Birkenstock Holding PLC
BIRK Consumer Cyclical Footwear & Accessories
Birkenstock Holding PLC’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, up 18.6% from fiscal 2024. In the quarter to June 2026, revenue grew 16.1%, EPS fell 10.3%, free cash flow fell 3.15% and total debt rose 45.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Birkenstock Holding PLC (BIRK) Altman Z-score
Birkenstock Holding PLC's Altman Z-score for fiscal 2025 is 3.27, 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 | 3.27 | 0.06 |
| FY2024 | 3.21 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.20 | |
| Retained earnings / total assets | 0.15 | — | 0.22 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 3.44 | — | 2.06 | |
| Sales / total assets | 0.42 | — | 0.42 | |
| Altman Z-score | Safe zone | 3.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.63 | ||
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 |
|---|---|
| ONON On Holding AG compare | 14.4× |
| DECK Deckers Outdoor Corporation compare | 11.5× |
| SHOO Steven Madden, Ltd. compare | 4.8× |
| WEYS Weyco Group, Inc. compare | 4.7× |
| NKE NIKE, Inc. compare | 3.6× |
| CROX Crocs, Inc. compare | 3.3× |
| BIRK Birkenstock Holding PLC | 3.3× |
| WWW Wolverine World Wide, Inc. compare | 3.0× |
| FOSL Fossil Group, Inc. compare | 1.5× |
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