Caesarstone Ltd.
CSTE Industrials Building Products & Equipment
Caesarstone Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $397.2 million, down 10.4% from fiscal 2024. In the quarter to June 2026, revenue fell 4.52%, EPS grew 16.7%, free cash flow grew 112.0% and total debt fell 74.0%, each against the same quarter a year earlier.
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Caesarstone Ltd. (CSTE) Altman Z-score
Caesarstone Ltd.'s Altman Z-score for fiscal 2025 is 0.55, 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 | 0.55 | (1.18) |
| FY2024 | 1.72 | 0.05 |
| FY2023 | 1.67 | (0.31) |
| FY2022 | 1.98 | (0.41) |
| FY2021 | 2.40 | (0.05) |
| FY2020 | 2.45 | (0.97) |
| FY2019 | 3.42 | (0.83) |
| FY2018 | 4.25 | (0.55) |
| FY2017 | 4.81 | (1.94) |
| FY2016 | 6.74 | (2.95) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.29 | — | 0.35 | |
| Retained earnings / total assets | 0.07 | — | 0.09 | |
| EBIT / total assets | (0.32) | — | −1.04 | |
| Market value of equity / total liabilities | 0.25 | — | 0.15 | |
| Sales / total assets | 1.00 | — | 1.00 | |
| Altman Z-score | Distress zone | 0.55 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.56 | ||
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 |
|---|---|
| PPIH Perma-Pipe International Holdings, Inc. compare | 3.1× |
| JLHL Julong Holding Limited compare | 2.9× |
| INVE Identiv, Inc. compare | 2.6× |
| UUU Universal Safety Products, Inc. compare | 0.9× |
| JELD JELD-WEN Holding, Inc. compare | 0.8× |
| CSTE Caesarstone Ltd. | 0.5× |
| AEHL Antelope Enterprise Holdings L compare | −1.5× |
| ASPN Aspen Aerogels, Inc. compare | −4.7× |
| AIRJ AirJoule Technologies Corporation 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