Avalon (AWX)


Market Price (11/2/2026): $2.53 | Market Cap: $9.9 MilSector: Industrials | Industry: Environmental & Facilities Services

Avalon (AWX)


Market Price (11/2/2026): $2.53
Market Cap: $9.9 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
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.3%, FCF Yield is 13%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more.

Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -50%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 292%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%

Key risks
AWX key risks include [1] regulatory and legal challenges from suspended well operations, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.3%, FCF Yield is 13%
1 Low stock price volatility
Vol 12M is 31%
2 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -50%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 292%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%
6 Key risks
AWX key risks include [1] regulatory and legal challenges from suspended well operations, Show more.

AWX in ETFs

Weight = AWX's share of each fund

DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Avalon (AWX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Consistent but Small-Scale Fiscal Q2 2026 Financial Improvement.

Avalon Holdings Corporation reported improved results for fiscal Q2 2026 (ended June 30, 2026), announcing on August 7, 2026, that net operating revenues increased to $20.9 million from $20.3 million in Q2 2025. Net income also rose significantly to $0.9 million ($0.23 basic net income per share) compared to $0.3 million ($0.07 basic net income per share) in the prior year's comparable quarter. While these results indicate operational progress, the company's micro-capitalization of approximately $10.10 million as of October 2026 and the modest absolute revenue and income figures likely restricted any dramatic surge in its stock price, leading to a relatively stable trading pattern.

2. Absence of Major Catalysts or Detractors.

During the period from July 31, 2026, to November 1, 2026, Avalon Holdings Corporation did not experience any significant company-specific events such as transformative acquisitions, major new contract announcements, or severe operational setbacks that would typically drive substantial stock price movement. The extension of its Wesbanco Credit Agreement maturity in October 2026, while a positive financial housekeeping step, was unlikely to be a catalyst for significant share price appreciation.

Show more
Updated on 11/1/2026

Avalon (AWX) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Consistent but Small-Scale Fiscal Q2 2026 Financial Improvement.

Avalon Holdings Corporation reported improved results for fiscal Q2 2026 (ended June 30, 2026), announcing on August 7, 2026, that net operating revenues increased to $20.9 million from $20.3 million in Q2 2025. Net income also rose significantly to $0.9 million ($0.23 basic net income per share) compared to $0.3 million ($0.07 basic net income per share) in the prior year's comparable quarter. While these results indicate operational progress, the company's micro-capitalization of approximately $10.10 million as of October 2026 and the modest absolute revenue and income figures likely restricted any dramatic surge in its stock price, leading to a relatively stable trading pattern.

2. Absence of Major Catalysts or Detractors.

During the period from July 31, 2026, to November 1, 2026, Avalon Holdings Corporation did not experience any significant company-specific events such as transformative acquisitions, major new contract announcements, or severe operational setbacks that would typically drive substantial stock price movement. The extension of its Wesbanco Credit Agreement maturity in October 2026, while a positive financial housekeeping step, was unlikely to be a catalyst for significant share price appreciation.

3. Lingering Financial Risks and Debt Load.

Despite recent operational improvements, Avalon Holdings Corporation maintains a notable level of financial risk, particularly concerning its balance sheet. As of September 22, 2026, the company had approximately $51.14 million in total liabilities, including $34.31 million in debt. This substantial debt, when weighed against its small market capitalization, likely acted as a counterbalance to positive earnings news, contributing to investor caution and preventing a significant upward revaluation of the stock.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 1.4% change in AWX stock from 7/31/2026 to 10/31/2026 was primarily driven by a 102.7% change in the company's Net Income Margin (%).
(LTM values as of)731202610312026Change
Stock Price ($)2.562.591.4%
Change Contribution By: 
Total Revenues ($ Mil)85860.8%
Net Income Margin (%)0.7%1.4%102.7%
P/E Multiple17.08.5-50.4%
Shares Outstanding (Mil)440.0%
Cumulative Contribution1.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 10/31/2026
ReturnCorrelation
AWX1.4% 
Market (SPY)1.2%-8.9%
Sector (XLI)-6.9%-2.9%

