Quad Graphics, Inc
QUAD Industrials Specialty Business Services
Quad Graphics, Inc’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, down 9.44% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 3,909.5%, free cash flow grew 3.54% and total debt fell 11.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Quad Graphics, Inc (QUAD) Altman Z-score
Quad Graphics, Inc's Altman Z-score for fiscal 2025 is 1.57, 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 | 1.57 | 0.14 |
| FY2024 | 1.43 | (0.01) |
| FY2023 | 1.43 | (0.15) |
| FY2022 | 1.58 | 0.27 |
| FY2021 | 1.31 | 0.22 |
| FY2020 | 1.09 | (0.45) |
| FY2019 | 1.54 | (0.30) |
| FY2018 | 1.84 | (0.34) |
| FY2017 | 2.18 | 0.03 |
| FY2016 | 2.15 | 1.40 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.07) | — | −0.08 | |
| Retained earnings / total assets | (0.50) | — | −0.70 | |
| EBIT / total assets | 0.08 | — | 0.26 | |
| Market value of equity / total liabilities | 0.27 | — | 0.16 | |
| Sales / total assets | 1.93 | — | 1.93 | |
| Altman Z-score | Distress zone | 1.57 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.43 | ||
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 |
|---|---|
| RHLD Resolute Holdings Management, Inc. compare | 7.7× |
| TRNS Transcat, Inc. compare | 3.5× |
| QUAD Quad Graphics, Inc | 1.6× |
| BV BrightView Holdings, Inc. compare | 1.3× |
| BKSY BlackSky Technology Inc. compare | −1.0× |
| SPIR Spire Global, Inc. compare | −2.9× |
| KODK Eastman Kodak Company compare | — |
| CASS Cass Information Systems, Inc compare | — |
| BUUU BUUU Group Limited 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