Tearsheet

Avalon (AWX)


Market Price (2/15/2026): $2.68 | Market Cap: $10.4 Mil
Sector: Industrials | Industry: Environmental & Facilities Services

Avalon (AWX)


Market Price (2/15/2026): $2.68
Market Cap: $10.4 Mil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
FCF Yield is 11%
Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -72%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 294%
1 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more.
  Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 57x
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%
4   High stock price volatility
Vol 12M is 101%
5   Key risks
AWX key risks include [1] regulatory and legal challenges from suspended well operations, Show more.
0 Attractive yield
FCF Yield is 11%
1 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -72%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 294%
4 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 57x
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%
7 High stock price volatility
Vol 12M is 101%
8 Key risks
AWX key risks include [1] regulatory and legal challenges from suspended well operations, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Avalon (AWX) stock has lost about 5% since 10/31/2025 because of the following key factors:

1. Mixed Financial Performance: While Avalon (AWX) reported a slight year-over-year increase in net operating revenues and net income for the third quarter of 2025, announced on November 7, 2025, the company's overall net profit for the twelve months ending September 30, 2025, showed an 81.71% decrease. This combination of some quarterly improvement against a backdrop of weaker longer-term profitability and previous quarterly losses in 2025 likely created a balanced sentiment, preventing a strong directional move in the stock.

2. Absence of Significant Catalysts or Detractors: The period from October 31, 2025, to February 1, 2026, did not feature major news or corporate actions that would typically drive substantial stock price changes. While Q3 2025 earnings were released, they did not represent a dramatic shift in the company's trajectory, and there were no other highly impactful announcements regarding new contracts, major operational changes, or significant legal resolutions during this timeframe.

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Stock Movement Drivers

Fundamental Drivers

The -2.2% change in AWX stock from 10/31/2025 to 2/15/2026 was primarily driven by a -35.9% change in the company's P/E Multiple.
(LTM values as of)103120252152026Change
Stock Price ($)2.742.68-2.2%
Change Contribution By: 
Total Revenues ($ Mil)78801.9%
Net Income Margin (%)0.2%0.2%49.7%
P/E Multiple90.558.1-35.9%
Shares Outstanding (Mil)440.0%
Cumulative Contribution-2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/15/2026
ReturnCorrelation
AWX-4.0% 
Market (SPY)-0.0%16.1%
Sector (XLI)12.3%15.6%

Fundamental Drivers

The 3.5% change in AWX stock from 7/31/2025 to 2/15/2026 was primarily driven by a 358.7% change in the company's P/E Multiple.
(LTM values as of)73120252152026Change
Stock Price ($)2.592.683.5%
Change Contribution By: 
Total Revenues ($ Mil)8180-1.6%
Net Income Margin (%)1.0%0.2%-77.1%
P/E Multiple12.758.1358.7%
Shares Outstanding (Mil)440.0%
Cumulative Contribution3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/15/2026
ReturnCorrelation
AWX1.5% 
Market (SPY)8.2%1.0%
Sector (XLI)15.1%15.4%

Fundamental Drivers

The -25.8% change in AWX stock from 1/31/2025 to 2/15/2026 was primarily driven by a -80.8% change in the company's Net Income Margin (%).
(LTM values as of)13120252152026Change
Stock Price ($)3.612.68-25.8%
Change Contribution By: 
Total Revenues ($ Mil)8480-5.0%
Net Income Margin (%)1.2%0.2%-80.8%
P/E Multiple14.358.1305.8%
Shares Outstanding (Mil)440.0%
Cumulative Contribution-25.8%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/15/2026
ReturnCorrelation
AWX-27.1% 
Market (SPY)14.3%2.1%
Sector (XLI)27.2%8.8%

Fundamental Drivers

The -4.3% change in AWX stock from 1/31/2023 to 2/15/2026 was primarily driven by a -7.4% change in the company's P/S Multiple.
(LTM values as of)13120232152026Change
Stock Price ($)2.802.68-4.3%
Change Contribution By: 
Total Revenues ($ Mil)77803.4%
P/S Multiple0.10.1-7.4%
Shares Outstanding (Mil)440.0%
Cumulative Contribution-4.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/15/2026
ReturnCorrelation
AWX-6.1% 
Market (SPY)74.0%1.6%
Sector (XLI)78.5%7.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AWX Return39%-24%-13%62%-30%-0%3%
Peers Return39%-1%24%22%3%4%121%
S&P 500 Return27%-19%24%23%16%-0%82%

Monthly Win Rates [3]
AWX Win Rate50%33%42%50%42%50% 
Peers Win Rate70%42%60%62%53%80% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AWX Max Drawdown-2%-30%-32%-15%-39%-3% 
Peers Max Drawdown-7%-18%-5%-3%-9%-3% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WM, RSG, WCN, CLH, CWST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)

How Low Can It Go

Unique KeyEventAWXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-66.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven200.0%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-40.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven67.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven179 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-81.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven451.1%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-90.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1002.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to WM, RSG, WCN, CLH, CWST

In The Past

Avalon's stock fell -66.7% during the 2022 Inflation Shock from a high on 8/12/2021. A -66.7% loss requires a 200.0% gain to breakeven.

