Axalta Coating Systems Ltd.
AXTA Basic Materials Specialty Chemicals
Axalta Coating Systems Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, down 3.01% from fiscal 2024. In the quarter to June 2026, revenue grew 3.14%, EPS fell 16.0%, free cash flow grew 7.22% and total debt fell 10.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Axalta Coating Systems Ltd. (AXTA) Altman Z-score
Axalta Coating Systems Ltd.'s Altman Z-score for fiscal 2025 is 2.40, 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 | 2.40 | (0.05) |
| FY2024 | 2.45 | 0.17 |
| FY2023 | 2.28 | 0.35 |
| FY2022 | 1.92 | (0.08) |
| FY2021 | 2.00 | 0.22 |
| FY2020 | 1.78 | (0.26) |
| FY2019 | 2.04 | 0.22 |
| FY2018 | 1.82 | (0.07) |
| FY2017 | 1.89 | (0.06) |
| FY2016 | 1.95 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.23 | |
| Retained earnings / total assets | 0.27 | — | 0.38 | |
| EBIT / total assets | 0.10 | — | 0.32 | |
| Market value of equity / total liabilities | 1.34 | — | 0.80 | |
| Sales / total assets | 0.67 | — | 0.67 | |
| Altman Z-score | Grey zone | 2.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.26 | ||
Z and Z″ put Axalta Coating Systems Ltd. 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 |
|---|---|
| BCPC Balchem Corporation compare | 9.0× |
| SXT Sensient Technologies Corporation compare | 4.9× |
| NEU NewMarket Corporation compare | 4.4× |
| SQM Sociedad Quimica y Minera S.A. compare | 3.1× |
| AXTA Axalta Coating Systems Ltd. | 2.4× |
| EMN Eastman Chemical Company compare | 2.3× |
| SOLS Solstice Advanced Materials Inc. compare | 2.3× |
| ESI Element Solutions Inc. compare | 2.2× |
| WLK Westlake Corporation compare | 1.6× |
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