SHINECO
SISI Consumer Defensive Farm Products
In the quarter to March 2025, revenue fell 72.5%, EPS grew 75.1% and free cash flow fell 22.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for five.
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SHINECO (SISI) Altman Z-score
SHINECO's Altman Z-score for fiscal 2024 is −1.38, 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 | −1.38 | (0.93) |
| FY2023 | −0.45 | (0.59) |
| FY2022 | 0.13 | (0.78) |
| FY2021 | 0.91 | (1.00) |
| FY2020 | 1.92 | (0.75) |
| FY2019 | 2.67 | (224,812.05) |
| FY2018 | 224814.72 | (574,462.19) |
| FY2017 | 799276.91 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.08) | — | −0.09 | |
| Retained earnings / total assets | (0.65) | — | −0.90 | |
| EBIT / total assets | (0.20) | — | −0.67 | |
| Market value of equity / total liabilities | 0.29 | — | 0.17 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | Distress zone | −1.38 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.18 | ||
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 |
|---|---|
| DTCKF Davis Commodities Limited compare | 8.1× |
| AGRZ Agroz Inc. compare | 2.6× |
| AQB AquaBounty Technologies, Inc. compare | 0.5× |
| SISI SHINECO | −1.4× |
| LOCL Local Bounti Corporation compare | −2.1× |
| EDBL Edible Garden AG Incorporated compare | −5.8× |
| AAGR African Agriculture Holdings Inc. compare | −14.7× |
| SDOT Sadot Group Inc. compare | −68.9× |
| PME Pingtan Marine Enterprise Ltd. 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