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About Avalon (AWX)

Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal, and governmental customers in the United States. It operates in Waste Management Services, and Golf and Related Operations segments. The Waste Management Services segment offers hazardous and nonhazardous waste disposal brokerage and management services; and captive landfill management services, as well as engages in the salt water injection well operations. This segment also provides turnkey services, including daily operations, facilities management, and management reporting; and sells construction mats. The Golf and Related Operations segment operates and manages four golf courses and related clubhouses, a hotel, and a travel agency. Its golf and country club facilities provide swimming pools, fitness centers, tennis courts, dining, and banquet and conference facilities, as well as spa services. The company also owns and operates hotel under the brand of The Grand Resort, which provides various facilities, such as hotel, indoor and outdoor swimming pool, bath, fitness center, restaurants, bars, cigar lounge, salon and spa, banquet and conference facilities, and adjoining tennis center. Avalon Holdings Corporation was founded in 1998 and is headquartered in Warren, Ohio.

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  • Simon Property Group for apartments.
  • Hilton for apartment communities.

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  • Apartment Community Development: Designing and constructing new multi-family residential properties, primarily for rental purposes.
  • Apartment Community Acquisition: Identifying and purchasing existing multi-family residential properties to expand its portfolio.
  • Property Management Services: Operating, maintaining, and leasing its portfolio of apartment communities to provide rental housing for residents.

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The company Avalon (AWX), known as AvalonBay Communities Inc., is a Real Estate Investment Trust (REIT) that develops, acquires, owns, and manages multifamily apartment communities. Therefore, its primary customers are individuals who rent apartments, rather than other businesses.

Based on the types of properties and the high-barrier-to-entry coastal markets AvalonBay serves, its customers can be broadly categorized as follows:

  • Young Urban Professionals: This category includes singles and couples, often early in their careers, who seek amenity-rich, well-located apartments in urban or dense suburban areas with convenient access to employment centers, public transportation, and entertainment. They typically value modern living spaces and a vibrant community atmosphere.
  • Affluent Residents and Downsizers: This group comprises individuals and couples, frequently empty nesters, who are looking for a convenient, low-maintenance lifestyle in high-quality communities located in desirable areas. They may be transitioning from homeownership and appreciate premium amenities, services, and prime locations.
  • Relocating Professionals: This category includes individuals or families moving for work who prefer the flexibility and convenience of renting a high-quality apartment in prime locations rather than immediately purchasing a home. They often require well-maintained properties with good amenities and a seamless leasing experience.

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Ronald E. Klingle, Chairman & Chief Executive Officer

Mr. Klingle was appointed Chief Executive Officer of Avalon Holdings Corporation in February 2011 and has served as Chairman since June 1998. He is recognized as the central figure who has guided Avalon Holdings Corporation since its formal incorporation in 1998, evolving from earlier businesses. His role encompasses leading the Board of Directors, overseeing corporate governance, and driving the company's long-term strategic planning. As CEO, he is responsible for the overall operational and financial performance, setting strategic direction, and ensuring the successful execution of business objectives.

Michael Havalo, CFO, Treasurer, Secretary, and Director

Mr. Havalo serves as the Chief Financial Officer, Treasurer, Secretary, and a Director of Avalon Holdings Corporation.

Kenneth J. McMahon, Chief Executive Officer and President of American Waste Management Services Inc.

Mr. McMahon, born in 1953, brings decades of leadership experience and a deep understanding of the waste management industry. As CEO and President of American Waste Management Services, Inc., a key subsidiary of Avalon Holdings Corporation, he is responsible for the strategic direction, operational success, and overall performance of this entity. His leadership focuses on setting the company's vision, fostering a strong corporate culture, driving innovation, and ensuring a commitment to environmental responsibility and customer service.

Frances R. Klingle, Chief Administrative Officer

Ms. Klingle, born in 1947, holds the position of Chief Administrative Officer for Avalon Holdings Corporation. She is responsible for overseeing the day-to-day operational functions that ensure the smooth and efficient running of the corporation. Her responsibilities typically include managing human resources, administrative support, facilities management, and the implementation of corporate policies and procedures.

Christine M. Bell, President of Avalon Golf & Country Club and Director

Ms. Bell serves as the President of Avalon Golf & Country Club and is a Director of Avalon Holdings Corporation.

