SPAR Group, Inc.
SGRP Industrials Specialty Business Services
In the quarter to June 2026, revenue fell 4.46%, EPS was flat, free cash flow grew 35.9% and total debt rose 80.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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SPAR Group, Inc. (SGRP) Altman Z-score
SPAR Group, Inc.'s Altman Z-score for fiscal 2025 is 1.36, 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 | 1.36 | (2.95) |
| FY2024 | 4.32 | 1.22 |
| FY2023 | 3.10 | (0.59) |
| FY2022 | 3.69 | (0.05) |
| FY2021 | 3.74 | (0.19) |
| FY2020 | 3.94 | (0.37) |
| FY2019 | 4.31 | 0.37 |
| FY2018 | 3.94 | (0.31) |
| FY2017 | 4.25 | 0.83 |
| FY2016 | 3.42 | (0.89) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.14) | — | −0.17 | |
| Retained earnings / total assets | (0.39) | — | −0.55 | |
| EBIT / total assets | (0.38) | — | −1.27 | |
| Market value of equity / total liabilities | 0.43 | — | 0.26 | |
| Sales / total assets | 3.09 | — | 3.09 | |
| Altman Z-score | Distress zone | 1.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.77 | ||
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 |
|---|---|
| PC Premium Catering (Holdings) Limited compare | 72.3× |
| SFHG Samfine Creation Holdings Group Limited compare | 3.4× |
| LICN Lichen International Limited compare | 2.2× |
| CRE Cre8 Enterprise Limited compare | 2.1× |
| PMEC Primech Holdings Ltd. compare | 2.0× |
| SGRP SPAR Group, Inc. | 1.4× |
| WHLM Wilhelmina International, Inc. compare | −0.5× |
| SMX SMX (Security Matters) Public Limited Company compare | — |
| THH TryHard Holdings 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