The ONE Group Hospitality, Inc.
STKS Consumer Cyclical Restaurants
The ONE Group Hospitality, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $805.7 million, up 19.7% from fiscal 2024. In the quarter to June 2026, revenue fell 3.33%, EPS grew 39.0%, free cash flow grew 88.1% and total debt rose 1.04%, each against the same quarter a year earlier. Revenue growth for ten consecutive years.
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The ONE Group Hospitality, Inc. (STKS) Altman Z-score
The ONE Group Hospitality, Inc.'s Altman Z-score for fiscal 2025 is 0.73, 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 | 0.73 | (0.96) |
| FY2023 | 1.69 | (0.38) |
| FY2022 | 2.08 | (0.87) |
| FY2021 | 2.94 | 2.33 |
| FY2020 | 0.61 | (0.48) |
| FY2019 | 1.09 | (1.09) |
| FY2018 | 2.18 | 1.06 |
| FY2017 | 1.11 | 0.22 |
| FY2016 | 0.90 | (0.56) |
| FY2015 | 1.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.09) | — | −0.10 | |
| Retained earnings / total assets | (0.11) | — | −0.15 | |
| EBIT / total assets | 0.01 | — | 0.03 | |
| Market value of equity / total liabilities | 0.07 | — | 0.04 | |
| Sales / total assets | 0.91 | — | 0.91 | |
| Altman Z-score | Distress zone | 0.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.70 | ||
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 |
|---|---|
| RAVE Rave Restaurant Group, Inc. compare | 15.6× |
| MB MasterBeef Group compare | 4.5× |
| BDL Flanigan's Enterprises, Inc. compare | 3.0× |
| CCHH CCH Holdings Ltd compare | 1.2× |
| STKS The ONE Group Hospitality, Inc. | 0.7× |
| GENK GEN Restaurant Group, Inc. compare | 0.4× |
| VENU Venu Holding Corporation compare | 0.4× |
| NDLS Noodles & Company compare | 0.1× |
| THCH TH International Limited compare | −4.0× |
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