BP p.l.c.
BP Energy Oil & Gas Integrated
BP p.l.c.’s revenue for fiscal 2025 (year ended December 2025) was $192.5 billion, down 1.07% from fiscal 2024. In the quarter to June 2026, revenue grew 47.1%, EPS grew 140.3%, free cash flow grew 144.2% and total debt fell 3.33%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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BP p.l.c. (BP) Altman Z-score
BP p.l.c.'s Altman Z-score for fiscal 2025 is 1.27, 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 | 1.27 | 0.01 |
| FY2024 | 1.26 | (0.39) |
| FY2023 | 1.65 | 0.05 |
| FY2022 | 1.60 | 0.24 |
| FY2021 | 1.36 | 0.68 |
| FY2020 | 0.67 | (1.19) |
| FY2019 | 1.87 | (0.26) |
| FY2018 | 2.13 | 0.23 |
| FY2017 | 1.89 | 0.32 |
| FY2016 | 1.57 | (0.05) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.09 | |
| Retained earnings / total assets | 0.05 | — | 0.07 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 0.44 | — | 0.26 | |
| Sales / total assets | 0.69 | — | 0.69 | |
| Altman Z-score | Distress zone | 1.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.35 | ||
Z and Z″ put BP p.l.c. 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 |
|---|---|
| EQNR Equinor ASA compare | 2.4× |
| SHEL Shell PLC Unsponsored ADR compare | 2.4× |
| CVE Cenovus Energy Inc compare | 2.2× |
| E Eni SpA compare | 1.5× |
| PBR Petroleo Brasileiro S.A.- Petrobras compare | 1.5× |
| PBR.A Petroleo Brasileiro S.A.- Petrobras compare | 1.5× |
| BP BP p.l.c. | 1.3× |
| EC Ecopetrol S.A. compare | 1.2× |
| TTE TotalEnergies SE Sponsored ADR 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