GreenTree Hospitality Group Ltd. Sponsored ADR
GreenTree Hospitality Group Ltd. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $156.9 million, down 14.7% from fiscal 2024. In the quarter to June 2026, revenue fell 31.9%, EPS fell 66.7%, free cash flow grew 78.4% and total debt rose 26.4%, each against the same quarter a year earlier.
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GreenTree Hospitality Group Ltd. Sponsored ADR (GHG) Altman Z-score
GreenTree Hospitality Group Ltd. Sponsored ADR's Altman Z-score for fiscal 2025 is 0.59, 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 | 0.59 | (0.15) |
| FY2024 | 0.74 | (0.16) |
| FY2023 | 0.91 | 0.48 |
| FY2022 | 0.43 | 0.01 |
| FY2022 | 0.42 | (1.38) |
| FY2021 | 1.80 | (0.23) |
| FY2021 | 2.03 | (1.79) |
| FY2020 | 3.82 | 1.12 |
| FY2020 | 2.70 | (0.89) |
| FY2019 | 3.59 | 0.14 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | (0.06) | — | −0.09 | |
| EBIT / total assets | 0.01 | — | 0.04 | |
| Market value of equity / total liabilities | 0.38 | — | 0.23 | |
| Sales / total assets | 0.23 | — | 0.23 | |
| Altman Z-score | Distress zone | 0.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.39 | ||
Z and Z″ put GreenTree Hospitality Group Ltd. Sponsored ADR in different zones: distress zone by Z, grey 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 |
|---|---|
| ATAT Atour Lifestyle Holdings Limited Sponsored ADR compare | 6.8× |
| CHH Choice Hotels International, Inc. compare | 3.1× |
| HTHT H World Group Limited Sponsored ADR compare | 2.0× |
| WH Wyndham Hotels & Resorts compare | 1.7× |
| UOKAF MDJM Ltd. compare | 1.6× |
| GHG GreenTree Hospitality Group Ltd. Sponsored ADR | 0.6× |
| INTG The Intergroup Corporation compare | 0.5× |
| CVEO Civeo Corporation compare | −1.0× |
| SONDQ Sonder Holdings Inc. compare | −2.2× |
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