B&G Foods, Inc.
BGS Consumer Defensive Packaged Foods
B&G Foods, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, down 5.37% from fiscal 2024. In the quarter to June 2026, revenue fell 9.70%, EPS grew 58.3%, free cash flow grew 19.3% and total debt rose 26.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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B&G Foods, Inc. (BGS) Altman Z-score
B&G Foods, Inc.'s Altman Z-score for fiscal 2025 is 1.28, 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 | 1.28 | 0.23 |
| FY2024 | 1.05 | (0.31) |
| FY2023 | 1.35 | 0.00 |
| FY2022 | 1.36 | (0.29) |
| FY2021 | 1.65 | 0.04 |
| FY2020 | 1.61 | 0.06 |
| FY2019 | 1.54 | (0.41) |
| FY2018 | 1.95 | 0.27 |
| FY2017 | 1.69 | (0.10) |
| FY2016 | 1.78 | 0.29 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.22 | |
| Retained earnings / total assets | 0.15 | — | 0.22 | |
| EBIT / total assets | 0.03 | — | 0.11 | |
| Market value of equity / total liabilities | 0.14 | — | 0.09 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Distress zone | 1.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.13 | ||
Z and Z″ put B&G Foods, Inc. in different zones: distress zone by Z, grey 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 |
|---|---|
| LWAY Lifeway Foods, Inc. compare | 15.1× |
| NATR Nature's Sunshine Products, Inc. compare | 5.4× |
| USNA USANA Health Sciences, Inc. compare | 3.6× |
| WYHG Wing Yip Food Holdings Group Limited - Sponsored ADR compare | 2.5× |
| BGS B&G Foods, Inc. | 1.3× |
| BRCC BRC Inc. compare | 1.2× |
| OTLY Oatly Group AB Sponsored ADR compare | −1.9× |
| BYND Beyond Meat, Inc. compare | −3.0× |
| PRE Prenetics Global Limited compare | — |
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