stockrowVestand Inc.
VSTD Consumer Cyclical Restaurants
Vestand Inc.’s revenue for fiscal 2024 (year ended December 2024) was $12.8 million, up 39.3% from fiscal 2023.
- Revenue
- +10.9%
- EPS
- −22.0%
- Free cash flow
- −217.2%
Quarter to June 2025, against a year earlier
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Vestand Inc. (VSTD) Altman Z-score
Vestand Inc.'s Altman Z-score for fiscal 2024 is −0.87, 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 | −0.87 | 0.06 |
| FY2023 | −0.93 | (1.29) |
| FY2022 | 0.36 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.26) | — | −0.31 | |
| Retained earnings / total assets | (0.68) | — | −0.96 | |
| EBIT / total assets | (0.15) | — | −0.48 | |
| Market value of equity / total liabilities | 0.25 | — | 0.15 | |
| Sales / total assets | 0.73 | — | 0.73 | |
| Altman Z-score | Distress zone | −0.87 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.90 | ||
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× |
| BTBD BT Brands, Inc. compare | 2.2× |
| GTIM Good Times Restaurants Inc. compare | 1.5× |
| ARKR Ark Restaurants Corp. compare | 1.4× |
| CCHH CCH Holdings Ltd compare | 1.2× |
| CHSN Chanson International Holding compare | 0.4× |
| VSTD Vestand Inc. | −0.9× |
| REBN Reborn Coffee, Inc. compare | −3.5× |
| TWNPQ Twin Hospitality Group Inc. 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