Farmmi, Inc.
FAMI Consumer Defensive Packaged Foods
Farmmi, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $28.0 million, down 56.4% from fiscal 2024. Operating cash flow growth for three consecutive years.
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Farmmi, Inc. (FAMI) Altman Z-score
Farmmi, Inc.'s Altman Z-score for fiscal 2025 is −0.68, 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 | −0.68 | (2.18) |
| FY2024 | 1.50 | (0.59) |
| FY2023 | 2.09 | (0.58) |
| FY2022 | 2.67 | (4.59) |
| FY2021 | 7.26 | 4.22 |
| FY2020 | 3.04 | (0.85) |
| FY2019 | 3.89 | (11.92) |
| FY2018 | 15.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.57 | — | 0.68 | |
| Retained earnings / total assets | (0.27) | — | −0.38 | |
| EBIT / total assets | (0.38) | — | −1.26 | |
| Market value of equity / total liabilities | 0.15 | — | 0.09 | |
| Sales / total assets | 0.19 | — | 0.19 | |
| Altman Z-score | Distress zone | −0.68 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.87 | ||
Z and Z″ put Farmmi, 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 |
|---|---|
| PAVS Paranovus Entertainment Technology Ltd. compare | 46.3× |
| ABVEF Above Food Ingredients Inc. compare | 3.4× |
| ORISF Oriental Rise Holdings Limited compare | 2.6× |
| NAII Natural Alternatives International, Inc. compare | 1.4× |
| RGFC Real Good Food Company, Inc. compare | 0.4× |
| FAMI Farmmi, Inc. | −0.7× |
| NCRA Nocera, Inc. compare | −1.5× |
| CIMG CIMG Inc. compare | −1.7× |
| SNAX Stryve Foods, Inc. compare | −7.0× |
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