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): $2.53Market Cap: $9.9 MilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal 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 volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -50% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 292% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% Key risksAWX key risks include [1] regulatory and legal challenges from suspended well operations, Show more. |
| Attractive yieldTotal 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 volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Battery Technology & Metals, and Renewable Energy Transition. Themes include Rare Earth Elements, Advanced Battery Components, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -50% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 292% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% |
| Key risksAWX key risks include [1] regulatory and legal challenges from suspended well operations, Show more. |
Qualitative Assessment
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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.
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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 $34.31 million in debt. This substantial debt, when weighed against its small market capitalization, likely acted as a counterbalance to positive earnings news, contributing to investor caution and preventing a significant upward revaluation of the stock.
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Stock Movement Drivers
Fundamental Drivers
The 1.4% change in AWX stock from 7/31/2026 to 10/31/2026 was primarily driven by a 102.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.56 | 2.59 | 1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 85 | 86 | 0.8% |
| Net Income Margin (%) | 0.7% | 1.4% | 102.7% |
| P/E Multiple | 17.0 | 8.5 | -50.4% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 1.4% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| AWX | 1.4% | |
| 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) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.54 | 2.59 | 2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 84 | 86 | 2.7% |
| Net Income Margin (%) | 0.4% | 1.4% | 262.6% |
| P/E Multiple | 30.8 | 8.5 | -72.6% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 2.2% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| AWX | 2.2% | |
| 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) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.74 | 2.59 | -5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 78 | 86 | 9.7% |
| Net Income Margin (%) | 0.2% | 1.4% | 823.2% |
| P/E Multiple | 90.5 | 8.5 | -90.7% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | -5.5% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| 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) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.93 | 2.59 | 34.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 87 | 86 | -1.0% |
| P/S Multiple | 0.1 | 0.1 | 35.5% |
| Shares Outstanding (Mil) | 4 | 4 | 0.0% |
| Cumulative Contribution | 34.2% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| AWX | 34.2% | |
| Market (SPY) | 86.9% | 1.1% |
| Sector (XLI) | 77.0% | 6.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AWX Return | 39% | -24% | -13% | 62% | -30% | -4% | -0% |
| Peers Return | 39% | -1% | 24% | 22% | 3% | 11% | 136% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AWX Win Rate | 50% | 33% | 42% | 50% | 42% | 50% | |
| Peers Win Rate | 70% | 42% | 60% | 62% | 53% | 54% | |
| S&P 500 Win Rate | 75% | 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
| Event | AWX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.8% | -18.8% |
| % Gain to Breakeven | 42.5% | 23.1% |
| Time to Breakeven | 148 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 146 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.2% | -6.7% |
| % Gain to Breakeven | 33.6% | 7.1% |
| Time to Breakeven | 522 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.0% | -24.5% |
| % Gain to Breakeven | 47.0% | 32.4% |
| Time to Breakeven | 799 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.5% | -33.7% |
| % Gain to Breakeven | 57.5% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.5% | -19.2% |
| % Gain to Breakeven | 37.8% | 23.8% |
| Time to Breakeven | 781 days | 105 days |
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.