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The key risks to Avalon Holdings Corporation (AWX) include significant regulatory and legal challenges within its waste management services, its overall financial health and liquidity, and the high volatility and low liquidity of its stock.

  1. Regulatory and Legal Challenges in Waste Management: Avalon faces ongoing regulatory issues and legal proceedings, particularly concerning the suspension of operations at its AWMS #2 saltwater disposal well. These prolonged legal matters introduce operational and contingent liability risks for a core segment of the business.
  2. Financial Health and Liquidity: The company has reported a working capital deficit, and its interest payments are not well covered by earnings. Furthermore, Avalon carries material long-term debt with a balloon structure, concentrating refinancing and cash-flow risks. Its current ratio suggests that it may not have sufficient short-term capital to meet its financial commitments when due.
  3. Stock Volatility and Low Liquidity: Avalon's stock is characterized by high volatility and low liquidity, largely due to a deep concentration of retail ownership (over 93%) and a lack of large, stable institutional investment. This makes the stock highly susceptible to market sentiment and herd behavior, leading to increased idiosyncratic volatility and a lack of professional cushion from analyst coverage during market turbulence.

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Avalon Holdings Corporation (AWX) is expected to drive future revenue growth over the next two to three years through several key initiatives across its two primary business segments: Waste Management Services and Golf and Related Operations. Here are 3-5 expected drivers of future revenue growth for Avalon: * Growth in Waste Management Services: Avalon's waste management segment aims to increase revenue and gain market share through internal growth. The company leverages its flexibility and relationships with various disposal facilities and transporters to achieve this. Recent performance in Q3 2025 indicates improved business activity and higher sales volumes in this segment. * Expansion and Enhancement of Golf and Related Operations: The Golf and Related Operations segment contributes significantly to Avalon's revenue. Growth in this area is anticipated through increased business activity and strategic pricing for services at its properties, including The Grand Resort and country clubs. Ongoing capital expenditures are directed towards "hotel room remodeling and other improvements," which are likely to enhance facilities, attract more customers, and support potential price increases in the hospitality offerings. * Capitalizing on Regional Economic Activity: Avalon's future growth strategy is closely tied to optimizing its existing assets and leveraging regional economic activity within its primary operating areas of Northeastern Ohio and Western Pennsylvania. A healthy regional economy is expected to drive demand for both its environmental services and hospitality offerings. * Strategic Acquisitions and Business Cultivation: As a diversified holding company, Avalon's core mission includes identifying, acquiring, and cultivating businesses that demonstrate strong market potential and robust financial performance. While a long-term strategy, successful strategic acquisitions could significantly contribute to revenue growth over the next 2-3 years by expanding Avalon's service offerings or market reach.

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Capital Expenditures

  • For the nine months ended September 30, 2025, Avalon Holdings Corporation's capital expenditures were $1.283 million.
  • In 2022, expected aggregate capital expenditures were projected to be between $3.5 million and $4.5 million.
  • The primary focus of capital expenditures in 2022 included continued hotel room renovations at The Grand Resort, improvements to the clubhouse at Avalon Field Club at New Castle, building improvements, and equipment purchases.

Better Bets vs. Avalon (AWX)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1How Low Can Avalon Stock Really Go?10/17/2025
Title
0ARTICLES

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Unique Key

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
Mkt Price2.68234.35223.02160.50273.75103.79191.76
Mkt Cap0.094.469.541.114.76.627.9
Rev LTM8025,20416,5029,4675,9621,7957,715
Op Inc LTM24,6073,3281,820652931,236
FCF LTM12,8162,5291,22044178831
FCF 3Y Avg12,2662,1181,19534074768
CFO LTM36,0434,3372,4148163431,615
CFO 3Y Avg35,3843,8932,2577642711,510

Growth & Margins

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
Rev Chg LTM-5.0%14.2%4.3%6.1%2.9%20.5%5.2%
Rev Chg 3Y Avg1.3%8.6%8.5%9.5%6.0%19.6%8.6%
Rev Chg Q6.2%7.1%3.3%5.0%1.3%17.9%5.6%
QoQ Delta Rev Chg LTM1.9%1.7%0.8%1.2%0.3%4.3%1.5%
Op Mgn LTM2.3%18.3%20.2%19.2%10.9%5.2%14.6%
Op Mgn 3Y Avg1.9%18.6%19.3%18.8%11.3%6.9%14.9%
QoQ Delta Op Mgn LTM0.0%0.6%-0.3%0.4%-0.0%-0.5%0.0%
CFO/Rev LTM3.7%24.0%26.3%25.5%13.7%19.1%21.5%
CFO/Rev 3Y Avg4.1%23.8%24.8%25.7%13.4%18.2%21.0%
FCF/Rev LTM1.4%11.2%15.3%12.9%7.4%4.4%9.3%
FCF/Rev 3Y Avg0.6%10.0%13.5%13.6%5.9%5.2%8.0%

