Avalon Holdings Financials

AWX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Avalon Holdings (AWX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 36/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Avalon Holdings has an operating margin of 3.7%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from 0.1% the prior year.

Growth

Avalon Holdings's revenue grew a modest 3.6% year-over-year to $83.8M. This slow but positive growth earns a score of 39/100.

Leverage

Avalon Holdings carries a low D/E ratio of 0.75, meaning only $0.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Avalon Holdings's current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.

Cash Flow

Avalon Holdings's free cash flow margin of 1.3% results in a low score of 28/100. Capital expenditures of $2.3M absorb a large share of operating cash flow.

Returns

Avalon Holdings generates a 3.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from -4.8% the prior year.

Altman Z-Score Distress

0.86

Avalon Holdings scores 0.86, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong

7/9

Avalon Holdings passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.56x

For every $1 of reported earnings, Avalon Holdings generates $2.56 in operating cash flow ($3.4M OCF vs $1.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.5x

Avalon Holdings earns $1.5 in operating income for every $1 of interest expense ($3.1M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$83.8M

YoY+3.6%

5Y CAGR+4.2%

10Y CAGR+5.0%

Avalon Holdings generated $83.8M in revenue in fiscal year 2024. This represents an increase of 3.6% from the prior year.

EBITDA

$7.0M

YoY+77.3%

5Y CAGR+21.3%

10Y CAGR+24.8%

Avalon Holdings's EBITDA was $7.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 77.3% from the prior year.

Net Income

$1.3M

YoY+174.3%

Avalon Holdings reported $1.3M in net income in fiscal year 2024. This represents an increase of 174.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$1.1M

YoY+172.6%

Avalon Holdings generated $1.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 172.6% from the prior year.

Cash & Debt

$2.8M

YoY+136.1%

5Y CAGR+14.2%

10Y CAGR-4.3%

Avalon Holdings held $2.8M in cash against $28.6M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

20.6%

YoY+3.0pp

10Y CAGR+3.5pp

Avalon Holdings's gross margin was 20.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.0 percentage points from the prior year.

Operating Margin

3.7%

YoY+3.5pp

5Y CAGR+3.5pp

10Y CAGR+6.4pp

Avalon Holdings's operating margin was 3.7% in fiscal year 2024, reflecting core business profitability. This is up 3.5 percentage points from the prior year.

Net Margin

1.6%

YoY+3.8pp

5Y CAGR+2.2pp

10Y CAGR+3.7pp

Avalon Holdings's net profit margin was 1.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.8 percentage points from the prior year.

Return on Equity

3.5%

YoY+8.3pp

5Y CAGR+4.7pp

10Y CAGR+6.2pp

Avalon Holdings's ROE was 3.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 8.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$2.3M

YoY-42.2%

5Y CAGR-20.6%

10Y CAGR-11.5%

Avalon Holdings invested $2.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 42.2% from the prior year.

AWX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$83.8M+3.6%	$80.9M-0.3%	$81.2M+15.3%	$70.4M+19.9%	$58.7M-14.1%	$68.4M
Cost of Revenue	$66.6M-0.3%	$66.7M	N/A	N/A	N/A	N/A
Gross Profit	$17.2M+21.6%	$14.2M	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$10.2M+0.2%	$10.2M+0.9%	$10.1M+2.6%	$9.9M+13.9%	$8.7M-8.0%	$9.4M
Operating Income	$3.1M+2670.3%	$111K-68.0%	$347K-38.1%	$561K+352.4%	$124K-6.8%	$133K
Interest Expense	$2.0M-2.8%	$2.1M+43.3%	$1.5M+26.4%	$1.2M-4.3%	$1.2M+44.6%	$837K
Income Tax	$90K+57.9%	$57K-39.4%	$94K+5.6%	$89K-9.2%	$98K-38.8%	$160K
Net Income	$1.3M+174.3%	-$1.8M-204.5%	-$583K-129.6%	$2.0M+13978.6%	$14K+103.1%	-$455K
EPS (Diluted)	N/A	N/A	$-0.15-130.0%	$0.50	$0.00+100.0%	$-0.12

