Art's-Way Manufacturing Co., Inc.
ARTW Industrials Farm & Heavy Construction Machinery
Art's-Way Manufacturing Co., Inc.’s revenue for fiscal 2025 (year ended November 2025) was $23.0 million, down 6.22% from fiscal 2024. In the quarter to August 2026, revenue fell 12.7%, EPS fell 153.8%, free cash flow grew 100.9% and total debt rose 21.4%, each against the same quarter a year earlier.
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Art's-Way Manufacturing Co., Inc. (ARTW) Altman Z-score
Art's-Way Manufacturing Co., Inc.'s Altman Z-score for fiscal 2025 is 2.82, 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 | 2.82 | 0.18 |
| FY2024 | 2.64 | 0.02 |
| FY2023 | 2.62 | 0.39 |
| FY2022 | 2.22 | (0.68) |
| FY2021 | 2.90 | 0.91 |
| FY2020 | 1.99 | (0.57) |
| FY2019 | 2.56 | 0.37 |
| FY2018 | 2.19 | (0.46) |
| FY2017 | 2.65 | (0.15) |
| FY2016 | 2.79 | 0.19 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.45 | |
| Retained earnings / total assets | 0.37 | — | 0.52 | |
| EBIT / total assets | 0.01 | — | 0.04 | |
| Market value of equity / total liabilities | 1.31 | — | 0.79 | |
| Sales / total assets | 1.02 | — | 1.02 | |
| Altman Z-score | Grey zone | 2.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.26 | ||
Z and Z″ put Art's-Way Manufacturing Co., Inc. in different zones: grey zone by Z, safe 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 |
|---|---|
| GENC Gencor Industries Inc. compare | 15.0× |
| SCAG Scage Future - Unsponsored ADR compare | 7.9× |
| ARTW Art's-Way Manufacturing Co., Inc. | 2.8× |
| BNC BNB Standard Corporation compare | 1.4× |
| LEVGQ The Lion Electric Company compare | 0.2× |
| GP GreenPower Motor Company Inc. compare | −3.9× |
| XOS Xos, Inc. compare | −5.6× |
| HCAI Huachen AI Parking Management Technology Holding Co., Ltd compare | −6.7× |
| HYFM Hydrofarm Holdings Group, Inc. compare | −16.7× |
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