Blue Star Foods Corp.
BSFCD Consumer Defensive Packaged Foods
Blue Star Foods Corp.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 million, down 19.5% from fiscal 2024. In the quarter to June 2026, revenue fell 54.6%, EPS grew 99.0%, free cash flow fell 123.1% and total debt rose 701.4%, each against the same quarter a year earlier.
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Blue Star Foods Corp. (BSFCD) Altman Z-score
Blue Star Foods Corp.'s Altman Z-score for fiscal 2025 is −36.84, 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 | −36.84 | (130.96) |
| FY2024 | 94.12 | (83.95) |
| FY2023 | 178.08 | (19,284.30) |
| FY2022 | 19462.37 | 14,639.11 |
| FY2021 | 4823.26 | (148.57) |
| FY2020 | 4971.83 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.82) | — | −2.19 | |
| Retained earnings / total assets | (35.98) | — | −50.37 | |
| EBIT / total assets | (1.69) | — | −5.57 | |
| Market value of equity / total liabilities | 32.00 | — | 19.20 | |
| Sales / total assets | 2.09 | — | 2.09 | |
| Altman Z-score | Distress zone | −36.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −141.25 | ||
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 |
|---|---|
| PAVS Paranovus Entertainment Technology Ltd. compare | 46.3× |
| ORISF Oriental Rise Holdings Limited compare | 2.6× |
| ATPC Agape ATP Corporation compare | 1.2× |
| RGFC Real Good Food Company, Inc. compare | 0.4× |
| CYAN Cyanotech Corporation compare | −0.5× |
| MEHA Functional Brands Inc. compare | −0.8× |
| STKH Steakholder Foods Ltd. Sponsored ADR compare | −16.6× |
| BSFCD Blue Star Foods Corp. | −36.8× |
| RKDA Arcadia Biosciences, Inc. compare | −59.2× |
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