Aramark
ARMK Industrials Specialty Business Services
Aramark’s revenue for fiscal 2025 (year ended September 2025) was $18.5 billion, up 6.35% from fiscal 2024. In the quarter to June 2026, revenue grew 9.33%, EPS grew 37.0%, free cash flow grew 125.9% and total debt fell 2.62%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for three.
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Aramark (ARMK) Altman Z-score
Aramark's Altman Z-score for fiscal 2025 is 2.23, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.23 | 0.09 |
| FY2024 | 2.14 | 0.67 |
| FY2023 | 1.47 | 0.14 |
| FY2022 | 1.33 | 0.09 |
| FY2021 | 1.23 | 0.02 |
| FY2020 | 1.21 | (0.74) |
| FY2019 | 1.95 | 0.07 |
| FY2018 | 1.88 | (0.25) |
| FY2017 | 2.13 | 0.03 |
| FY2016 | 2.10 | 0.13 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | −0.00 | |
| Retained earnings / total assets | 0.03 | — | 0.05 | |
| EBIT / total assets | 0.06 | — | 0.20 | |
| Market value of equity / total liabilities | 1.00 | — | 0.60 | |
| Sales / total assets | 1.39 | — | 1.39 | |
| Altman Z-score | Grey zone | 2.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.82 | ||
Z and Z″ put Aramark in different zones: grey zone by Z, distress 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 |
|---|---|
| CPRT Copart, Inc. compare | 20.5× |
| DLB Dolby Laboratories compare | 9.2× |
| ULS UL Solutions Inc. compare | 7.8× |
| UNF Unifirst Corporation compare | 5.7× |
| AZZ AZZ Inc. compare | 4.6× |
| RELX RELX PLC compare | 3.9× |
| RTO Rentokil Initial PLC compare | 2.3× |
| ARMK Aramark | 2.2× |
| AMTM Amentum Holdings, Inc. compare | 1.9× |
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