Canterbury Park Holding Corporation
CPHC Consumer Cyclical Resorts & Casinos
Canterbury Park Holding Corporation’s revenue for fiscal 2025 (year ended December 2025) was $59.6 million, down 3.24% from fiscal 2024. In the quarter to June 2026, revenue grew 3.21%, EPS grew 50.0%, free cash flow grew 25.7% and total debt fell 46.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Canterbury Park Holding Corporation (CPHC) Altman Z-score
Canterbury Park Holding Corporation's Altman Z-score for fiscal 2025 is 3.06, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.06 | (0.92) |
| FY2024 | 3.98 | (0.62) |
| FY2023 | 4.60 | (1.78) |
| FY2022 | 6.38 | 1.42 |
| FY2021 | 4.96 | 1.97 |
| FY2020 | 2.99 | (0.67) |
| FY2019 | 3.66 | (0.88) |
| FY2018 | 4.54 | (0.50) |
| FY2017 | 5.04 | 0.95 |
| FY2016 | 4.09 | (0.09) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.16 | |
| Retained earnings / total assets | 0.47 | — | 0.66 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 2.72 | — | 1.63 | |
| Sales / total assets | 0.53 | — | 0.53 | |
| Altman Z-score | Safe zone | 3.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.65 | ||
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 |
|---|---|
| MCRI Monarch Casino & Resort, Inc. compare | 8.5× |
| CPHC Canterbury Park Holding Corporation | 3.1× |
| MLCO Melco Resorts & Entertainment Limited compare | 0.5× |
| CNTY Century Casinos, Inc. compare | 0.4× |
| FLL Full House Resorts, Inc. compare | 0.3× |
| PENN PENN Entertainment, Inc. compare | 0.3× |
| BALY Bally's Corporation compare | 0.1× |
| MSC STUDIO CITY IH compare | −0.5× |
| SLNAF Selina Hospitality PLC compare | −1.8× |
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