Fundamental Drivers

The 2.2% change in AWX stock from 4/30/2026 to 10/31/2026 was primarily driven by a 262.6% change in the company's Net Income Margin (%).
(LTM values as of)430202610312026Change
Stock Price ($)2.542.592.2%
Change Contribution By: 
Total Revenues ($ Mil)84862.7%
Net Income Margin (%)0.4%1.4%262.6%
P/E Multiple30.88.5-72.6%
Shares Outstanding (Mil)440.0%
Cumulative Contribution2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 10/31/2026
ReturnCorrelation
AWX2.2% 
Market (SPY)5.4%3.7%
Sector (XLI)-3.9%2.4%

Fundamental Drivers

The -5.5% change in AWX stock from 10/31/2025 to 10/31/2026 was primarily driven by a -90.7% change in the company's P/E Multiple.
(LTM values as of)1031202510312026Change
Stock Price ($)2.742.59-5.5%
Change Contribution By: 
Total Revenues ($ Mil)78869.7%
Net Income Margin (%)0.2%1.4%823.2%
P/E Multiple90.58.5-90.7%
Shares Outstanding (Mil)440.0%
Cumulative Contribution-5.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 10/31/2026
ReturnCorrelation
AWX-5.5% 
Market (SPY)11.7%7.4%
Sector (XLI)8.9%5.9%

Fundamental Drivers

The 34.2% change in AWX stock from 10/31/2023 to 10/31/2026 was primarily driven by a 35.5% change in the company's P/S Multiple.
(LTM values as of)1031202310312026Change
Stock Price ($)1.932.5934.2%
Change Contribution By: 
Total Revenues ($ Mil)8786-1.0%
P/S Multiple0.10.135.5%
Shares Outstanding (Mil)440.0%
Cumulative Contribution34.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 10/31/2026
ReturnCorrelation
AWX34.2% 
Market (SPY)86.9%1.1%
Sector (XLI)77.0%6.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AWX Return39%-24%-13%62%-30%-4%-0%
Peers Return39%-1%24%22%3%11%136%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
AWX Win Rate50%33%42%50%42%50% 
Peers Win Rate70%42%60%62%53%54% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AWX Max Drawdown-40%-34%-37%-19%-51%-14% 
Peers Max Drawdown-11%-22%-15%-11%-23%-18% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[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 10/30/2026 (YTD)

How Low Can It Go

EventAWXS&P 500
2025 US Tariff Shock
  % Loss-29.8%-18.8%
  % Gain to Breakeven42.5%23.1%
  Time to Breakeven148 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.7%-9.5%
  % Gain to Breakeven27.7%10.5%
  Time to Breakeven146 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.2%-6.7%
  % Gain to Breakeven33.6%7.1%
  Time to Breakeven522 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.0%-24.5%
  % Gain to Breakeven47.0%32.4%
  Time to Breakeven799 days427 days
2020 COVID-19 Crash
  % Loss-36.5%-33.7%
  % Gain to Breakeven57.5%50.9%
  Time to Breakeven70 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.5%-19.2%
  % Gain to Breakeven37.8%23.8%
  Time to Breakeven781 days105 days

