.34 | ||
Z and Z″ put XMax Inc. in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| XMAX XMax Inc. | 8.3× |
| FLXS Flexsteel Industries, Inc. compare | 5.9× |
| ETD Ethan Allen Interiors Inc. compare | 4.2× |
| HBB Hamilton Beach Brands Holding Company compare | 3.5× |
| LZB La-Z-Boy Incorporated compare | 2.7× |
| MBC MasterBrand, Inc. compare | 2.2× |
| LOVE The Lovesac Company compare | 2.0× |
| MLKN MillerKnoll, Inc. compare | 1.7× |
| LCUT Lifetime Brands, Inc. compare | 1.6× |
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