Gulf Resources, Inc.
GURE Basic Materials Chemicals
Gulf Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.4 million, up 231.8% from fiscal 2024. In the quarter to June 2026, revenue grew 54.5%, EPS grew 206.0%, free cash flow fell 1,065.2% and total debt rose 484.8%, each against the same quarter a year earlier.
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Gulf Resources, Inc. (GURE) Altman Z-score
Gulf Resources, Inc.'s Altman Z-score for fiscal 2025 is 0.46, 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 | 0.46 | 0.14 |
| FY2024 | 0.32 | (1.28) |
| FY2023 | 1.60 | (1.03) |
| FY2022 | 2.63 | 0.04 |
| FY2021 | 2.59 | (0.05) |
| FY2020 | 2.63 | 0.62 |
| FY2019 | 2.02 | (3.46) |
| FY2018 | 5.48 | (4.10) |
| FY2017 | 9.58 | 3.68 |
| FY2016 | 5.90 | 0.87 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.12 | — | 0.15 | |
| Retained earnings / total assets | 0.14 | — | 0.20 | |
| EBIT / total assets | (0.06) | — | −0.21 | |
| Market value of equity / total liabilities | 0.22 | — | 0.13 | |
| Sales / total assets | 0.19 | — | 0.19 | |
| Altman Z-score | Distress zone | 0.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.10 | ||
Z and Z″ put Gulf Resources, Inc. 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 |
|---|---|
| ACNT Ascent Industries Co. compare | 5.5× |
| ASIX AdvanSix compare | 1.9× |
| VHI Valhi, Inc. compare | 1.6× |
| RYAM Rayonier Advanced Materials Inc. compare | 1.1× |
| ASPI ASP Isotopes Inc. compare | 1.0× |
| TROX Tronox Holdings PLC compare | 0.7× |
| GURE Gulf Resources, Inc. | 0.5× |
| BAK Braskem S.A. compare | 0.3× |
| MKD MOLECULAR DATA 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