Compare to WM, RSG, WCN, CLH, CWST

In The Past

Avalon's stock fell -29.8% during the 2025 US Tariff Shock. Such a loss loss requires a 42.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAWXS&P 500
2025 US Tariff Shock
  % Loss-29.8%-18.8%
  % Gain to Breakeven42.5%23.1%
  Time to Breakeven148 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.7%-9.5%
  % Gain to Breakeven27.7%10.5%
  Time to Breakeven146 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.2%-6.7%
  % Gain to Breakeven33.6%7.1%
  Time to Breakeven522 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.0%-24.5%
  % Gain to Breakeven47.0%32.4%
  Time to Breakeven799 days427 days
2020 COVID-19 Crash
  % Loss-36.5%-33.7%
  % Gain to Breakeven57.5%50.9%
  Time to Breakeven70 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-27.5%-19.2%
  % Gain to Breakeven37.8%23.8%
  Time to Breakeven781 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.3%-3.7%
  % Gain to Breakeven35.7%3.9%
  Time to Breakeven68 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-31.0%-12.2%
  % Gain to Breakeven44.8%13.9%
  Time to Breakeven162 days62 days
2014-2016 Oil Price Collapse
  % Loss-62.5%-6.8%
  % Gain to Breakeven166.7%7.3%
  Time to Breakeven917 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-22.5%-17.9%
  % Gain to Breakeven29.1%21.8%
  Time to Breakeven38 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-28.4%-15.4%
  % Gain to Breakeven39.7%18.2%
  Time to Breakeven568 days125 days
2008-2009 Global Financial Crisis
  % Loss-83.1%-53.4%
  % Gain to Breakeven492.9%114.4%
  Time to Breakeven1746 days1085 days
Summer 2007 Credit Crunch
  % Loss-36.1%-8.6%
  % Gain to Breakeven56.5%9.5%
  Time to Breakeven4008 days47 days

Compare to WM, RSG, WCN, CLH, CWST

In The Past

Avalon's stock fell -29.8% during the 2025 US Tariff Shock. Such a loss loss requires a 42.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Avalon (AWX)

Avalon Holdings Corporation (AWX) is a diversified company primarily engaged in two distinct business segments: Waste Management Services and Golf and Related Operations. Its Waste Management Services division provides comprehensive solutions for handling both hazardous and nonhazardous waste. This includes waste disposal brokerage, management services, and the operation of captive landfills and salt water injection wells. The company also offers turnkey operational and facility management services and sells construction mats, serving a broad base of industrial, commercial, municipal, and governmental customers throughout the United States.

In its Golf and Related Operations segment, Avalon owns and manages four golf courses and their associated clubhouses. This division also operates a hotel under The Grand Resort brand, complemented by a travel agency. The hospitality facilities offer an extensive array of amenities, such as swimming pools, fitness centers, tennis courts, diverse dining options, banquet and conference facilities, and spa services, catering to leisure travelers, events, and members seeking recreational and hospitality experiences.

AI Analysis | Feedback

For Avalon (AWX), here are 1-2 brief analogies:

  • For its waste management services, Avalon operates like a regional, more specialized version of Waste Management (WM).
  • For its golf and related operations, it's akin to a small, regional hospitality group that owns and operates golf courses and a resort, similar to an integrated destination property you might find under a major brand like Marriott (MAR).

AI Analysis | Feedback

  • Waste Disposal and Management Services: Provides brokerage, management, and disposal services for hazardous and nonhazardous waste.
  • Landfill Management Services: Manages captive landfills for industrial, commercial, municipal, and governmental clients.
  • Salt Water Injection Well Operations: Operates wells for the safe disposal of salt water, often a byproduct of industrial processes.
  • Waste Management Turnkey Services: Offers comprehensive daily operations, facilities management, and reporting for waste management sites.
  • Construction Mat Sales: Sells construction mats used in various industrial and construction applications.
  • Golf Course Operations: Operates and manages four golf courses along with related clubhouse facilities, including swimming pools, fitness centers, and tennis courts.
  • Hotel and Resort Management: Manages The Grand Resort, offering accommodation, dining, spa, fitness, and event facilities.
  • Travel Agency Services: Provides travel-related booking and planning services.

AI Analysis | Feedback

Avalon Holdings Corporation (AWX) serves a diverse range of customers across its two primary operating segments. While specific customer names are not publicly disclosed in the provided information, its major customers can be categorized as follows:

  1. Business and Organizational Customers: This category encompasses industrial, commercial, municipal, and governmental entities that utilize Avalon's Waste Management Services for hazardous and nonhazardous waste disposal, brokerage, landfill management, and related services. It also includes businesses or organizations booking banquet and conference facilities within the Golf and Related Operations segment.

