Revenue growth remains inconsistent with quarterly fluctuations between $16.1M and $25.7M, while gross margins frequently dip below the 20% threshold, indicating limited pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 85.13M | 83.55M | 83.8M | 80.52M | 81.18M | 70.38M | 58.72M | 68.36M | 62.23M | 55.85M | 61.35M | 53.09M | 51.47M | 59.47M | 48.89M | 53.99M | 43.45M | 36.92M | 48.98M | 45.43M | 39.33M | 34.16M | 30M | 53.51M | 66.59M | 77.01M | 84.29M | 80.9M | 74.5M |
| Revenue Growth % | 5.1% | -0.3% | 4.07% | -0.82% | 15.34% | 19.86% | -14.1% | 9.84% | 11.43% | -8.97% | 15.56% | 3.14% | -13.45% | 21.64% | -9.44% | 24.24% | 17.7% | -24.62% | 7.81% | 15.52% | 15.14% | 13.85% | -43.93% | -19.64% | -13.53% | -8.64% | 4.19% | 8.59% | - |
| Cost of Goods Sold | 54.46M | 71.02M | 66.57M | 66.73M | 67.22M | 56.83M | 47.02M | 56.27M | 49.79M | 44.67M | 50.52M | 44.2M | 42.69M | 49.6M | 40.32M | 44.98M | 35.75M | 30.11M | 41.49M | 38.24M | 33.05M | 28.53M | 24.84M | 47.74M | 60M | 69.43M | 72.6M | 66.3M | 62.5M |
| COGS % of Revenue | - | 85% | 79.44% | 82.89% | 82.8% | 80.75% | 80.07% | 82.32% | 80.01% | 79.99% | 82.34% | 83.25% | 82.93% | 83.4% | 82.47% | 83.32% | 82.28% | 81.57% | 84.72% | 84.17% | 84.03% | 83.53% | 82.79% | 89.22% | 90.1% | 90.16% | 86.13% | 81.95% | 83.89% |
| Gross Profit | 13.02M | 12.53M | 17.23M | 13.78M | 13.96M | 13.55M | 11.71M | 12.09M | 12.44M | 11.18M | 10.83M | 8.89M | 8.79M | 9.87M | 8.57M | 9.01M | 7.7M | 6.81M | 7.48M | 7.19M | 6.28M | 5.63M | 5.16M | 5.77M | 6.59M | 7.58M | 11.69M | 14.6M | 12M |
| Gross Margin % | 15.29% | 15% | 20.56% | 17.11% | 17.2% | 19.25% | 19.93% | 17.68% | 19.99% | 20.01% | 17.66% | 16.75% | 17.07% | 16.6% | 17.53% | 16.68% | 17.72% | 18.43% | 15.28% | 15.83% | 15.97% | 16.47% | 17.21% | 10.78% | 9.9% | 9.84% | 13.87% | 18.05% | 16.11% |
| Gross Profit Growth % | - | -27.28% | 25.03% | -1.31% | 3.04% | 15.77% | -3.14% | -2.85% | 11.31% | 3.17% | 21.81% | 1.23% | -11.01% | 15.19% | -4.85% | 16.94% | 13.16% | -9.06% | 4.03% | 14.52% | 11.68% | 8.97% | -10.54% | -12.44% | -13.05% | -35.18% | -19.91% | 21.67% | - |
| Operating Expenses | 12.53M | 10.5M | 14.15M | 14.05M | 13.62M | 12.99M | 11.58M | 11.95M | 11.88M | 11.45M | 11.02M | 10.2M | 10.18M | 9.6M | 9.07M | 8.93M | 8.47M | 7.78M | 6.96M | 6.35M | 6.27M | 5.58M | 6.38M | 8.2M | 12M | 13.02M | 14.4M | 13.5M | 13.5M |
| OpEx % of Revenue | - | 12.57% | 16.89% | 17.45% | 16.77% | 18.46% | 19.72% | 17.48% | 19.08% | 20.5% | 17.96% | 19.2% | 19.78% | 16.14% | 18.55% | 16.54% | 19.49% | 21.08% | 14.21% | 13.97% | 15.95% | 16.33% | 21.26% | 15.33% | 18.01% | 16.91% | 17.08% | 16.69% | 18.12% |
| Selling, General & Admin | 7.81M | 10.5M | 10.25M | 10.23M | 10.13M | 9.88M | 8.67M | 9.43M | 9M | 8.45M | 8.2M | 7.63M | 8.03M | 7.96M | 7.44M | 7.27M | 6.78M | 6.1M | 6.96M | 6.35M | 6.27M | 5.58M | 6.38M | 6.53M | 6.1M | 11.41M | 9.72M | 10.5M | 10.9M |
| SG&A % of Revenue | - | 12.57% | 12.23% | 12.7% | 12.48% | 14.03% | 14.77% | 13.8% | 14.46% | 15.13% | 13.37% | 14.38% | 15.59% | 13.39% | 15.21% | 13.46% | 15.61% | 16.51% | 14.21% | 13.97% | 15.95% | 16.33% | 21.26% | 12.2% | 9.17% | 14.82% | 11.54% | 12.98% | 14.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.96M | 0 | 3.91M | 3.83M | 3.48M | 3.11M | 2.91M | 2.52M | 6.14M | 3M | 2.82M | 2.56M | 2.15M | 1.64M | 1.64M | 1.66M | 1.68M | 1.69M | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.89M | 3M | 2.6M |
