Avalon Holdings Corporation
AWX Industrials Waste Management
Avalon Holdings Corporation’s revenue for fiscal 2025 (year ended December 2025) was $83.5 million, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 3.19%, EPS grew 228.6%, free cash flow fell 13.5% and total debt fell 1.50%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Avalon Holdings Corporation (AWX) Altman Z-score
Avalon Holdings Corporation's Altman Z-score for fiscal 2025 is 0.82, 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 | 0.82 | (0.09) |
| FY2024 | 0.92 | 0.30 |
| FY2023 | 0.62 | (0.06) |
| FY2022 | 0.68 | (0.07) |
| FY2021 | 0.75 | 0.27 |
| FY2020 | 0.48 | (0.05) |
| FY2019 | 0.53 | (0.03) |
| FY2018 | 0.56 | (0.02) |
| FY2017 | 0.58 | (0.15) |
| FY2016 | 0.74 | 0.18 |
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 | (0.24) | — | −0.33 | |
| EBIT / total assets | 0.02 | — | 0.08 | |
| Market value of equity / total liabilities | 0.21 | — | 0.12 | |
| Sales / total assets | 0.96 | — | 0.96 | |
| Altman Z-score | Distress zone | 0.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.16 | ||
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 |
|---|---|
| DXST Decent Holding Inc. compare | 2.7× |
| AMBIQ Ambipar Emergency Response compare | 1.2× |
| AWX Avalon Holdings Corporation | 0.8× |
| QRHC Quest Resource Holding Corporation. compare | 0.5× |
| CDTG CDT Environmental Technology Investment Holdings Limited compare | 0.4× |
| LICYQ Li-Cycle Holdings Corp. compare | −1.2× |
| AQMS Aqua Metals, Inc. compare | −5.5× |
| GWAV Greenwave Technology Solutions, Inc. compare | −13.9× |
| LNZA LanzaTech Global, Inc. compare | −16.0× |
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