Ameresco, Inc.
AMRC Industrials Engineering & Construction
Ameresco, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 9.16% from fiscal 2024. In the quarter to June 2026, revenue grew 9.14%, EPS fell 25.0%, free cash flow fell 81.2% and total debt rose 7.49%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ameresco, Inc. (AMRC) Altman Z-score
Ameresco, Inc.'s Altman Z-score for fiscal 2025 is 1.14, 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 | 1.14 | 0.05 |
| FY2024 | 1.09 | (0.01) |
| FY2023 | 1.10 | (0.92) |
| FY2022 | 2.01 | (0.67) |
| FY2021 | 2.69 | 0.41 |
| FY2020 | 2.28 | 0.61 |
| FY2019 | 1.67 | (0.08) |
| FY2018 | 1.75 | 0.10 |
| FY2017 | 1.65 | 0.04 |
| FY2016 | 1.61 | (0.18) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | 0.15 | — | 0.21 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 0.45 | — | 0.27 | |
| Sales / total assets | 0.43 | — | 0.43 | |
| Altman Z-score | Distress zone | 1.14 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.79 | ||
Z and Z″ put Ameresco, Inc. in different zones: distress zone by Z, grey 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 |
|---|---|
| PHOE Phoenix Asia Holdings Limited compare | 166× |
| EXPO Exponent, Inc. compare | 8.3× |
| WLDN Willdan Group, Inc. compare | 5.7× |
| ORN Orion Group Holdings, Inc. compare | 3.1× |
| CDNL Cardinal Infrastructure Group Inc. compare | 2.7× |
| BWMN Bowman Consulting Group Ltd. compare | 1.9× |
| AMRC Ameresco, Inc. | 1.1× |
| CDLR Cadeler A/S Sponsored ADR compare | 1.1× |
| BBCP CONCRETE PUMPING HOLDINGS, INC. compare | 0.9× |
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