RCI Hospitality Holdings, Inc.
RICK Consumer Cyclical Restaurants
RCI Hospitality Holdings, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $279.4 million, down 5.47% from fiscal 2024. In the quarter to June 2026, revenue grew 3.93%, EPS grew 80.4%, free cash flow fell 3.55% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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RCI Hospitality Holdings, Inc. (RICK) Altman Z-score
RCI Hospitality Holdings, Inc.'s Altman Z-score for fiscal 2025 is 1.58, 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 | 1.58 | (0.28) |
| FY2024 | 1.86 | (0.37) |
| FY2023 | 2.23 | (0.49) |
| FY2022 | 2.72 | (0.75) |
| FY2021 | 3.48 | 2.17 |
| FY2020 | 1.30 | (0.61) |
| FY2019 | 1.91 | (0.23) |
| FY2018 | 2.15 | 0.23 |
| FY2017 | 1.92 | 0.39 |
| FY2016 | 1.53 | 0.05 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.02 | |
| Retained earnings / total assets | 0.35 | — | 0.49 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 0.80 | — | 0.48 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Distress zone | 1.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.17 | ||
Z and Z″ put RCI Hospitality Holdings, Inc. in different zones: distress zone by Z, grey 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 |
|---|---|
| NATH Nathan's Famous, Inc. compare | 9.4× |
| HCHL Happy City Holdings Limited compare | 5.5× |
| BDL Flanigan's Enterprises, Inc. compare | 3.0× |
| BRCB Black Rock Coffee Bar, Inc. compare | 1.6× |
| RICK RCI Hospitality Holdings, Inc. | 1.6× |
| RRGB Red Robin Gourmet Burgers, Inc. compare | 1.6× |
| JACK Janus Henderson Sustainable & Impact Core Bond ETF compare | 1.5× |
| DIN DINE BRANDS GLOBAL, INC. compare | 1.0× |
| PTLO Portillo's Inc. compare | 0.7× |
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