Valuation

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
Mkt Cap0.094.469.541.114.76.627.9
P/S0.13.74.24.32.53.73.7
P/EBIT5.821.822.323.421.680.022.0
P/E58.134.933.038.137.7431.937.9
P/CFO3.615.616.017.018.019.216.5
Total Yield1.8%4.3%4.1%3.4%2.7%0.2%3.0%
Dividend Yield0.0%1.4%1.0%0.8%0.0%0.0%0.4%
FCF Yield 3Y Avg2.7%2.8%3.5%2.8%3.0%1.3%2.8%
D/E3.30.20.20.20.20.20.2
Net D/E2.90.20.20.20.10.20.2

Returns

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
1M Rtn-2.5%5.9%5.7%-4.0%3.7%-2.2%0.7%
3M Rtn-10.1%12.5%6.6%-4.8%33.0%16.4%9.5%
6M Rtn7.2%4.1%-3.7%-13.0%12.6%4.5%4.3%
12M Rtn-19.5%4.4%-2.6%-14.5%19.1%-6.8%-4.7%
3Y Rtn-10.1%61.3%77.8%20.3%103.1%29.5%45.4%
1M Excs Rtn3.2%8.4%7.0%-1.3%7.0%3.2%5.1%
3M Excs Rtn-7.7%15.6%9.2%-4.7%31.9%19.0%12.4%
6M Excs Rtn-0.3%-1.3%-9.2%-18.6%5.1%-0.4%-0.8%
12M Excs Rtn-35.7%-8.4%-12.1%-27.9%5.2%-15.7%-13.9%
3Y Excs Rtn-71.2%-3.2%19.8%-43.3%38.7%-35.1%-19.1%

Comparison Analyses

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Financials

Price Behavior

Price Behavior
Market Price$2.63 
Market Cap ($ Bil)0.0 
First Trading Date06/23/1998 
Distance from 52W High-47.9% 
   50 Days200 Days
DMA Price$2.68$2.61
DMA Trendindeterminateindeterminate
Distance from DMA-1.7%0.9%
 3M1YR
Volatility35.6%102.0%
Downside Capture44.61-27.69
Upside Capture-30.15-48.47
Correlation (SPY)3.6%2.6%
AWX Betas & Captures as of 1/31/2026

 1M2M3M6M1Y3Y
Beta-0.30-0.540.910.200.130.08
Up Beta-0.35-1.370.940.890.190.03
Down Beta-0.10-0.111.742.930.890.56
Up Capture-25%-34%45%-53%-25%-1%
Bmk +ve Days11223471142430
Stock +ve Days9172656104300
Down Capture-68%-99%58%-168%-54%-34%
Bmk -ve Days9192754109321
Stock -ve Days10223261123340

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AWX
AWX-23.5%102.3%0.10-
Sector ETF (XLI)27.9%19.2%1.159.0%
Equity (SPY)14.0%19.4%0.552.4%
Gold (GLD)74.3%25.3%2.170.9%
Commodities (DBC)7.0%16.7%0.24-4.7%
Real Estate (VNQ)7.9%16.6%0.283.5%
Bitcoin (BTCUSD)-29.8%44.9%-0.65-2.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AWX
AWX-4.9%69.8%0.19-
Sector ETF (XLI)15.9%17.2%0.7412.5%
Equity (SPY)13.3%17.0%0.6210.0%
Gold (GLD)22.1%17.0%1.063.1%
Commodities (DBC)10.5%18.9%0.442.0%
Real Estate (VNQ)5.2%18.8%0.188.8%
Bitcoin (BTCUSD)8.3%57.2%0.375.5%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AWX
AWX4.5%82.1%0.40-
Sector ETF (XLI)15.3%19.8%0.6810.5%
Equity (SPY)15.6%17.9%0.759.1%
Gold (GLD)15.3%15.6%0.821.6%
Commodities (DBC)8.1%17.6%0.383.1%
Real Estate (VNQ)6.4%20.7%0.278.7%
Bitcoin (BTCUSD)67.9%66.7%1.076.4%

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Short Interest

Short Interest: As Of Date1302026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 115202647.5%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest2.2 days
Basic Shares Quantity3.9 Mil
Short % of Basic Shares0.4%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/07/202510-Q
12/31/202403/20/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202303/21/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/10/202310-Q
12/31/202203/23/202310-K
09/30/202211/10/202210-Q
06/30/202208/12/202210-Q
03/31/202205/12/202210-Q
12/31/202103/10/202210-K