What are the investment strengths of Avalon Holdings Corp (AWX)?

Extreme asset discount: P/B 0.25x with 61.8M PPE and zero goodwill - liquidation value far exceeds market cap of 9.7M Positive FCF (1.1M TTM) and operating cash flow (2.9M) despite thin margins - business generates real cash

What are the investment risks for Avalon Holdings Corp (AWX)?

Interest expense exceeds operating income - company effectively insolvent on operating basis without asset sales or refinancing Micro-cap illiquidity (2,797 daily volume) with zero revenue growth (0.04% 3Y) - no catalyst for rerating

Avalon Holdings Corp

AWX

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Avalon Holdings Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-26

Snapshot

Trading at 0.25x book value (9.93/share) vs 9.7M market cap - deep discount to tangible assets of 38.7M[Price to Book Ratio]
Debt/equity of 0.90 with interest expense (2.0M TTM) exceeding operating income (1.8M) - leverage straining profitability[Debt to Equity]
FCF positive (1.1M TTM) despite near-zero net income (180K) - cash generation exceeds accounting profits[Free Cash Flow]

Watch Triggers

Interest Expense: Falls below 1.5M annually — Would flip pretax income positive and validate debt paydown thesis
Operating Margin: Rises above 5% — Current 2.3% leaves no cushion for interest - margin expansion critical
Total Debt: Declines below 30M — Debt reduction using FCF would improve interest coverage materially

Bull Case

Extreme asset discount: P/B 0.25x with 61.8M PPE and zero goodwill - liquidation value far exceeds market cap of 9.7M

Price to Book RatioTangible Book ValuePPE

Positive FCF (1.1M TTM) and operating cash flow (2.9M) despite thin margins - business generates real cash

Free Cash FlowCash Flow from OperationsPCF Ratio

Bear Case

Interest expense exceeds operating income - company effectively insolvent on operating basis without asset sales or refinancing

Interest ExpenseOperating IncomePretax Income

Micro-cap illiquidity (2,797 daily volume) with zero revenue growth (0.04% 3Y) - no catalyst for rerating

VolumeTotal Revenue 3Y GrowthMarket Cap

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

35%

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Forward Thesis

Interest burden likely to compress margins further unless debt refinanced or paid down

1-3ymed

Interest expense 113% of operating income TTM
34.7M total debt vs 4.6M cash
Flat revenue growth (0.04% 3Y CAGR)

Interest expense 2.0M vs EBIT 1.8M TTMNet debt 27.4M, 7x market capPretax income negative (-229K TTM)

Valuation Context

Caveats

Public Strategies Rankings

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AWX Fundamentals

Administrative and Support and Waste Management and Remediation Services → Waste Management and Remediation Services

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$0		—
Enterprise Value	$0		—
P/E Ratio	0.00		—
Total Revenue - TTM	$83.55M	-0.3%	—
Earnings Per Share (diluted) - TTM	$0.00		—
Operating Margin - TTM	2.42%	-1.2%	—
Net Margin - TTM	0.38%	-1.2%	—
Free Cash Flow - TTM	$2.06M	+83.6%	—
Return on Common Equity - TTM	0.84%	-2.7%	—
Beta 5Y (Monthly)	unknown		—