  2. Leisure and Hospitality Guests: Individuals and families who are guests at The Grand Resort hotel, utilize its indoor and outdoor swimming pools, fitness centers, restaurants, bars, salon, and spa services.

  3. Golfers and Country Club Patrons: Individuals who frequent the company's four golf courses, participate in related club activities, and use amenities such as tennis courts, fitness centers, and dining facilities at the country clubs.

AI Analysis | Feedback

null

AI Analysis | Feedback

Ronald Klingle, Chairman and Chief Executive Officer

Ronald Klingle was appointed as the Chief Executive Officer of Avalon Holdings Corporation in February 2011, and he also serves as the Chairman of the Board. He has a tenure of over 15 years with the company and holds a significant ownership stake, directly owning 19.67% of the company's shares.

Michael J. Havalo, Chief Financial Officer, Treasurer, and Secretary

Michael J. Havalo serves as the Chief Financial Officer, Treasurer, and Secretary, as well as a Director for Avalon Holdings Corporation. In his capacity as CFO, Mr. Havalo is responsible for the overall financial strategy, performance, and health of the corporation. He was listed with compensation data for 2023, indicating his current role after the interim appointment of Stefanie Villella in April 2023.

Frances R. Klingle, Chief Administrative Officer

Frances R. Klingle holds the position of Chief Administrative Officer at Avalon Holdings Corporation. She is responsible for overseeing the day-to-day operational functions that ensure the smooth and efficient running of the corporation, including managing human resources, administrative support, facilities management, and the implementation of corporate policies and procedures.

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

Kenneth J. McMahon is the Chief Executive Officer and President of American Waste Management Services, Inc., a significant entity within Avalon Holdings Corporation. In this role, Mr. McMahon is responsible for the strategic direction, operational success, and overall performance of American Waste Management Services, Inc.

AI Analysis | Feedback

The key risks to Avalon Holdings Corporation (AWX) are primarily associated with the regulatory environment of its waste management services and the discretionary nature of its golf and hospitality operations, alongside significant capital expenditure requirements across both segments.

1. Regulatory and Environmental Risks in Waste Management

Avalon Holdings Corporation's Waste Management Services segment, which includes hazardous and nonhazardous waste disposal, captive landfill management, and salt water injection well operations, is highly susceptible to stringent and evolving environmental regulations. Changes in these regulations can lead to increased compliance costs, operational restrictions, or potential environmental liabilities. The industry faces "regulatory, environmental, and recycling-market risks," and the company encounters "regulatory hurdles for acquiring or building new landfills". Non-compliance can result in substantial fines and legal challenges, significantly impacting the company's financial performance and reputation.

2. Economic Sensitivity and Reliance on Discretionary Spending

The Golf and Related Operations segment, encompassing golf courses, clubhouses, a hotel, and a travel agency, is heavily dependent on consumer discretionary spending. Economic downturns or shifts in consumer preferences can directly reduce demand for leisure activities, leading to lower revenues from golf memberships, hotel stays, events, and spa services. The company's overall profitability can be a "tug-of-war between industrial volume and consumer discretionary spending," highlighting the vulnerability of this segment to economic fluctuations.

3. High Capital Expenditure and Operating Costs

Both the Waste Management Services and Golf and Related Operations segments require substantial ongoing capital investment and incur significant operating costs. The waste management business, particularly landfill operations, demands high "capital expenditure (CapEx)" for maintenance, upgrades, and regulatory compliance. Similarly, the golf courses and hotel properties require considerable investment for upkeep, staffing, and utilities such as water and energy, which are major expenses. Rising operational costs, including fuel and labor expenses in waste management, can also put pressure on the company's profitability.

AI Analysis | Feedback

The clear emerging threat for Avalon Holdings Corporation primarily impacts its Golf and Related Operations segment, specifically its hotel and resort properties like The Grand Resort.

