World Kinect Corporation
WKC Energy Oil & Gas Refining & Marketing
World Kinect Corporation’s revenue for fiscal 2025 (year ended December 2025) was $36.9 billion, down 12.5% from fiscal 2024. In the quarter to June 2026, revenue grew 50.3%, EPS grew 115.5%, free cash flow fell 363.9% and total debt fell 8.93%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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World Kinect Corporation (WKC) Altman Z-score
World Kinect Corporation's Altman Z-score for fiscal 2025 is 6.50, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.50 | (0.58) |
| FY2024 | 7.08 | (0.08) |
| FY2023 | 7.16 | (0.77) |
| FY2022 | 7.94 | 1.71 |
| FY2021 | 6.23 | 0.32 |
| FY2020 | 5.91 | (1.43) |
| FY2019 | 7.34 | (0.65) |
| FY2018 | 7.99 | 1.00 |
| FY2017 | 6.99 | 0.54 |
| FY2016 | 6.46 | (1.94) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.04 | |
| Retained earnings / total assets | 0.22 | — | 0.31 | |
| EBIT / total assets | (0.10) | — | −0.32 | |
| Market value of equity / total liabilities | 0.29 | — | 0.17 | |
| Sales / total assets | 6.30 | — | 6.30 | |
| Altman Z-score | Safe zone | 6.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.60 | ||
Z and Z″ put World Kinect Corporation in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| WKC World Kinect Corporation | 6.5× |
| PARR Par Pacific Holdings, Inc. compare | 3.3× |
| CVI CVR Energy Inc. compare | 2.5× |
| DK Delek US Holdings, Inc. compare | 1.7× |
| CSANY Cosan S.A. Sponsored ADR compare | 0.8× |
| IEP Icahn Enterprises L.P. compare | — |
| CAPL CrossAmerica Partners LP compare | — |
| DKL Delek Logistics Partners, L.P. compare | — |
| SHI SINOPEC Shangai Petrochemical Company, 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