Boston Omaha Corporation
Boston Omaha Corporation’s revenue for fiscal 2025 (year ended December 2025) was $114.4 million, up 5.64% from fiscal 2024. In the quarter to June 2026, revenue grew 2.40%, EPS grew 28.6%, free cash flow grew 158.1% and total debt rose 3.97%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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Boston Omaha Corporation (BOC) Altman Z-score
Boston Omaha Corporation's Altman Z-score for fiscal 2025 is 1.52, 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 | 1.52 | (0.30) |
| FY2024 | 1.82 | (0.17) |
| FY2023 | 1.99 | (0.97) |
| FY2022 | 2.96 | 0.86 |
| FY2021 | 2.10 | (0.05) |
| FY2020 | 2.15 | (1.30) |
| FY2019 | 3.45 | (13.27) |
| FY2018 | 16.72 | (17.03) |
| FY2017 | 33.75 | 17.71 |
| FY2016 | 16.04 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | (0.02) | — | −0.03 | |
| EBIT / total assets | (0.01) | — | −0.02 | |
| Market value of equity / total liabilities | 2.20 | — | 1.32 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Distress zone | 1.52 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.61 | ||
Z and Z″ put Boston Omaha Corporation in different zones: distress zone by Z, safe 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 |
|---|---|
| MAMK MaxsMaking Inc. compare | 7.4× |
| RCMT RCM Technologies, Inc. compare | 4.5× |
| TTI Tetra Technologies, Inc. compare | 3.1× |
| TRC Tejon Ranch Co compare | 2.2× |
| MATW Matthews International Corporation compare | 2.0× |
| BOC Boston Omaha Corporation | 1.5× |
| FIP FTAI Infrastructure Inc. compare | 0.0× |
| NNBR NN, Inc. compare | 0.0× |
| TMS Live Oak Acquisition Corp. V 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