Short-term rental platforms (e.g., Airbnb, Vrbo): These platforms continue to disrupt the traditional hospitality industry by offering alternative lodging options that compete directly with hotels. While these platforms have existed for some time, their ongoing expansion into various market segments, including luxury and amenity-rich properties, and their increasing market penetration represent a continuously evolving and intensifying threat. They provide travelers with competitive pricing, unique experiences, and often more space, drawing away business and leisure travelers who might otherwise stay at traditional hotels and resorts. This ongoing evolution and capture of market share by short-term rentals constitutes a clear and growing competitive pressure on Avalon's hotel operations, akin to how Uber continues to challenge traditional taxi services.

AI Analysis | Feedback

Avalon Holdings Corporation (AWX) operates in two main segments: Waste Management Services and Golf and Related Operations. The addressable markets for their main products and services in the United States are as follows:

Waste Management Services Segment

  • Overall Waste Management Services: The U.S. waste management market is projected to reach approximately USD 313.1 billion in 2025 and grow to about USD 496.7 billion by 2034.
  • Hazardous Waste Disposal and Management: The U.S. hazardous waste management market generated USD 4.66 billion in 2025 and is expected to reach USD 7.26 billion by 2033, growing at a CAGR of 5.8%.
  • Non-Hazardous Waste Disposal and Management: The non-hazardous waste segment dominated the U.S. solid waste management market in 2024, accounting for 94.3% of the market. The total U.S. solid waste management market was estimated at USD 156.3 billion in 2024 and is projected to reach USD 247.5 billion by 2033.
  • Salt Water Injection Well Operations: The U.S. market for injection wells is projected to reach an estimated value of approximately USD 5.04 billion by 2031.
  • Construction Mats: The global construction mats market is expected to grow from USD 1.42 billion in 2025 to USD 1.92 billion by 2032. North America is anticipated to account for approximately 30% of this market by 2026.

Golf and Related Operations Segment

  • Golf Courses and Related Clubhouses: The market size of Golf Courses & Country Clubs in the U.S. was approximately USD 35.7 billion in 2025. The U.S. industry includes about 11,000 golf course facilities with combined annual revenue of about USD 23 billion.
  • Hotel Operations: The U.S. hotels market size was estimated at USD 263.21 billion in 2024 and is projected to grow to USD 395.69 billion by 2030.
  • Travel Agency Services: The United States Travel Agency Market, worth USD 145.43 billion in 2024, is forecasted to achieve USD 300.79 billion by 2033. Another source indicates gross bookings for the U.S. travel agency market surged to USD 109.7 billion in 2023.

AI Analysis | Feedback

Avalon Holdings Corporation (AWX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its Waste Management Services and Golf and Related Operations segments.

  1. Expanding Waste Management Services to New Clients and Markets: The company's growth strategy for its waste management segment centers on increasing revenue and market share through internal growth. This involves expanding waste brokerage services to new industrial, commercial, municipal, and governmental clients, primarily within its selected northeastern and midwestern U.S. markets. Avalon may also seek permits for vertically integrated waste services or expand its existing service offerings to enhance its competitive positioning.

  2. Strategic Investments and Renovations in The Grand Resort: Avalon plans to continue investing in its Golf and Related Operations segment, specifically through hotel room expansion and ongoing renovations at The Grand Resort. Capital expenditures for these improvements are anticipated to be in the range of $3.0 million to $4.0 million in 2024, focusing on enhancing the resort's facilities and amenities.

  3. Growth in Golf and Country Club Memberships and Pricing: Revenue growth in the Golf and Related Operations segment is also expected from increasing membership dues rates and achieving higher occupancy and average room rates at The Grand Resort and its country clubs. The company actively employs various marketing strategies and membership promotions to attract and retain members for its golf and country club facilities.

  4. Capitalizing on Favorable Regulatory Environment in Waste Management: Avalon intends to leverage regulatory tailwinds that favor specialized hazardous and non-hazardous waste management. Evolving environmental regulations can increase demand for Avalon's expertise in waste disposal brokerage, captive landfill management, and saltwater injection well operations.

