Forafric Global PLC
AFRI Consumer Defensive Farm Products
Forafric Global PLC’s revenue for fiscal 2025 (year ended December 2025) was $176.5 million, down 35.6% from fiscal 2024.
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Forafric Global PLC (AFRI) Altman Z-score
Forafric Global PLC's Altman Z-score for fiscal 2025 is −0.15, 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 | −0.15 | (0.41) |
| FY2024 | 0.27 | (0.29) |
| FY2023 | 0.56 | (0.20) |
| FY2022 | 0.77 | 0.09 |
| FY2021 | 0.67 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.56) | — | −0.68 | |
| Retained earnings / total assets | (0.63) | — | −0.88 | |
| EBIT / total assets | (0.01) | — | −0.05 | |
| Market value of equity / total liabilities | 1.23 | — | 0.74 | |
| Sales / total assets | 0.71 | — | 0.71 | |
| Altman Z-score | Distress zone | −0.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.81 | ||
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 |
|---|---|
| VITL Vital Farms, Inc. compare | 7.9× |
| DMC Del Monte Corporation compare | 3.5× |
| DOLE Dole PLC compare | 2.8× |
| VFF Village Farms International, Inc. compare | 2.6× |
| LMNR Limoneira Co compare | 1.6× |
| LND Brasilagro Cia Brasileira De Propriedades Agricolas compare | 1.1× |
| AGRO Adecoagro S.A. compare | 0.7× |
| AFRI Forafric Global PLC | −0.1× |
| ALCO Alico, Inc. compare | −0.4× |
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