Splash Beverage Group, Inc.
EDVA Consumer Defensive Beverages Wineries & Distilleries
In the quarter to June 2026, revenue fell 99.6%, EPS grew 95.6%, free cash flow fell 95.7% and total debt fell 100.0%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
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Splash Beverage Group, Inc. (EDVA) Altman Z-score
Splash Beverage Group, Inc.'s Altman Z-score for fiscal 2025 is −331.47, 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 | −331.47 | (233.50) |
| FY2024 | −97.97 | (75.52) |
| FY2023 | −22.45 | (13.42) |
| FY2022 | −9.03 | 1.05 |
| FY2021 | −10.08 | 3.65 |
| FY2020 | −13.72 | 97.94 |
| FY2019 | −111.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (16.18) | — | −19.42 | |
| Retained earnings / total assets | (188.36) | — | −263.70 | |
| EBIT / total assets | (14.69) | — | −48.48 | |
| Market value of equity / total liabilities | 0.09 | — | 0.06 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Distress zone | −331.47 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −819.92 | ||
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 |
|---|---|
| EPSM Epsium Enterprise Limited compare | 10.7× |
| AGCC Agencia Comercial Spirits Ltd compare | 5.9× |
| BF.A Brown Forman Corporation compare | 4.1× |
| MGPI MGP Ingredients, Inc. compare | 1.6× |
| SNDL SNDL Inc. compare | 1.2× |
| WVVI Willamette Valley Vineyards, Inc. compare | 1.0× |
| YHC LQR House Inc. compare | −1.6× |
| IBG Innovation Beverage Group Limited compare | −31.4× |
| EDVA Splash Beverage Group, Inc. | −331× |
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