AI Analysis | Feedback

Capital Expenditures

  • Avalon Holdings Corporation incurred capital expenditures of approximately $6.6 million in 2022, of which $6.4 million was paid to vendors during the year. These expenditures primarily related to the continued renovation of The Grand Resort and Avalon Field Club at New Castle.
  • In 2021, the company's capital expenditures were approximately $4.8 million, with $4.4 million paid to vendors. About $0.1 million of these expenditures in 2021 related to golf course maintenance equipment acquired under a new finance lease agreement. The focus remained on renovations at The Grand Resort and Avalon Field Club at New Castle.
  • For the nine months ended September 30, 2025, capital expenditures were funded using existing cash, cash provided by operations, and a project fund account.

Share Issuance

  • As of March 10, 2025, Avalon Holdings Corporation had 3,287,647 shares of its Class A Common Stock and 611,784 shares of its Class B Common Stock outstanding. A similar number of shares outstanding was reported as of May 6, 2022. No significant share issuances in terms of dollar amount were explicitly reported in the provided information for the last 3-5 years.

Outbound Investments

  • In 2024, Avalon Holdings Corporation formed Avalon Med Spa, LLC, becoming the majority owner with a 50.1% stake. The financial statements of Avalon Med Spa, LLC are consolidated with Avalon's.
  • In March 2024, Avalon Holdings Corporation also established Avalon Dermatology, LLC, an Ohio limited liability company. This entity provides dermatology services, with Avalon managing all decisions for a percentage of the gross revenues.

Better Bets vs. Avalon (AWX)

Peer Outperformance in Environmental & Facilities Services

AWX has trailed 57% of its 28 Environmental & Facilities Services peers over 5Y. Among the peers that beat it is GFL. Environmental & Facilities Services ranks 17th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Environmental & Facilities Services constituents that AWX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
63%
of 32 industry peers · -5.5% return
3Y
50%
of 30 industry peers · 34.2% return
5Y
43%
of 28 industry peers · -32.4% return
Environmental & Facilities Services peers with revenue growth within 4pp of AWX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
AWX Avalon -0.1% 8.5x -5.5%34.2%-32.4% —
GFL GFL Environmental 0.6% -54.8x 3.6%57.1%10.7% +43pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is AWX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Marine Transportation 5 55.0%55.3%159.8% MATX 186% · KEX 175%
Construction & Engineering 29 -7.3%104.5%152.2% STRL 1339% · FIX 1275% · AGX 809%
Construction Machinery & Heavy Transportation Equipment 13 12.1%64.6%104.9% ALSN 249% · CAT 231% · WAB 217%
Aerospace & Defense 52 -12.4%64.5%67.6% ATI 929% · FTAI 906% · HWM 581%
Trading Companies & Distributors 19 20.7%36.0%61.7% DXPE 429% · URI 221% · AIT 215%
Diversified Support Services 34 18.8%42.8%35.8% CXW 259% · OPLN 166% · CACI 135%
Industrial Machinery & Supplies & Components 72 4.2%51.0%35.8% CRS 865% · MLI 344% · SYM 280%
Rail Transportation 7 30.8%59.2%29.9% CSX 54% · UNP 41% · NSC 30%
Building Products 32 -8.3%11.6%22.5% GFF 363% · TT 141% · JCI 124%
Electrical Components & Equipment 37 -8.0%75.7%17.1% POWL 1863% · VRT 810% · BE 550%
Cargo Ground Transportation 16 32.0%6.7%11.9% R 275% · XPO 263% · ARCB 43%
Industrial Conglomerates 17 15.6%3.5%2.4% CSW 111% · DD 85% · CSL 78%
Office Services & Supplies 9 24.8%20.6%-9.3% PBI 186% · TILE 161% · HNI 55%
Data Processing & Outsourced Services 6 -19.2%-0.1%-15.9% EXLS 69% · BR 10% · G -13%
Security & Alarm Services 9 -52.4%22.1%-17.6% BCO 58%
Agricultural & Farm Machinery 16 9.2%-6.1%-19.6% DE 111% · TTC 23% · AGCO 5%
Environmental & Facilities Services ← 29 -28.8%34.2%-25.0% GEO 249% · CLH 168% · RSG 93%
Research & Consulting Services 13 4.5%-12.9%-25.4% HURN 288% · FCN 27% · BAH 12%
Passenger Airlines 11 -3.5%55.0%-32.4% LTM 2856% · UAL 126% · DAL 113%
Passenger Ground Transportation 3 -21.0%48.9%-34.4% UBER 49% · CAR -34% · LYFT -65%
Air Freight & Logistics 12 -18.8%-8.1%-39.3% FDX 84% · EXPD 71% · CHRW 45%
Human Resource & Employment Services 22 19.9%-5.2%-42.8% ADP 46% · FA 28% · PAYX 6%
Airport Services 4 -53.3%-60.0%-85.9% JOBY -44%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
Mkt Price2.53233.92244.05184.01302.1893.33208.96
Mkt Cap0.093.374.846.215.95.931.1
Rev LTM8626,07017,2379,9446,5641,9558,254
Op Inc LTM34,8423,4681,943864941,404
FCF LTM13,7402,5601,178496105837
FCF 3Y Avg12,7482,3321,21740282809
CFO LTM36,5654,5002,5281,0203511,774
CFO 3Y Avg35,8944,2172,3908633071,626

