Cannae Holdings, Inc.
CNNE Consumer Cyclical Restaurants
In the quarter to June 2026, revenue fell 7.26%, EPS grew 121.9%, free cash flow grew 64.8% and total debt rose 4.54%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Cannae Holdings, Inc. (CNNE) Altman Z-score
Cannae Holdings, Inc.'s Altman Z-score for fiscal 2025 is 1.79, 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 | 1.79 | (0.50) |
| FY2024 | 2.29 | (0.55) |
| FY2023 | 2.84 | (0.29) |
| FY2022 | 3.14 | (0.98) |
| FY2021 | 4.12 | 0.62 |
| FY2020 | 3.49 | (0.04) |
| FY2019 | 3.53 | (0.02) |
| FY2018 | 3.56 | 0.71 |
| FY2017 | 2.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.13 | |
| Retained earnings / total assets | 0.02 | — | 0.02 | |
| EBIT / total assets | (0.09) | — | −0.30 | |
| Market value of equity / total liabilities | 2.69 | — | 1.62 | |
| Sales / total assets | 0.32 | — | 0.32 | |
| Altman Z-score | Distress zone | 1.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.29 | ||
Z and Z″ put Cannae Holdings, Inc. 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 |
|---|---|
| PZZA Papa John's International, Inc. compare | 3.7× |
| KRUS Kura Sushi USA, Inc. compare | 3.6× |
| HDL Super Hi International Holding Ltd. Unsponsored ADR compare | 2.9× |
| CNNE Cannae Holdings, Inc. | 1.8× |
| LOCO El Pollo Loco Holdings, Inc. compare | 1.6× |
| FWRG First Watch Restaurant Group, Inc. compare | 1.1× |
| DIN DINE BRANDS GLOBAL, INC. compare | 1.0× |
| BLMN Bloomin' Brands, Inc. compare | 0.8× |
| BH.A Biglari Holdings Inc. 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