Alto Ingredients, Inc.
ALTO Basic Materials Specialty Chemicals
Alto Ingredients, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $917.9 million, down 4.90% from fiscal 2024. In the quarter to June 2026, revenue grew 12.5%, EPS grew 200.0%, free cash flow grew 1,443.9% and total debt fell 48.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Alto Ingredients, Inc. (ALTO) Altman Z-score
Alto Ingredients, Inc.'s Altman Z-score for fiscal 2025 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) |
|---|---|---|
| FY2025 | 0.70 | 0.91 |
| FY2024 | −0.22 | (1.33) |
| FY2023 | 1.11 | (0.14) |
| FY2022 | 1.25 | (1.38) |
| FY2021 | 2.63 | 1.47 |
| FY2020 | 1.16 | 0.70 |
| FY2019 | 0.47 | (0.19) |
| FY2018 | 0.65 | (0.93) |
| FY2017 | 1.58 | (0.87) |
| FY2016 | 2.45 | 1.34 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | (2.09) | — | −2.92 | |
| EBIT / total assets | 0.02 | — | 0.06 | |
| Market value of equity / total liabilities | 1.49 | — | 0.90 | |
| Sales / total assets | 2.36 | — | 2.36 | |
| 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 | −3.25 | ||
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 |
|---|---|
| HDSN Hudson Technologies, Inc. compare | 4.6× |
| CMT Core Molding Technologies Inc compare | 4.1× |
| FF FutureFuel Corp. compare | 2.0× |
| MNTK Montauk Renewables, Inc. compare | 1.4× |
| OEC Orion S.A. compare | 1.4× |
| ALTO Alto Ingredients, Inc. | 0.7× |
| MATV Mativ Holdings, Inc. compare | 0.7× |
| GEVO Gevo, Inc. compare | −0.3× |
| FEAM 5E Advanced Materials, Inc. 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