Brunswick Corporation
BC Consumer Cyclical Recreational Vehicles
Brunswick Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.4 billion, up 2.40% from fiscal 2024. In the quarter to June 2026, revenue grew 7.66%, EPS grew 88.8%, free cash flow was flat and total debt fell 7.62%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Brunswick Corporation (BC) Altman Z-score
Brunswick Corporation's Altman Z-score for fiscal 2025 is 2.81, 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 | 2.81 | (0.05) |
| FY2024 | 2.86 | (0.49) |
| FY2023 | 3.35 | 0.07 |
| FY2022 | 3.29 | (0.48) |
| FY2021 | 3.76 | (0.48) |
| FY2020 | 4.24 | 0.34 |
| FY2019 | 3.90 | 0.89 |
| FY2018 | 3.01 | (1.14) |
| FY2017 | 4.15 | (0.39) |
| FY2016 | 4.53 | 0.40 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.14 | |
| Retained earnings / total assets | 0.63 | — | 0.89 | |
| EBIT / total assets | (0.01) | — | −0.03 | |
| Market value of equity / total liabilities | 1.33 | — | 0.80 | |
| Sales / total assets | 1.01 | — | 1.01 | |
| Altman Z-score | Grey zone | 2.81 | ||
| 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 Brunswick Corporation 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 |
|---|---|
| LCII LCI Industries compare | 3.5× |
| THO Thor Industries, Inc. compare | 3.5× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | 3.4× |
| WGO Winnebago Industries, Inc. compare | 3.4× |
| PATK Patrick Industries, Inc. compare | 3.3× |
| BC Brunswick Corporation | 2.8× |
| DOO BRP Inc. compare | 2.5× |
| HOG Harley-Davidson, Inc. compare | 2.1× |
| PII Polaris Inc. 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