Flanigan's Enterprises, Inc.
BDL Consumer Cyclical Restaurants
In the quarter to June 2026, revenue grew 8.30%, EPS grew 48.0%, free cash flow fell 112.3% and total debt rose 50.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Flanigan's Enterprises, Inc. (BDL) Altman Z-score
Flanigan's Enterprises, Inc.'s Altman Z-score for fiscal 2025 is 2.99, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.99 | 0.38 |
| FY2024 | 2.61 | 0.07 |
| FY2023 | 2.54 | 0.17 |
| FY2022 | 2.37 | (0.11) |
| FY2021 | 2.47 | 0.49 |
| FY2020 | 1.99 | (1.94) |
| FY2019 | 3.93 | (0.15) |
| FY2018 | 4.08 | (0.04) |
| FY2017 | 4.12 | (0.24) |
| FY2016 | 4.35 | (0.14) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.09 | — | 0.11 | |
| Retained earnings / total assets | 0.46 | — | 0.64 | |
| EBIT / total assets | 0.06 | — | 0.21 | |
| Market value of equity / total liabilities | 0.96 | — | 0.58 | |
| Sales / total assets | 1.46 | — | 1.46 | |
| Altman Z-score | Safe zone | 2.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.85 | ||
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 |
|---|---|
| HCHL Happy City Holdings Limited compare | 5.5× |
| MB MasterBeef Group compare | 4.5× |
| BDL Flanigan's Enterprises, Inc. | 3.0× |
| RICK RCI Hospitality Holdings, Inc. compare | 1.6× |
| RRGB Red Robin Gourmet Burgers, Inc. compare | 1.6× |
| STKS The ONE Group Hospitality, Inc. compare | 0.7× |
| GENK GEN Restaurant Group, Inc. compare | 0.4× |
| VENU Venu Holding Corporation compare | 0.4× |
| NDLS Noodles & Company compare | 0.1× |
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