Growth & Margins

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
Rev Chg LTM9.7%5.2%4.5%6.3%10.1%13.6%8.0%
Rev Chg 3Y Avg-0.1%9.1%5.6%8.2%7.1%20.6%7.6%
Rev Chg Q3.2%6.3%8.2%7.3%20.7%16.9%7.8%
QoQ Delta Rev Chg LTM0.8%1.6%2.1%1.8%5.1%4.2%1.9%
Op Inc Chg LTM75.2%10.8%4.2%10.3%32.6%-3.5%10.5%
Op Inc Chg 3Y Avg13,214.3%10.5%9.6%11.9%14.4%-2.6%11.2%
Op Mgn LTM3.6%18.6%20.1%19.5%13.2%4.8%15.9%
Op Mgn 3Y Avg2.7%18.7%19.9%19.2%11.9%5.8%15.3%
QoQ Delta Op Mgn LTM0.7%0.1%0.1%0.1%1.3%-0.1%0.1%
CFO/Rev LTM4.1%25.2%26.1%25.4%15.5%18.0%21.6%
CFO/Rev 3Y Avg3.5%24.5%25.5%25.6%14.1%17.9%21.2%
FCF/Rev LTM1.5%14.3%14.9%11.9%7.6%5.4%9.7%
FCF/Rev 3Y Avg0.7%11.3%14.1%13.1%6.5%4.7%8.9%

Valuation

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
Mkt Cap0.093.374.846.215.95.931.1
P/S0.13.64.34.72.43.03.3
P/Op Inc3.219.321.623.818.463.020.4
P/EBIT3.319.423.125.418.083.621.2
P/E8.330.433.640.830.21,040.832.0
P/CFO2.814.216.618.315.616.916.1
Total Yield11.8%4.9%4.0%3.2%3.3%0.1%3.7%
Dividend Yield0.0%1.6%1.0%0.8%0.0%0.0%0.4%
FCF Yield 3Y Avg6.6%3.3%3.5%2.8%2.9%1.5%3.1%
D/E3.50.30.20.20.20.20.2
Net D/E3.00.20.20.20.20.20.2

Returns

AWXWMRSGWCNCLHCWSTMedian
NameAvalon Waste Ma.Republic.Waste Co.Clean Ha.Casella . 
1M Rtn1.2%15.9%18.3%22.1%-3.3%19.5%17.1%
3M Rtn-1.0%3.7%16.3%10.2%-3.4%4.0%3.9%
6M Rtn1.6%3.1%18.9%14.6%-3.0%7.5%5.3%
12M Rtn-7.7%19.1%18.6%10.7%43.5%5.4%14.6%
3Y Rtn31.1%49.3%69.8%45.0%105.1%25.2%47.2%
1M Excs Rtn0.2%14.8%17.3%21.1%-4.3%18.5%16.1%
3M Excs Rtn-3.2%1.9%14.9%8.0%-4.7%-0.4%0.7%
6M Excs Rtn-5.3%-4.0%11.8%7.5%-10.1%0.4%-1.8%
12M Excs Rtn-18.4%8.0%4.9%-2.2%26.3%-1.5%1.7%
3Y Excs Rtn-51.2%-35.9%-13.9%-48.0%10.9%-62.3%-41.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Waste management services4646455043
Golf and related operations3838363128
Corporate0    
Intersegment eliminations 0-0-0 
Total8484818170


