Wilhelmina International, Inc.
WHLM Industrials Specialty Business Services
Wilhelmina International, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $17.6 million, up 2.31% from fiscal 2023. In the quarter to June 2025, revenue was flat, EPS fell 60.0% and free cash flow fell 80.1%, each against the same quarter a year earlier.
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Wilhelmina International, Inc. (WHLM) Altman Z-score
Wilhelmina International, Inc.'s Altman Z-score for fiscal 2024 is −0.47, 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 | −0.47 | (0.04) |
| FY2023 | −0.43 | 0.03 |
| FY2022 | −0.46 | 0.02 |
| FY2021 | −0.48 | 1.46 |
| FY2020 | −1.94 | (2.22) |
| FY2019 | 0.28 | (1.02) |
| FY2018 | 1.30 | 0.14 |
| FY2017 | 1.16 | (0.32) |
| FY2016 | 1.48 | (0.51) |
| FY2015 | 1.99 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.23 | — | 0.28 | |
| Retained earnings / total assets | (1.34) | — | −1.87 | |
| EBIT / total assets | 0.02 | — | 0.05 | |
| Market value of equity / total liabilities | 1.08 | — | 0.65 | |
| Sales / total assets | 0.42 | — | 0.42 | |
| Altman Z-score | Distress zone | −0.47 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.15 | ||
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 |
|---|---|
| ANPA Rich Sparkle Holdings Limited compare | 73.5× |
| PC Premium Catering (Holdings) Limited compare | 72.3× |
| NTIP Network-1 Technologies, Inc. compare | 23.3× |
| SFHG Samfine Creation Holdings Group Limited compare | 3.4× |
| LICN Lichen International Limited compare | 2.2× |
| PMEC Primech Holdings Ltd. compare | 2.0× |
| SGRP SPAR Group, Inc. compare | 1.4× |
| WHLM Wilhelmina International, Inc. | −0.5× |
| SST System1, Inc. compare | −2.7× |
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