Golden Heaven Group Holdings Ltd.
GDHG Consumer Cyclical Leisure
Golden Heaven Group Holdings Ltd.’s revenue for fiscal 2025 (year ended September 2025) was $15.3 million, down 31.5% from fiscal 2024. Operating cash flow growth for three consecutive years.
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Golden Heaven Group Holdings Ltd. (GDHG) Altman Z-score
Golden Heaven Group Holdings Ltd.'s Altman Z-score for fiscal 2025 is 1.29, 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 | 1.29 | (0.65) |
| FY2024 | 1.94 | (11.13) |
| FY2023 | 13.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.55 | — | 0.66 | |
| Retained earnings / total assets | 0.24 | — | 0.33 | |
| EBIT / total assets | (0.04) | — | −0.12 | |
| Market value of equity / total liabilities | 0.55 | — | 0.33 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Distress zone | 1.29 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 21.72 | ||
Z and Z″ put Golden Heaven Group Holdings Ltd. 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 |
|---|---|
| PUSA Powerus Corporation compare | 13.3× |
| KMRK K-Tech Solutions Company Limited compare | 8.7× |
| NOMA NOMADAR Corp. compare | 4.4× |
| AOUT American Outdoor Brands, Inc. compare | 2.1× |
| KBSX FST Corp. compare | 1.5× |
| GDHG Golden Heaven Group Holdings Ltd. | 1.3× |
| HERE Here Group Limited compare | 1.1× |
| CLAR Clarus Corporation compare | −0.3× |
| PLBY PLBY Group, Inc. compare | −2.6× |
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