The Andersons, Inc.
ANDE Consumer Defensive Food Distribution
The Andersons, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.0 billion, down 2.21% from fiscal 2024. In the quarter to June 2026, revenue fell 1.22%, EPS grew 621.7%, free cash flow grew 64.6% and total debt rose 20.6%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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The Andersons, Inc. (ANDE) Altman Z-score
The Andersons, Inc.'s Altman Z-score for fiscal 2025 is 4.13, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.13 | 0.26 |
| FY2024 | 3.87 | (1.28) |
| FY2023 | 5.15 | 0.52 |
| FY2022 | 4.63 | 1.06 |
| FY2021 | 3.57 | 1.19 |
| FY2020 | 2.38 | (0.25) |
| FY2019 | 2.63 | 0.49 |
| FY2018 | 2.13 | (0.46) |
| FY2017 | 2.59 | (0.24) |
| FY2016 | 2.83 | 0.32 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.22 | |
| Retained earnings / total assets | 0.28 | — | 0.39 | |
| EBIT / total assets | 0.03 | — | 0.10 | |
| Market value of equity / total liabilities | 0.75 | — | 0.45 | |
| Sales / total assets | 2.97 | — | 2.97 | |
| Altman Z-score | Safe zone | 4.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.89 | ||
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 |
|---|---|
| WILCF G. Willi-Food International, Ltd. compare | 14.7× |
| UNFI United Natural Foods, Inc. compare | 5.2× |
| SYY Sysco Corporation compare | 5.1× |
| PFGC Performance Food Group Company compare | 4.8× |
| USFD US Foods Holding Corp. compare | 4.5× |
| ANDE The Andersons, Inc. | 4.1× |
| CHEF The Chefs' Warehouse, Inc. compare | 3.7× |
| AVO Mission Produce, Inc. compare | 3.6× |
| HFFG HF FOODS GROUP INC. compare | 1.3× |
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