Blue Bird Corporation
BLBD Industrials Farm & Heavy Construction Machinery
Blue Bird Corporation’s revenue for fiscal 2025 (year ended September 2025) was $1.5 billion, up 9.87% from fiscal 2024. In the quarter to June 2026, revenue grew 29.9%, EPS grew 366.4%, free cash flow fell 58.6% and total debt rose 25.4%, 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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Blue Bird Corporation (BLBD) Altman Z-score
Blue Bird Corporation's Altman Z-score for fiscal 2025 is 6.76, 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 | 6.76 | 2.72 |
| FY2023 | 4.04 | 2.07 |
| FY2022 | 1.97 | (0.85) |
| FY2021 | 2.83 | (0.57) |
| FY2020 | 3.40 | (0.32) |
| FY2019 | 3.71 | (0.79) |
| FY2018 | 4.50 | 0.06 |
| FY2017 | 4.44 | 0.90 |
| FY2016 | 3.54 | 0.06 |
| FY2015 | 3.48 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.34 | |
| Retained earnings / total assets | 0.14 | — | 0.20 | |
| EBIT / total assets | 0.27 | — | 0.88 | |
| Market value of equity / total liabilities | 4.96 | — | 2.97 | |
| Sales / total assets | 2.37 | — | 2.37 | |
| Altman Z-score | Safe zone | 6.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.82 | ||
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 |
|---|---|
| BLBD Blue Bird Corporation | 6.8× |
| LNN Lindsay Corporation compare | 5.8× |
| ALG Alamo Group, Inc. compare | 5.4× |
| ASTE Astec Industries, Inc. compare | 3.1× |
| WNC Wabash National Corporation compare | 2.9× |
| TEX Terex Corporation compare | 2.4× |
| HY Hyster-Yale, Inc. compare | 2.4× |
| MTW The Manitowoc Company, Inc. compare | 2.1× |
| AEBI Aebi Schmidt Holding AG 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