Big Lots, Inc.
BIGGQ Consumer Defensive Discount Stores
Big Lots, Inc.’s revenue for fiscal 2024 (year ended January 2024) was $4.7 billion, down 13.6% from fiscal 2023. Dividend growth for five consecutive years.
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Big Lots, Inc. (BIGGQ) Altman Z-score
Big Lots, Inc.'s Altman Z-score for fiscal 2024 is 2.32, 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) |
|---|---|---|
| FY2024 | 2.32 | (0.37) |
| FY2023 | 2.69 | (0.69) |
| FY2022 | 3.38 | (0.69) |
| FY2021 | 4.07 | 0.49 |
| FY2020 | 3.58 | (2.02) |
| FY2019 | 5.60 | (2.19) |
| FY2018 | 7.79 | 0.37 |
| FY2017 | 7.42 | 0.39 |
| FY2016 | 7.03 | (0.48) |
| FY2015 | 7.51 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.09 | |
| Retained earnings / total assets | 0.83 | — | 1.16 | |
| EBIT / total assets | (0.12) | — | −0.38 | |
| Market value of equity / total liabilities | 0.06 | — | 0.03 | |
| Sales / total assets | 1.42 | — | 1.42 | |
| Altman Z-score | Grey zone | 2.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.52 | ||
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 |
|---|---|
| COST Costco Wholesale Corporation compare | 9.0× |
| OLLI Ollie's Bargain Outlet Holdings, Inc. compare | 6.0× |
| PSMT PriceSmart, Inc. compare | 5.3× |
| BJ BJ's Wholesale Club Holdings, Inc. compare | 4.7× |
| DLTR Dollar Tree, Inc. compare | 3.8× |
| TBBB BBB Foods Inc. compare | 3.5× |
| TGT Target Corporation compare | 2.9× |
| DG Dollar General Corporation compare | 2.7× |
| BIGGQ Big Lots, Inc. | 2.3× |
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