Greenfire Resources Ltd.
GFR Energy Oil & Gas E&P
Greenfire Resources Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $418.3 million, down 27.5% from fiscal 2024. In the quarter to June 2026, revenue grew 21.8%, EPS fell 38.0%, free cash flow fell 386.5% and total debt fell 90.7%, each against the same quarter a year earlier.
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Greenfire Resources Ltd. (GFR) Altman Z-score
Greenfire Resources Ltd.'s Altman Z-score for fiscal 2025 is 3.96, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.96 | 1.56 |
| FY2024 | 2.40 | 0.88 |
| FY2023 | 1.52 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.05 | |
| Retained earnings / total assets | 0.54 | — | 0.76 | |
| EBIT / total assets | 0.08 | — | 0.27 | |
| Market value of equity / total liabilities | 4.06 | — | 2.44 | |
| Sales / total assets | 0.45 | — | 0.45 | |
| Altman Z-score | Safe zone | 3.96 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 12.91 | ||
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 |
|---|---|
| GFR Greenfire Resources Ltd. | 4.0× |
| REPX Riley Exploration Permian, Inc. compare | 1.7× |
| HPK HighPeak Energy, Inc. compare | 0.8× |
| VET Vermilion Energy Inc. compare | 0.3× |
| KOS Kosmos Energy Ltd. compare | −0.4× |
| MNR Mach Natural Resources LP compare | — |
| TBN Tamboran Resources Corporation compare | — |
| KRP Kimbell Royalty compare | — |
| DMLP Dorchester Minerals, L.P. 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