Flowers Foods, Inc.
FLO Consumer Defensive Packaged Foods
Flowers Foods, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 3.00% from fiscal 2024. In the quarter to June 2026, revenue fell 4.02%, EPS fell 32.1%, free cash flow grew 9.81% and total debt fell 3.61%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Flowers Foods, Inc. (FLO) Altman Z-score
Flowers Foods, Inc.'s Altman Z-score for fiscal 2025 is 2.09, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.09 | (1.51) |
| FY2024 | 3.59 | 0.17 |
| FY2023 | 3.42 | (0.81) |
| FY2022 | 4.23 | 0.21 |
| FY2021 | 4.02 | 0.40 |
| FY2020 | 3.63 | 0.23 |
| FY2019 | 3.40 | (0.23) |
| FY2018 | 3.63 | (0.30) |
| FY2017 | 3.93 | 0.06 |
| FY2016 | 3.87 | 0.03 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.06) | — | −0.07 | |
| Retained earnings / total assets | 0.20 | — | 0.29 | |
| EBIT / total assets | 0.04 | — | 0.14 | |
| Market value of equity / total liabilities | 0.80 | — | 0.48 | |
| Sales / total assets | 1.26 | — | 1.26 | |
| Altman Z-score | Grey zone | 2.09 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 1.03 | ||
Z and Z″ put Flowers Foods, Inc. in different zones: grey zone by Z, distress 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 |
|---|---|
| BRBR BellRing Brands Inc. compare | 6.6× |
| JBSS John B. Sanfilippo & Son, Inc. compare | 5.2× |
| JJSF J & J Snack Foods Corp. compare | 5.2× |
| SENEA Seneca Foods Corp. compare | 4.6× |
| SMPL The Simply Good Foods Company compare | 4.3× |
| HLF Herbalife Ltd compare | 2.4× |
| FLO Flowers Foods, Inc. | 2.1× |
| NOMD Nomad Foods Limited compare | 1.2× |
| WEST Westrock Coffee Company compare | 0.4× |
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