AWX Dividend History

No dividends

AWX Stock Splits

No stock splits

AWX SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/19/26	12/31/25	10-K	0001437749-26-009091
11/07/25	09/30/25	10-Q	0001437749-25-033887
08/08/25	06/30/25	10-Q	0001437749-25-025765
05/07/25	03/31/25	10-Q	0001437749-25-015162
03/20/25	12/31/24	10-K	0001437749-25-008584
03/19/26	12/31/24	10-K	0001437749-26-009091
11/08/24	09/30/24	10-Q	0001437749-24-034232
08/08/24	06/30/24	10-Q	0001437749-24-025598
05/08/24	03/31/24	10-Q	0001437749-24-015406
03/21/24	12/31/23	10-K	0001437749-24-008877
03/20/25	12/31/23	10-K	0001437749-25-008584
11/09/23	09/30/23	10-Q	0001437749-23-031315
08/11/23	06/30/23	10-Q	0001437749-23-023360
05/10/23	03/31/23	10-Q	0001437749-23-013661
03/23/23	12/31/22	10-K	0001437749-23-007669
11/10/22	09/30/22	10-Q	0001437749-22-026962
08/12/22	06/30/22	10-Q	0001437749-22-020392
05/12/22	03/31/22	10-Q	0001437749-22-012173
03/10/22	12/31/21	10-K	0001437749-22-005883
11/12/21	09/30/21	10-Q	0001437749-21-026259
08/06/21	06/30/21	10-Q	0001437749-21-018949
05/13/21	03/31/21	10-Q	0001437749-21-012110
03/11/21	12/31/20	10-K	0001437749-21-005722
11/12/20	09/30/20	10-Q	0001437749-20-023669
08/10/20	06/30/20	10-Q	0001437749-20-017156
05/14/20	03/31/20	10-Q	0001437749-20-010785
03/12/20	12/31/19	10-K	0001437749-20-004979
11/13/19	09/30/19	10-Q	0001437749-19-022700
08/09/19	06/30/19	10-Q	0001437749-19-016258
05/09/19	03/31/19	10-Q	0001437749-19-009327
03/14/19	12/31/18	10-K	0001437749-19-004948
11/08/18	09/30/18	10-Q	0001437749-18-020099
08/09/18	06/30/18	10-Q	0001437749-18-015129
05/10/18	03/31/18	10-Q	0001437749-18-009435
03/15/18	12/31/17	10-K	0001437749-18-004696
11/09/17	09/30/17	10-Q	0001437749-17-018923
08/11/17	06/30/17	10-Q	0001437749-17-014553
05/12/17	03/31/17	10-Q	0001437749-17-008966
03/16/17	12/31/16	10-K	0001437749-17-004731
11/10/16	09/30/16	10-Q	0001437749-16-041753
08/05/16	06/30/16	10-Q	0001437749-16-036617
05/13/16	03/31/16	10-Q	0001437749-16-031873
03/16/16	12/31/15	10-K	0001437749-16-027847
11/12/15	09/30/15	10-Q	0001437749-15-020653
08/07/15	06/30/15	10-Q	0001437749-15-015269
05/14/15	03/31/15	10-Q	0001437749-15-010193
03/12/15	12/31/14	10-K	0001437749-15-004919
11/13/14	09/30/14	10-Q	0001437749-14-020679
08/12/14	06/30/14	10-Q	0001437749-14-015128
05/09/14	03/31/14	10-Q	0001437749-14-008590
03/25/14	12/31/13	10-K	0001437749-14-005016
11/13/13	09/30/13	10-Q	0001437749-13-014643
08/13/13	06/30/13	10-Q	0001437749-13-010630
05/14/13	03/31/13	10-Q	0001437749-13-005964
03/15/13	12/31/12	10-K	0001437749-13-002939
11/13/12	09/30/12	10-Q	0001437749-12-011584
08/09/12	06/30/12	10-Q	0001437749-12-008082
05/11/12	03/31/12	10-Q	0001437749-12-004897
03/15/12	12/31/11	10-K	0001437749-12-002363
11/10/11	09/30/11	10-Q	0001437749-11-008433
08/11/11	06/30/11	10-Q	0001437749-11-005836
05/11/11	03/31/11	10-Q	0001193125-11-135909
03/11/11	12/31/10	10-K	0001193125-11-064059
11/12/10	09/30/10	10-Q	0001193125-10-257554
08/11/10	06/30/10	10-Q	0001193125-10-186058
05/13/10	03/31/10	10-Q	0001193125-10-118981
03/18/10	12/31/09	10-K	0001193125-10-060608
11/12/09	09/30/09	10-Q	0001193125-09-232850
08/11/09	06/30/09	10-Q	0001193125-09-171871
05/14/09	03/30/09	10-Q	0001193125-09-111344
03/20/09	12/31/08	10-K	0001193125-09-059700
11/13/08	09/30/08	10-Q	0001193125-08-235153
08/12/08	06/30/08	10-Q	0001193125-08-174774
05/13/08	03/30/08	Unknown	--
03/20/08	12/31/07	10-K	0001193125-08-061656
11/13/07	09/30/07	10-Q	0001193125-07-245248
08/13/07	06/30/07	10-Q	0001193125-07-180547
05/11/07	03/30/07	Unknown	--
03/20/07	12/31/06	10-K	0001193125-07-059373
11/13/06	09/30/06	10-Q	0001193125-06-232678
08/11/06	06/30/06	10-Q	0001193125-06-170866
05/12/06	03/30/06	Unknown	--
03/20/06	12/31/05	10-K	0001193125-06-058954
11/14/05	09/30/05	10-Q	0001193125-05-224644
08/12/05	06/30/05	10-Q	0001193125-05-166640
05/13/05	03/30/05	Unknown	--
03/30/05	12/31/04	10-K	0001193125-05-065174
11/15/04	09/30/04	10-Q	0001193125-04-196415
08/13/04	06/30/04	10-Q	0001193125-04-140372
05/17/04	03/30/04	Unknown	--
03/29/04	12/31/03	10-K	0001193125-04-051725
11/14/03	09/30/03	10-Q	0001193125-03-081628
08/14/03	06/30/03	10-Q	0001193125-03-036885
05/14/03	03/30/03	Unknown	--
03/27/03	12/31/02	10-K	0000950132-03-000041
11/14/02	09/30/02	10-Q	0000950132-02-000260
08/14/02	06/30/02	10-Q	0000950132-02-000193
05/14/02	03/30/02	Unknown	--
03/22/02	12/31/01	10-K405	0000950132-02-000039
11/13/01	09/30/01	10-Q	0000950132-01-500366
08/13/01	06/30/01	10-Q	0000950132-01-500314
05/15/01	03/30/01	Unknown	--
03/22/01	12/31/00	10-K405	0000950132-01-000184
11/13/00	09/30/00	10-Q	0000950132-00-000832
08/14/00	06/30/00	10-Q	0000950132-00-000664
05/12/00	03/30/00	Unknown	--