| Operating Income | 3.17M | 2.02M | 3.08M | -273K | 347K | 561K | 124K | 133K | -2.7M | -271K | -186K | -1.3M | -1.4M | 271K | -501K | 78K | -765K | -978K | 526K | 846K | 11K | 48K | -1.22M | -2.43M | -5.41M | -5.44M | -2.7M | 1.1M | -1.5M |
| Operating Margin % | 3.73% | 2.42% | 3.67% | -0.34% | 0.43% | 0.8% | 0.21% | 0.19% | -4.34% | -0.49% | -0.3% | -2.45% | -2.71% | 0.46% | -1.02% | 0.14% | -1.76% | -2.65% | 1.07% | 1.86% | 0.03% | 0.14% | -4.05% | -4.54% | -8.12% | -7.07% | -3.21% | 1.36% | -2.01% |
| Operating Income Growth % | - | -34.15% | 1226.37% | -178.67% | -38.15% | 352.42% | -6.77% | 104.93% | -895.57% | -45.7% | 85.71% | 6.73% | -615.13% | 154.09% | -742.31% | 110.2% | 21.78% | -285.93% | -37.83% | 7590.91% | -77.08% | 103.95% | 50.02% | 55.03% | 0.7% | -101.33% | -345.82% | 173.33% | - |
| EBITDA | 5.24M | 5.83M | 6.98M | 3.55M | 3.83M | 3.67M | 3.03M | 2.65M | 179K | 2.73M | 2.63M | 1.26M | 759K | 1.91M | 1.13M | 1.74M | 919K | 710K | 2.07M | 1.95M | 1.05M | 1.03M | -320K | -361K | -2.85M | -2.31M | 561K | 4.1M | 1.1M |
| EBITDA Margin % | 6.15% | 6.98% | 8.33% | 4.41% | 4.72% | 5.22% | 5.17% | 3.88% | 0.29% | 4.88% | 4.29% | 2.37% | 1.47% | 3.21% | 2.32% | 3.22% | 2.11% | 1.92% | 4.23% | 4.28% | 2.66% | 3.02% | -1.07% | -0.67% | -4.28% | -3.01% | 0.67% | 5.07% | 1.48% |
| EBITDA Growth % | -17.27% | -16.52% | 96.48% | -7.23% | 4.27% | 21.1% | 14.24% | 1383.24% | -93.43% | 3.61% | 109.06% | 65.74% | -60.2% | 68.17% | -34.87% | 89.44% | 29.44% | -65.73% | 6.53% | 85.95% | 1.26% | 422.81% | 11.36% | 87.32% | -23.02% | -512.66% | -86.32% | 272.73% | - |
| D&A (Non-Cash Add-back) | 3.76M | 3.8M | 3.91M | 3.83M | 3.48M | 3.11M | 2.91M | 2.52M | 2.88M | 3M | 2.82M | 2.56M | 2.15M | 1.64M | 1.64M | 1.66M | 1.68M | 1.69M | 1.55M | 1.1M | 1.03M | 985K | 895K | 2.07M | 2.56M | 3.13M | 3.27M | 3M | 2.6M |
| EBIT | 3.17M | 2.02M | 3.08M | 111K | 578K | 2.89M | 1.26M | 133K | -2.41M | 5K | 95K | -1.02M | -1.13M | 271K | -242K | 879K | -488K | -735K | 788K | 846K | 898K | 568K | -1.22M | -2.19M | -2.54M | -3.74M | -3.81M | 1.1M | -1.5M |
| Net Interest Income | -1.53M | -2.04M | -2.04M | -2.1M | -1.46M | -1.16M | -1.21M | -837K | -675K | -699K | -379K | -147K | -57K | -21K | -11K | -9K | 10K | 18K | 35K | 419K | 584K | 330K | 180K | 204K | 254K | 538K | 879K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 1K | 2K | 5K | 24K | 33K | 49K | 435K | 599K | 344K | 195K | 204K | 254K | 538K | 879K | 0 | 0 |
| Interest Expense | 1.03M | 2.04M | 2.04M | 2.1M | 1.46M | 1.16M | 1.21M | 837K | 675K | 699K | 379K | 147K | 58K | 22K | 13K | 14K | 14K | 15K | 14K | 16K | 15K | 14K | 15K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.53M | -2.04M | -2.03M | -1.71M | -1.23M | 1.18M | -72K | -508K | -391K | -423K | -98K | 139K | 211K | 264K | 246K | 787K | 263K | 228K | 248K | 539K | 872K | 506K | 370K | 377K | 375K | 488K | 1.39M | 1.1M | 1.1M |
| Pretax Income | 403K | -17K | 1.04M | -1.99M | -886K | 1.74M | 52K | -375K | -3.09M | -694K | -284K | -1.16M | -1.19M | 535K | -255K | 865K | -502K | -750K | 774K | 1.39M | 883K | 554K | -845K | -1.93M | -4.73M | -4.93M | -3.18M | 2.2M | -400K |