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$25.7M+27.1%	$20.3M+26.0%	$16.1M-8.9%	$17.6M-27.2%	$24.2M+5.1%	$23.1M+22.3%	$18.9M+6.5%	$17.7M
Cost of Revenue	$19.6M+22.1%	$16.1M+17.5%	$13.7M-5.9%	$14.6M-20.3%	$18.3M+1.7%	$18.0M+13.7%	$15.8M	N/A
Gross Profit	$6.1M+46.4%	$4.2M+75.3%	$2.4M-23.2%	$3.1M-48.2%	$6.0M+16.9%	$5.1M+66.6%	$3.1M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.8M+15.2%	$2.5M-4.1%	$2.6M+12.2%	$2.3M-16.2%	$2.7M+2.4%	$2.7M+2.2%	$2.6M+9.0%	$2.4M
Operating Income	$2.3M+212.8%	$750K+165.2%	-$1.2M-759.0%	-$134K-105.9%	$2.3M+57.0%	$1.4M+382.3%	-$513K-42.9%	-$359K
Interest Expense	$512K+0.4%	$510K0.0%	$510K+0.2%	$509K+1.4%	$502K-3.6%	$521K+2.6%	$508K-3.1%	$524K
Income Tax	$45K+55.2%	$29K+16.0%	$25K+169.4%	-$36K-185.7%	$42K-4.5%	$44K+10.0%	$40K+211.1%	-$36K
Net Income	$1.9M+594.2%	$274K+118.3%	-$1.5M-201.6%	-$497K-127.0%	$1.8M+92.9%	$954K+197.4%	-$979K-17.8%	-$831K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AWX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$86.2M-2.0%	$88.0M-2.0%	$89.8M+15.0%	$78.0M+0.1%	$78.0M-1.5%	$79.2M
Current Assets	$14.6M+3.6%	$14.0M-12.7%	$16.1M+0.7%	$16.0M+4.7%	$15.3M-2.2%	$15.6M
Cash & Equivalents	$2.8M+136.1%	$1.2M-26.9%	$1.6M-50.1%	$3.3M-22.7%	$4.2M+191.1%	$1.4M
Inventory	$1.6M-6.3%	$1.7M+13.8%	$1.5M+32.2%	$1.1M+21.4%	$910K+11.9%	$813K
Accounts Receivable	$8.6M-9.5%	$9.5M-14.6%	$11.1M+12.0%	$9.9M+13.6%	$8.7M-27.2%	$12.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$48.2M-6.0%	$51.2M0.0%	$51.3M+31.5%	$39.0M-4.6%	$40.9M-3.0%	$42.1M
Current Liabilities	$15.5M-13.7%	$17.9M-5.0%	$18.9M+4.6%	$18.0M+4.9%	$17.2M-9.7%	$19.0M
Long-Term Debt	$28.6M-2.0%	$29.2M-1.8%	$29.8M+53.6%	$19.4M-11.7%	$21.9M+1.7%	$21.6M
Total Equity	$38.0M+3.6%	$36.7M-4.6%	$38.5M-1.5%	$39.1M+5.3%	$37.1M+0.2%	$37.0M
Retained Earnings	-$21.2M+5.9%	-$22.5M-8.6%	-$20.8M-2.9%	-$20.2M+8.9%	-$22.1M+0.1%	-$22.2M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$90.7M+3.0%	$88.1M+0.5%	$87.6M+1.7%	$86.2M-3.3%	$89.1M-2.8%	$91.7M+1.2%	$90.6M+3.0%	$88.0M
Current Assets	$20.2M+16.9%	$17.3M+5.7%	$16.3M+12.2%	$14.6M-15.4%	$17.2M-10.3%	$19.2M+10.4%	$17.4M+23.7%	$14.0M
Cash & Equivalents	$4.6M+22.5%	$3.7M+192.7%	$1.3M-54.7%	$2.8M-29.0%	$3.9M+4.5%	$3.8M+224.6%	$1.2M-2.0%	$1.2M
Inventory	$1.7M-6.7%	$1.8M-2.1%	$1.8M+18.5%	$1.6M-9.0%	$1.7M-8.6%	$1.9M+0.8%	$1.9M+12.0%	$1.7M
Accounts Receivable	$12.5M+26.2%	$9.9M-12.8%	$11.4M+32.1%	$8.6M-14.1%	$10.0M-13.2%	$11.5M-6.0%	$12.3M+29.1%	$9.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$52.0M+1.4%	$51.2M+0.3%	$51.1M+6.1%	$48.2M-4.8%	$50.6M-8.1%	$55.0M+0.3%	$54.9M+7.1%	$51.2M
Current Liabilities	$19.9M+5.2%	$18.9M+1.5%	$18.6M+20.5%	$15.5M-12.4%	$17.7M-20.6%	$22.2M+2.2%	$21.8M+21.5%	$17.9M
Long-Term Debt	$28.2M-0.5%	$28.3M-0.5%	$28.5M-0.5%	$28.6M-0.5%	$28.8M-0.5%	$28.9M-0.5%	$29.1M-0.5%	$29.2M
Total Equity	$38.7M+5.2%	$36.8M+0.7%	$36.5M-3.9%	$38.0M-1.3%	$38.5M+5.0%	$36.7M+2.7%	$35.7M-2.7%	$36.7M
Retained Earnings	-$20.5M+8.5%	-$22.4M+1.2%	-$22.7M-7.1%	-$21.2M-2.4%	-$20.7M+8.2%	-$22.6M+4.1%	-$23.5M-4.3%	-$22.5M