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| Event | AWX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.8% | -18.8% |
| % Gain to Breakeven | 42.5% | 23.1% |
| Time to Breakeven | 148 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.7% | 10.5% |
| Time to Breakeven | 146 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.2% | -6.7% |
| % Gain to Breakeven | 33.6% | 7.1% |
| Time to Breakeven | 522 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.0% | -24.5% |
| % Gain to Breakeven | 47.0% | 32.4% |
| Time to Breakeven | 799 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.5% | -33.7% |
| % Gain to Breakeven | 57.5% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.5% | -19.2% |
| % Gain to Breakeven | 37.8% | 23.8% |
| Time to Breakeven | 781 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.3% | -3.7% |
| % Gain to Breakeven | 35.7% | 3.9% |
| Time to Breakeven | 68 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.0% | -12.2% |
| % Gain to Breakeven | 44.8% | 13.9% |
| Time to Breakeven | 162 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -62.5% | -6.8% |
| % Gain to Breakeven | 166.7% | 7.3% |
| Time to Breakeven | 917 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.1% | 21.8% |
| Time to Breakeven | 38 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -28.4% | -15.4% |
| % Gain to Breakeven | 39.7% | 18.2% |
| Time to Breakeven | 568 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.1% | -53.4% |
| % Gain to Breakeven | 492.9% | 114.4% |
| Time to Breakeven | 1746 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -36.1% | -8.6% |
| % Gain to Breakeven | 56.5% | 9.5% |
| Time to Breakeven | 4008 days | 47 days |
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.
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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).
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- 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.
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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:
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Peer Outperformance in Environmental & Facilities Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 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 |
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Avalon Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 208.96 |
| Mkt Cap | 31.1 |
| Rev LTM | 8,254 |
| Op Inc LTM | 1,404 |
| FCF LTM | 837 |
| FCF 3Y Avg | 809 |
| CFO LTM | 1,774 |
| CFO 3Y Avg | 1,626 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.0% |
| Rev Chg 3Y Avg | 7.6% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 10.5% |
| Op Inc Chg 3Y Avg | 11.2% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 15.3% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 21.6% |
| CFO/Rev 3Y Avg | 21.2% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 8.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Waste management services | 46 | 46 | 45 | 50 | 43 |
| Golf and related operations | 38 | 38 | 36 | 31 | 28 |
| Corporate | 0 | ||||
| Intersegment eliminations | 0 | -0 | -0 | ||
| Total | 84 | 84 | 81 | 81 | 70 |
| $ Mil | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|
| Waste management services | 3 | 2 | |||
| Other business | -0 | -0 | 0 | ||
| Golf and related operations | -0 | 0 | 0 | -0 | -1 |
| Waste disposal brokerage and management | 2 | 1 | 1 | ||
| Technical environmental services | 0 | -2 | |||
| Transportation services | -2 | -0 | |||
| Total | 3 | 3 | 2 | -2 | -2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 63 | 64 | 65 | 66 | 55 |
| Golf and related operations | 61 | 62 | 64 | 63 | 60 |
| Waste management services | 38 | 35 | 36 | 35 | 34 |
| Elimination of intersegment receivables | -75 | -76 | -77 | -74 | -71 |
| Total | 87 | 86 | 88 | 90 | 78 |
Price Behavior
| Market Price | $2.59 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 06/23/1998 | |
| Distance from 52W High | -13.1% | |
| 50 Days | 200 Days | |
| DMA Price | $2.59 | $2.59 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 0.2% | 0.2% |
| 3M | 1YR | |
| Volatility | 33.8% | 31.0% |
| Downside Capture | -41.98 | 9.61 |
| Upside Capture | -24.31 | 3.69 |
| Correlation (S&P 500) | -5.9% | 7.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.39 | -0.32 | -0.28 | 0.09 | 0.18 | 0.05 |
| Up Beta | -1.26 | -1.02 | -0.31 | -0.40 | -0.10 | -0.08 |
| Down Beta | -1.31 | -1.11 | 0.04 | 0.82 | 0.74 | 0.41 |
| Up Capture | 25% | -3% | -28% | 3% | 2% | 1% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 17 | 26 | 53 | 104 | 314 |
| Down Capture | -19% | 4% | -47% | -9% | 17% | -26% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 22 | 34 | 64 | 123 | 343 |
[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% | 0.32 | 5.7% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 6.4% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 1.3% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | 2.8% |
| 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% | 0.48 | 9.8% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 6.8% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 1.4% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 0.3% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 6.6% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 3.1% |
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% | 0.58 | 10.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 9.1% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 1.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 3.5% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 8.7% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 6.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/19/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
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