Operating Income by Segment
$ Mil20052004200320022001
Waste management services32   
Other business-0 -0 0
Golf and related operations-000-0-1
Waste disposal brokerage and management  211
Technical environmental services   0-2
Transportation services   -2-0
Total332-2-2


Assets by Segment
$ Mil20252024202320222021
Corporate6364656655
Golf and related operations6162646360
Waste management services3835363534
Elimination of intersegment receivables-75-76-77-74-71
Total8786889078


Price Behavior

Price Behavior
Market Price$2.59 
Market Cap ($ Bil)0.0 
First Trading Date06/23/1998 
Distance from 52W High-13.1% 
   50 Days200 Days
DMA Price$2.59$2.59
DMA Trenddownindeterminate
Distance from DMA0.2%0.2%
 3M1YR
Volatility33.8%31.0%
Downside Capture-41.989.61
Upside Capture-24.313.69
Correlation (S&P 500)-5.9%7.8%
AWX Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.39-0.32-0.280.090.180.05
Up Beta-1.26-1.02-0.31-0.40-0.10-0.08
Down Beta-1.31-1.110.040.820.740.41
Up Capture25%-3%-28%3%2%1%
Bmk +ve Days12182862130427
Stock +ve Days7172653104314
Down Capture-19%4%-47%-9%17%-26%
Bmk -ve Days10253664121325
Stock -ve Days11223464123343

[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-4.1%31.0%-0.12-
Sector ETF (XLI)8.9%17.3%0.325.7%
Equity (SPY)10.9%12.8%0.526.4%
Gold (GLD)-2.0%28.6%-0.081.3%
Commodities (DBC)48.2%20.6%1.792.8%
Real Estate (VNQ)10.2%13.7%0.45-8.1%
Bitcoin (BTCUSD)-30.0%43.5%-0.70-2.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AWX
AWX-6.9%64.8%0.11-
Sector ETF (XLI)11.4%17.6%0.489.8%
Equity (SPY)12.2%17.1%0.536.8%
Gold (GLD)16.2%19.0%0.681.4%
Commodities (DBC)9.2%19.5%0.350.3%
Real Estate (VNQ)0.9%18.9%-0.066.6%
Bitcoin (BTCUSD)4.9%51.6%0.283.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AWX
AWX-0.4%81.0%0.33-
Sector ETF (XLI)13.2%20.1%0.5810.5%
Equity (SPY)15.2%17.9%0.729.1%
Gold (GLD)11.4%16.5%0.561.4%
Commodities (DBC)8.2%18.1%0.373.5%
Real Estate (VNQ)5.3%20.7%0.218.7%
Bitcoin (BTCUSD)61.8%66.2%1.026.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 930202636.2%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest1.4 days
Basic Shares Quantity3.9 Mil
Short % of Basic Shares0.3%

Returns Analyses

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 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
06/30/202608/07/202610-Q
03/31/202605/05/202610-Q
12/31/202503/19/202610-K
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/05/202610-Q
12/31/202503/19/202610-K
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
09/30/202111/12/202110-Q
06/30/202108/06/202110-Q
03/31/202105/13/202110-Q
12/31/202003/11/202110-K
09/30/202011/12/202010-Q
06/30/202008/10/202010-Q
03/31/202005/14/202010-Q
12/31/201903/12/202010-K
09/30/201911/13/201910-Q
Core Cache Last Updated: 10/31/2026