S&W Seed Company
SANW Basic Materials Agricultural Inputs
S&W Seed Company’s revenue for fiscal 2024 (year ended June 2024) was $60.4 million, down 17.8% from fiscal 2023. In the quarter to March 2025, revenue grew 1.97%, EPS grew 55.5% and free cash flow grew 39.4%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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S&W Seed Company (SANW) Altman Z-score
S&W Seed Company's Altman Z-score for fiscal 2024 is −1.34, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | −1.34 | (1.07) |
| FY2023 | −0.28 | 0.56 |
| FY2022 | −0.84 | (1.50) |
| FY2021 | 0.66 | 0.11 |
| FY2020 | 0.55 | (1.30) |
| FY2019 | 1.85 | 0.56 |
| FY2018 | 1.29 | 0.06 |
| FY2017 | 1.22 | (0.35) |
| FY2016 | 1.57 | 0.23 |
| FY2015 | 1.34 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.05) | — | −0.06 | |
| Retained earnings / total assets | (1.01) | — | −1.42 | |
| EBIT / total assets | (0.15) | — | −0.48 | |
| Market value of equity / total liabilities | 0.19 | — | 0.11 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Distress zone | −1.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.09 | ||
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 |
|---|---|
| AVD American Vanguard Corporation compare | 1.6× |
| ENFY Enlightify Inc. compare | −0.6× |
| SANW S&W Seed Company | −1.3× |
| LVROF Lavoro Limited compare | −1.3× |
| BHILQ Benson Hill, Inc. compare | −2.0× |
| NXTS Nexentis Technologies Inc. compare | −9.1× |
| SEED Origin Agritech Limited compare | −10.6× |
| YTENQ Metabolix, Inc. compare | −161× |
| BIOX Bioceres Crop Solutions Corp. 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