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) Beneish M-score
Avalon Holdings Corporation's Beneish M-score for fiscal 2025 is −2.55; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.55 | 0.23 |
| FY2024 | −2.78 | 0.08 |
| FY2023 | −2.86 | (0.61) |
| FY2022 | −2.24 | 0.21 |
| FY2021 | −2.46 | 0.59 |
| FY2020 | −3.05 | (0.71) |
| FY2019 | −2.34 | 0.54 |
| FY2018 | −2.89 | (0.14) |
| FY2017 | −2.75 | (0.28) |
| FY2016 | −2.47 | 0.32 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 1.01 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.55 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GWAV Greenwave Technology Solutions, Inc. compare | −3.6× |
| QRHC Quest Resource Holding Corporation. compare | −3.4× |
| CDTG CDT Environmental Technology Investment Holdings Limited compare | −3.4× |
| AWX Avalon Holdings Corporation | −2.5× |
| AMBIQ Ambipar Emergency Response compare | −2.4× |
| DXST Decent Holding Inc. compare | −2.0× |
| LNZA LanzaTech Global, Inc. compare | −1.4× |
| AQMS Aqua Metals, Inc. compare | — |
| LICYQ Li-Cycle Holdings Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI