stockrowAlkaline Water Company Inc.
WTER Consumer Defensive Beverages Non Alcoholic
Alkaline Water Company Inc.’s revenue for fiscal 2023 (year ended March 2023) was $63.8 million, up 16.4% from fiscal 2022.
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Alkaline Water Company Inc. (WTER) Altman Z-score
Alkaline Water Company Inc.'s Altman Z-score for fiscal 2023 is −5.98, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −5.98 | (20.60) |
| FY2022 | 14.62 | (15.23) |
| FY2021 | 29.85 | 24.13 |
| FY2020 | 5.72 | (56.56) |
| FY2019 | 62.28 | 47.19 |
| FY2018 | 15.09 | (7.51) |
| FY2017 | 22.60 | 14.86 |
| FY2016 | 7.74 | (13.23) |
| FY2015 | 20.98 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.41) | — | −0.49 | |
| Retained earnings / total assets | (7.60) | — | −10.64 | |
| EBIT / total assets | (1.22) | — | −4.03 | |
| Market value of equity / total liabilities | 9.42 | — | 5.65 | |
| Sales / total assets | 3.54 | — | 3.54 | |
| Altman Z-score | Distress zone | −5.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −35.93 | ||
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 |
|---|---|
| AKO.B Embotelladora Andina S.A. compare | 3.1× |
| AKO.A Embotelladora Andina S.A. compare | 2.9× |
| ZVIA Zevia PBC compare | 2.9× |
| BRFH Barfresh Food Group Inc. compare | −5.2× |
| WTER Alkaline Water Company Inc. | −6.0× |
| BNKK Bonk, Inc. compare | −8.3× |
| REED Reeds, Inc. compare | −9.6× |
| SUJA Suja Life Inc. compare | — |
| BUDA Buda Juice 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