Safe & Green Holdings Corp.
OLOX Industrials Metal Fabrication
Safe & Green Holdings Corp.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 million, down 40.7% from fiscal 2024. In the quarter to June 2026, revenue grew 193.7%, EPS grew 99.0%, free cash flow grew 130.8% and total debt rose 262.2%, each against the same quarter a year earlier.
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Safe & Green Holdings Corp. (OLOX) Altman Z-score
Safe & Green Holdings Corp.'s Altman Z-score for fiscal 2025 is −6.53, 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 | −6.53 | 23.11 |
| FY2024 | −29.64 | (19.38) |
| FY2023 | −10.26 | (8.47) |
| FY2022 | −1.79 | (7,447.11) |
| FY2022 | 7445.32 | 7,445.54 |
| FY2021 | −0.22 | (15,528.90) |
| FY2021 | 15528.68 | 15,528.28 |
| FY2020 | 0.40 | (7,976.99) |
| FY2020 | 7977.39 | (17,947.83) |
| FY2019 | 25925.22 | 2,760.85 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.68) | — | −0.81 | |
| Retained earnings / total assets | (3.26) | — | −4.56 | |
| EBIT / total assets | (0.39) | — | −1.29 | |
| Market value of equity / total liabilities | 0.08 | — | 0.05 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Distress zone | −6.53 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −17.39 | ||
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 |
|---|---|
| IIIN Insteel Industries, Inc. compare | 8.0× |
| TG Tredegar Corporation compare | 3.9× |
| TRSG Tungray Technologies Inc. compare | 2.5× |
| MEC Mayville Engineering Company, Inc. compare | 1.9× |
| TPCS Techprecision Corp. compare | 1.1× |
| MTEN Mingteng International Corporation Inc. compare | 0.8× |
| AP Ampco-Pittsburgh Corporation compare | 0.5× |
| HIHO Highway Holdings Limited compare | −0.3× |
| OLOX Safe & Green Holdings Corp. | −6.5× |
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