X3 Holdings Co., Ltd.
XTKG Technology Software Application
X3 Holdings Co., Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $6.3 million, down 45.8% from fiscal 2024.
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X3 Holdings Co., Ltd. (XTKG) Altman Z-score
X3 Holdings Co., Ltd.'s Altman Z-score for fiscal 2025 is −6.79, 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 | −6.79 | (2.14) |
| FY2024 | −4.65 | (3.00) |
| FY2023 | −1.65 | (1.14) |
| FY2022 | −0.51 | (19,737.54) |
| FY2021 | 19737.04 | (7,974.06) |
| FY2020 | 27711.10 | 5,190.73 |
| FY2019 | 22520.36 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.03 | |
| Retained earnings / total assets | (4.57) | — | −6.40 | |
| EBIT / total assets | (0.17) | — | −0.55 | |
| Market value of equity / total liabilities | 0.16 | — | 0.09 | |
| Sales / total assets | 0.10 | — | 0.10 | |
| Altman Z-score | Distress zone | −6.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −14.25 | ||
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 |
|---|---|
| LGCL Lucas GC Limited compare | 3.1× |
| NTCL NetClass Technology Inc compare | −1.0× |
| OMQS OMNIQ Corp. compare | −6.4× |
| XTKG X3 Holdings Co., Ltd. | −6.8× |
| TGL Treasure Global Inc. compare | −7.0× |
| AMZE Amaze Holdings, Inc. compare | −9.3× |
| MYSZ My Size, Inc. compare | −9.8× |
| PRST Presto Automation Inc. compare | −15.1× |
| AIXI XIAO-I Corporation Unsponsored ADR compare | −46.0× |
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