Crown Holdings, Inc.
CCK Consumer Cyclical Packaging & Containers
Crown Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.4 billion, up 4.78% from fiscal 2024. In the quarter to June 2026, revenue grew 16.5%, EPS grew 42.7%, free cash flow grew 52.6% and total debt fell 6.59%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Crown Holdings, Inc. (CCK) Altman Z-score
Crown Holdings, Inc.'s Altman Z-score for fiscal 2025 is 2.27, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.27 | 0.09 |
| FY2024 | 2.18 | 0.18 |
| FY2023 | 1.99 | (0.08) |
| FY2022 | 2.08 | (0.17) |
| FY2021 | 2.25 | 0.48 |
| FY2020 | 1.77 | 0.13 |
| FY2019 | 1.64 | 0.10 |
| FY2018 | 1.54 | (0.44) |
| FY2017 | 1.98 | (0.09) |
| FY2016 | 2.07 | 0.15 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | 0.27 | — | 0.37 | |
| EBIT / total assets | 0.11 | — | 0.36 | |
| Market value of equity / total liabilities | 1.10 | — | 0.66 | |
| Sales / total assets | 0.87 | — | 0.87 | |
| Altman Z-score | Grey zone | 2.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.00 | ||
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 |
|---|---|
| PKG Packaging Corporation of America compare | 3.7× |
| AVY Avery Dennison Corporation compare | 3.6× |
| REYN Reynolds Consumer Products Inc. compare | 2.5× |
| BALL Ball Corporation compare | 2.4× |
| CCK Crown Holdings, Inc. | 2.3× |
| SON Sonoco Products Company compare | 1.8× |
| SW Smurfit Westrock PLC compare | 1.4× |
| IP International Paper Company compare | 1.4× |
| AMCR Amcor PLC compare | 1.4× |
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