MingZhu Logistics Holdings Limited
YGMZF Industrials Trucking
MingZhu Logistics Holdings Limited’s revenue for fiscal 2025 (year ended December 2025) was $22.7 million, down 43.9% from fiscal 2024. In the quarter to June 2026, revenue fell 94.2%, EPS fell 98.4%, free cash flow grew 124.3% and total debt fell 21.9%, each against the same quarter a year earlier.
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MingZhu Logistics Holdings Limited (YGMZF) Altman Z-score
MingZhu Logistics Holdings Limited's Altman Z-score for fiscal 2025 is 0.60, 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 | 0.60 | (0.66) |
| FY2024 | 1.26 | 0.39 |
| FY2023 | 0.87 | (0.33) |
| FY2022 | 1.21 | 0.13 |
| FY2021 | 1.07 | (5.16) |
| FY2020 | 6.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.60 | — | 0.72 | |
| Retained earnings / total assets | (0.09) | — | −0.13 | |
| EBIT / total assets | (0.06) | — | −0.20 | |
| Market value of equity / total liabilities | 0.01 | — | 0.01 | |
| Sales / total assets | 0.21 | — | 0.21 | |
| Altman Z-score | Distress zone | 0.60 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.49 | ||
Z and Z″ put MingZhu Logistics Holdings Limited in different zones: distress zone by Z, safe 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 |
|---|---|
| ETS Elite Express Holding Inc. compare | 9.5× |
| MRTN Marten Transport, Ltd. compare | 5.2× |
| TOPP Toppoint Holdings Inc. compare | 2.7× |
| HTLD Heartland Express, Inc. compare | 2.6× |
| CVLG Covenant Logistics Group, Inc. compare | 2.1× |
| ULH Universal Logistics Holdings, Inc. compare | 1.4× |
| PAMT PAMT Corp. compare | 1.3× |
| YGMZF MingZhu Logistics Holdings Limited | 0.6× |
| TSPH CreateAI Holdings Inc. compare | −0.7× |
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