Southland Holdings, Inc.
SLND Industrials Engineering & Construction
Southland Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $772.2 million, down 21.2% from fiscal 2024. In the quarter to June 2026, revenue fell 47.4%, EPS fell 715.8%, free cash flow fell 432.9% and total debt rose 70.9%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Southland Holdings, Inc. (SLND) Altman Z-score
Southland Holdings, Inc.'s Altman Z-score for fiscal 2025 is −0.36, 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 | −0.36 | (1.04) |
| FY2024 | 0.67 | (0.70) |
| FY2023 | 1.37 | (0.60) |
| FY2022 | 1.97 | (3.93) |
| FY2021 | 5.90 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | (0.44) | — | −0.61 | |
| EBIT / total assets | (0.22) | — | −0.72 | |
| Market value of equity / total liabilities | 0.16 | — | 0.10 | |
| Sales / total assets | 0.78 | — | 0.78 | |
| Altman Z-score | Distress zone | −0.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.49 | ||
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 |
|---|---|
| KAZR Skyline Builders Group Holding Limited compare | 2.3× |
| SHIM Shimmick Corporation compare | 1.4× |
| ONEG OneConstruction Group Limited compare | 1.2× |
| RNTZ SKK Holdings Limited compare | 1.2× |
| VATE INNOVATE Corp. compare | −0.2× |
| SLND Southland Holdings, Inc. | −0.4× |
| ZDAI DirectBooking Technology Co., Ltd. compare | −1.1× |
| PMA Ming Shing Group Holdings Limited compare | −3.1× |
| BLNK Blink Charging Co. compare | −8.3× |
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