| Pretax Margin % | 0.47% | -0.02% | 1.24% | -2.47% | -1.09% | 2.47% | 0.09% | -0.55% | -4.96% | -1.24% | -0.46% | -2.19% | -2.3% | 0.9% | -0.52% | 1.6% | -1.16% | -2.03% | 1.58% | 3.05% | 2.25% | 1.62% | -2.82% | -3.6% | -7.1% | -6.41% | -3.77% | 2.72% | -0.54% |
| Income Tax | 97K | 82K | 90K | 57K | 94K | 89K | 98K | 160K | 167K | 122K | 125K | 59K | 73K | 97K | 71K | 89K | 41K | 24K | 36K | 40K | 13K | 13K | 0 | -26K | 163K | -1.6M | -743K | 1M | 200K |
| Effective Tax Rate % | 24.07% | -482.35% | 8.64% | -2.87% | -10.61% | 5.13% | 188.46% | -42.67% | -5.41% | -17.58% | -44.01% | -5.07% | -6.16% | 18.13% | -27.84% | 10.29% | -8.17% | -3.2% | 4.65% | 2.89% | 1.47% | 2.35% | 0% | 1.35% | -3.45% | 32.52% | 23.39% | 45.45% | -50% |
| Net Income | 585K | 321K | 1.32M | -1.77M | -583K | 1.97M | 14K | -455K | -1.14M | -307K | -69K | -712K | -1.08M | 438K | -326K | 776K | -543K | -774K | 738K | 1.46M | 1.33M | 390K | -2.65M | -3.64M | -5.84M | -3.33M | -2.43M | 1.2M | -600K |
| Net Margin % | 0.69% | 0.38% | 1.57% | -2.2% | -0.72% | 2.8% | 0.02% | -0.67% | -1.84% | -0.55% | -0.11% | -1.34% | -2.1% | 0.74% | -0.67% | 1.44% | -1.25% | -2.1% | 1.51% | 3.21% | 3.37% | 1.14% | -8.85% | -6.81% | -8.77% | -4.32% | -2.89% | 1.48% | -0.81% |
| Net Income Growth % | -26.69% | -75.64% | 174.25% | -204.46% | -129.58% | 13978.57% | 103.08% | 60.23% | -272.64% | -344.93% | 90.31% | 34.07% | -346.58% | 234.36% | -142.01% | 242.91% | 29.84% | -204.88% | -49.38% | 9.87% | 240.26% | 114.69% | 27.14% | 37.58% | -75.32% | -36.87% | -302.75% | 300% | - |
| Net Income (Continuing) | 352K | -99K | 952K | -2.04M | -980K | 1.65M | -46K | -535K | -3.26M | -816K | -409K | -1.22M | -1.26M | 438K | -326K | 776K | -543K | -774K | 738K | 1.34M | 870K | 541K | -845K | -1.82M | -2.17M | -2.12M | -1.97M | 1.2M | -600K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.45M | -1.4M | -982K | -616K | -347K | -92K | -126K | -66K | 14K | 2.13M | 2.63M | 2.98M | 3.48M | 3.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.15 | 0.08 | 0.34 | -0.46 | -0.15 | 0.51 | 0.00 | -0.14 | -0.30 | -0.08 | -0.02 | -0.19 | -0.28 | 0.11 | -0.09 | 0.20 | -0.14 | -0.20 | 0.19 | 0.38 | 0.35 | 0.10 | -0.70 | -0.96 | -1.54 | -0.88 | -0.64 | 0.32 | -0.15 |
| EPS Growth % | -25.65% | -75.79% | 173.91% | -206.67% | -129.41% | - | 102.57% | 53.33% | -271.75% | -345.86% | 90.47% | 32.14% | -354.55% | 228.35% | -142.85% | 242.86% | 30% | -205.26% | -50% | 8.57% | 250% | 114.29% | 27.08% | 37.66% | -75% | -37.5% | -300% | 313.33% | - |
| EPS (Basic) | - | 0.08 | 0.34 | -0.46 | -0.15 | 0.51 | 0.00 | -0.14 | -0.30 | -0.08 | -0.02 | -0.19 | -0.28 | 0.12 | -0.09 | 0.20 | -0.14 | -0.20 | 0.19 | 0.38 | 0.35 | 0.10 | -0.70 | -0.96 | -1.54 | -0.88 | -0.64 | 0.32 | -0.16 |
| Diluted Shares Outstanding | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.88M | 3.88M | 3.81M | 3.8M | 3.8M | 3.8M | 3.8M | 4.09M | 3.8M | 3.85M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.79M | 3.8M | 3.8M | 3.8M | 4M |
| Basic Shares Outstanding | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.88M | 3.88M | 3.81M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.8M | 3.79M | 3.8M | 3.8M | 3.8M | 3.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regional Economic Concentration Risk
