JELD-WEN Holding, Inc.
JELD Industrials Building Products & Equipment
JELD-WEN Holding, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, down 14.9% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 48.0%, free cash flow fell 1,089.9% and total debt rose 6.09%, each against the same quarter a year earlier.
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JELD-WEN Holding, Inc. (JELD) Altman Z-score
JELD-WEN Holding, Inc.'s Altman Z-score for fiscal 2025 is 0.76, 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 | 0.76 | (0.98) |
| FY2024 | 1.74 | (0.73) |
| FY2023 | 2.47 | 0.57 |
| FY2022 | 1.90 | (0.29) |
| FY2021 | 2.19 | 0.05 |
| FY2020 | 2.14 | (0.15) |
| FY2019 | 2.29 | 0.00 |
| FY2018 | 2.30 | (0.78) |
| FY2017 | 3.08 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.21 | — | 0.25 | |
| Retained earnings / total assets | (0.31) | — | −0.43 | |
| EBIT / total assets | (0.20) | — | −0.65 | |
| Market value of equity / total liabilities | 0.10 | — | 0.06 | |
| Sales / total assets | 1.53 | — | 1.53 | |
| Altman Z-score | Distress zone | 0.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.91 | ||
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 |
|---|---|
| LMB Limbach Holdings, Inc. compare | 5.6× |
| PPIH Perma-Pipe International Holdings, Inc. compare | 3.1× |
| JLHL Julong Holding Limited compare | 2.9× |
| INVE Identiv, Inc. compare | 2.6× |
| JELD JELD-WEN Holding, Inc. | 0.8× |
| CSTE Caesarstone Ltd. compare | 0.5× |
| AEHL Antelope Enterprise Holdings L compare | −1.5× |
| ASPN Aspen Aerogels, Inc. compare | −4.7× |
| AIRJ AirJoule Technologies Corporation 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