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Avalon Holdings Corp

avalonholdings.com

What Do They Do?

Provides waste disposal brokerage and management and captive landfill services to businesses and public agencies. Operates golf courses, country clubs, a hotel and recreation facilities for members and guests.

How Do They Make Money?

Waste customers pay for removal, transport and disposal as Avalon performs the work, with payment due shortly after invoicing. Golf members pay annual dues, while golfers and guests pay for rounds, rooms, dining and other amenities at or shortly after sale.

FY2025 revenue by reportable segment revenue
SegmentShareRevenue
Waste Management Services
Recurring

55%
FY2022: 61%
Golf and Related Operations
45%
FY2022: 39%

Who Are Their Customers?

Waste customers contract directly for disposal and management services; they include businesses and public agencies. Club members and hotel guests use the golf, resort and recreation facilities, and each segment has its own sales team.

Customers above 10% of revenue, FY2025
of revenue from one customer
FY2024: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025
2% of revenue
▼ −34% vs FY2024 ($3.1M, 4%)
Net income, FY2025
0% of revenue
▼ −76% vs FY2024 ($1.3M, 2%)
Free cash flow, FY2025
2% of revenue
▲ +84% vs FY2024 ($1.1M, 1%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +3%
vs $20.3M in Q2 FY2025
Net income
▲ +283%
vs $211K in Q2 FY2025
Waste Management Services share of revenue vs 48.1% in Q2 FY2025

Growing. Revenue grew 19% in 4 years, from $70.4M in FY2021 to $83.5M in FY2025, about 4% a year.

Dermatology services The latest business description adds a dermatology center to golf and related operations, alongside salon and spa services already listed in the older report.

Revenue over time
Waste Management Services Golf and Related Operations
$100M$50M$0

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