AWX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$3.4M+43.2%	$2.4M+4.2%	$2.3M-4.4%	$2.4M-8.1%	$2.6M-18.4%	$3.1M
Capital Expenditures	$2.3M-42.2%	$3.9M-39.0%	$6.4M+44.5%	$4.4M-2.7%	$4.5M-36.5%	$7.2M
Free Cash Flow	$1.1M+172.6%	-$1.5M+62.7%	-$4.1M-100.6%	-$2.1M-4.2%	-$2.0M+50.7%	-$4.0M
Investing Cash Flow	-$2.2M+42.4%	-$3.9M+39.0%	-$6.4M-44.6%	-$4.4M+2.0%	-$4.5M+37.4%	-$7.2M
Financing Cash Flow	-$818K-186.7%	$944K-91.6%	$11.2M+1133.5%	-$1.1M-177.4%	$1.4M-87.0%	$10.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$1.5M-52.1%	$3.0M+409.0%	-$982K-69.6%	-$579K-269.3%	$342K-89.3%	$3.2M+678.3%	$411K+132.2%	$177K
Capital Expenditures	$601K+105.8%	$292K-25.1%	$390K-28.8%	$548K-45.3%	$1.0M+187.9%	$348K-2.0%	$355K-48.3%	$686K
Free Cash Flow	$852K-68.9%	$2.7M+299.9%	-$1.4M-21.7%	-$1.1M-70.8%	-$660K-123.1%	$2.9M+4991.1%	$56K+111.0%	-$509K
Investing Cash Flow	-$601K-105.8%	-$292K+25.1%	-$390K+28.8%	-$548K+45.3%	-$1.0M-187.9%	-$348K0.0%	-$348K+49.3%	-$686K
Financing Cash Flow	-$287K-9.1%	-$263K-43.7%	-$183K+8.0%	-$199K+18.4%	-$244K-13.5%	-$215K-34.4%	-$160K-119.4%	$826K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AWX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	20.6%+3.0pp	17.5%	N/A	N/A	N/A	N/A
Operating Margin	3.7%+3.5pp	0.1%-0.3pp	0.4%-0.4pp	0.8%+0.6pp	0.2%+0.0pp	0.2%
Net Margin	1.6%+3.8pp	-2.2%-1.5pp	-0.7%-3.5pp	2.8%+2.8pp	0.0%+0.7pp	-0.7%
Return on Equity	3.5%+8.3pp	-4.8%-3.3pp	-1.5%-6.6pp	5.0%+5.0pp	0.0%+1.3pp	-1.2%
Return on Assets	1.5%+3.5pp	-2.0%-1.4pp	-0.7%-3.2pp	2.5%+2.5pp	0.0%+0.6pp	-0.6%
Current Ratio	0.94+0.2	0.78-0.1	0.85-0.0	0.890.0	0.89+0.1	0.82
Debt-to-Equity	0.75-0.0	0.80+0.0	0.77+0.3	0.50-0.1	0.590.0	0.58
FCF Margin	1.3%+3.3pp	-1.9%+3.2pp	-5.1%-2.2pp	-2.9%+0.4pp	-3.4%+2.5pp	-5.9%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	23.7%+3.1pp	20.6%+5.8pp	14.8%-2.7pp	17.5%-7.1pp	24.6%+2.5pp	22.1%+5.9pp	16.2%	N/A
Operating Margin	9.1%+5.4pp	3.7%+10.9pp	-7.2%-6.4pp	-0.8%-10.1pp	9.4%+3.1pp	6.3%+9.0pp	-2.7%-0.7pp	-2.0%
Net Margin	7.4%+6.0pp	1.4%+10.7pp	-9.3%-6.5pp	-2.8%-10.4pp	7.6%+3.4pp	4.1%+9.3pp	-5.2%-0.5pp	-4.7%
Return on Equity	4.9%+4.2pp	0.7%+4.8pp	-4.1%-2.8pp	-1.3%-6.1pp	4.8%+2.2pp	2.6%+5.3pp	-2.7%-0.5pp	-2.3%
Return on Assets	2.1%+1.8pp	0.3%+2.0pp	-1.7%-1.1pp	-0.6%-2.6pp	2.1%+1.0pp	1.0%+2.1pp	-1.1%-0.1pp	-0.9%
Current Ratio	1.01+0.1	0.91+0.0	0.88-0.1	0.94-0.0	0.97+0.1	0.86+0.1	0.80+0.0	0.78
Debt-to-Equity	0.73-0.0	0.77-0.0	0.78+0.0	0.750.0	0.75-0.0	0.79-0.0	0.81+0.0	0.80
FCF Margin	3.3%-10.2pp	13.5%+22.1pp	-8.5%-2.2pp	-6.4%-3.7pp	-2.7%-15.1pp	12.4%+12.1pp	0.3%+3.2pp	-2.9%

Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Avalon Holdings's annual revenue?

Avalon Holdings (AWX) reported $83.8M in total revenue for fiscal year 2024. This represents a 3.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Avalon Holdings's revenue growing?

Avalon Holdings (AWX) revenue grew by 3.6% year-over-year, from $80.9M to $83.8M in fiscal year 2024.

Is Avalon Holdings profitable?

Yes, Avalon Holdings (AWX) reported a net income of $1.3M in fiscal year 2024, with a net profit margin of 1.6%.

What is Avalon Holdings's EBITDA?

Avalon Holdings (AWX) had EBITDA of $7.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Avalon Holdings have?

As of fiscal year 2024, Avalon Holdings (AWX) had $2.8M in cash and equivalents against $28.6M in long-term debt.

What is Avalon Holdings's gross margin?

Avalon Holdings (AWX) had a gross margin of 20.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Avalon Holdings's operating margin?

Avalon Holdings (AWX) had an operating margin of 3.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Avalon Holdings's net profit margin?

Avalon Holdings (AWX) had a net profit margin of 1.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Avalon Holdings's return on equity (ROE)?

Avalon Holdings (AWX) has a return on equity of 3.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Avalon Holdings's free cash flow?

Avalon Holdings (AWX) generated $1.1M in free cash flow during fiscal year 2024. This represents a 172.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Avalon Holdings's operating cash flow?

Avalon Holdings (AWX) generated $3.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Avalon Holdings's total assets?

Avalon Holdings (AWX) had $86.2M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Avalon Holdings's capital expenditures?

Avalon Holdings (AWX) invested $2.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Avalon Holdings's current ratio?

Avalon Holdings (AWX) had a current ratio of 0.94 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Avalon Holdings's debt-to-equity ratio?

Avalon Holdings (AWX) had a debt-to-equity ratio of 0.75 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Avalon Holdings's return on assets (ROA)?

Avalon Holdings (AWX) had a return on assets of 1.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Avalon Holdings's Altman Z-Score?

Avalon Holdings (AWX) has an Altman Z-Score of 0.86, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Avalon Holdings's Piotroski F-Score?

Avalon Holdings (AWX) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Avalon Holdings's earnings high quality?

Avalon Holdings (AWX) has an earnings quality ratio of 2.56x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Avalon Holdings cover its interest payments?

Avalon Holdings (AWX) has an interest coverage ratio of 1.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Avalon Holdings?

Avalon Holdings (AWX) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.