As reported in quarterly financial statements, AWX exhibits significant top-line volatility with revenue fluctuating between $16.1M and $25.7M over the last ten quarters, suggesting that the company lacks a consistent organic growth engine and remains highly sensitive to regional industrial and seasonal demand cycles.
The revenue trajectory appears heavily influenced by the transactional nature of waste brokerage and the inherent seasonality of the hospitality segment. Investors should monitor whether the company can move beyond project-based revenue to establish more predictable, recurring income streams, as current figures indicate a lack of sustained momentum.
Based on the provided income statement data, AWX maintains a consolidated gross margin that frequently dips below 20%, reflecting the company's role as a low-value-add intermediary rather than an asset-heavy operator capable of capturing significant pricing power within the competitive waste management landscape.
The thin net margins, which have frequently turned negative, suggest that the company lacks the operational scale to absorb even minor fluctuations in input costs. This structural weakness implies that the business model is highly vulnerable to inflationary pressures on labor and utility expenses.
According to recent SEC filings, AWX's operating income frequently fails to scale with gross profit, as evidenced by periods where gross margins reached 24% while operating margins remained in the low single digits, indicating a high fixed-cost burden that prevents meaningful flow-through to the bottom line.
The inability to consistently generate positive operating income suggests that SG&A expenses are disproportionately high relative to the company's revenue base. This lack of operating leverage warrants further investigation into whether the current dual-segment structure creates unnecessary administrative overhead that dilutes overall profitability.
While the income statement reflects a struggling industrial services provider, a contrarian view suggests that the market may be mispricing AWX by ignoring the intrinsic value of its specialized salt water injection permits and regional real estate holdings, which are not captured by earnings-based metrics.
Short-sellers would likely focus on the persistent net losses and the lack of revenue growth as evidence of a failing business model. However, the underlying asset base may provide a floor for valuation that is not immediately apparent from the thin and volatile operating margins reported.
Quick answers to the most common questions about buying AWX stock.
For fiscal year 2025, Avalon Holdings Corporation (AWX) reported total revenue of $83.5M. This represents a 12.1% increase compared to $74.5M in 1998.
Avalon Holdings Corporation (AWX) is profitable, generating $0.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
Avalon Holdings Corporation (AWX) reported an operating income of $2.0M, resulting in an operating profit margin of 2.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Avalon Holdings Corporation (AWX) generated $12.5M in gross profit for the year, representing a gross profit margin of 15.0%. This demonstrates the company's core pricing power and production efficiency.