Grandstand Limited
GRSD Consumer Cyclical Gambling
Grandstand Limited’s revenue for fiscal 2025 (year ended December 2025) was $165.4 million, up 30.1% from fiscal 2024. In the quarter to June 2026, revenue fell 4.62%, EPS grew 65.8%, free cash flow fell 95.8% and total debt rose 32.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Grandstand Limited (GRSD) Altman Z-score
Grandstand Limited's Altman Z-score for fiscal 2025 is 1.04, 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 | 1.04 | (6.46) |
| FY2024 | 7.49 | (0.23) |
| FY2023 | 7.72 | 2.97 |
| FY2022 | 4.75 | (14.03) |
| FY2021 | 18.78 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | 0.14 | — | 0.20 | |
| EBIT / total assets | (0.11) | — | −0.35 | |
| Market value of equity / total liabilities | 1.01 | — | 0.61 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Distress zone | 1.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.50 | ||
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 |
|---|---|
| CDRO Codere Online Luxembourg, S.A. compare | 4.3× |
| ACEL Accel Entertainment, Inc. compare | 2.7× |
| GRSD Grandstand Limited | 1.0× |
| BRSL Brightstar Lottery compare | 0.6× |
| BRAG Bragg Gaming Group Inc. compare | 0.4× |
| INSE Inspired Entertainment, Inc. compare | 0.1× |
| ROLR HIGH ROLLER TEC compare | −0.7× |
| MRDN Meridian Holdings, Inc. compare | −0.8× |
| SEGG Sports Entertainment Gaming Global Corporation compare | −8.6× |
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