AWXNYSERefuse SystemsUS GAAP · USD

Avalon Holdings Corporation

Avalon Holdings Corp. is a U.S.-based operating company with two very different businesses: waste management services and golf and related operations. In waste management, it acts as a broker and manager of disposal and transportation solutions rather than owning landfills or running collection fleets, which makes its model asset-light and relationship-driven. Its other business operates the Avalon Golf and Country Club and The Grand Resort, where revenue comes from memberships, guest stays, and related hospitality spending. The company also has a captive landfill management activity and saltwater disposal well operations within its waste segment, giving it a mix of recurring service revenue and more project- or customer-dependent income streams.

Revenue83.5m USD
−0.3 %y/y
Operating profit (EBIT)2.0m USD
−34.1 %y/y
EBIT margin2.4%
−1.2 ppy/y
Net income0.3m USD
−75.6 %y/y
Free cash flow2.1m USD
+83.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080100m USD2020: 59 m USD2020: EBIT 0.12 m USD20202021: 70 m USD2021: EBIT 0.56 m USD20212022: 81 m USD2022: EBIT 0.35 m USD20222023: 81 m USD2023: EBIT 0.11 m USD20232024: 84 m USD2024: EBIT 3.1 m USD20242025: 84 m USD2025: EBIT 2.0 m USD2025842.0
RevenueOperating profit (EBIT)

Business

Share of revenue
Waste management services70 %

Brokerage, disposal coordination, captive landfill management, and saltwater disposal services for commercial customers.

Golf and country club operations15 %

Membership-based golf, recreation, dining, and event services at Avalon Golf and Country Club.

Resort and hospitality operations15 %

Hotel rooms, golf packages, and guest services at The Grand Resort and related facilities.

Customers

Avalon’s waste management customers are businesses and other waste generators that need cost-efficient disposal and transportation solutions, often on a non-contract or short-term basis. The company also serves a single customer in its captive landfill management business, making that revenue stream highly concentrated. In golf and hospitality, customers are individual members, resort guests, and event patrons who buy annual memberships, lodging, dining, and recreation experiences. The business depends on retaining existing customers and renewing memberships, because a meaningful portion of revenue resets each year and is sensitive to local demand and discretionary spending.

Waste brokerage and management customers

Businesses that outsource waste disposal and transportation planning to Avalon because it can source cost-efficient disposal options across multiple facilities.

Captive landfill customer

A single customer that provides all revenue for the captive landfill management business, making this segment highly concentrated.

Golf club members

Individuals and households that pay annual dues for access to golf, recreation, dining, and club amenities.

Resort guests and event patrons

Visitors who buy hotel stays, golf packages, banquet services, and related hospitality offerings at The Grand Resort.

Strategy

Avalon’s waste management strategy is to grow internally by increasing revenue, gaining market share, and using its relationships with disposal facilities and transporters to offer flexible solutions without owning landfills or collection assets. Management emphasizes sales execution, customer retention, and tailored service programs that reduce customers’ procurement costs. In the golf and resort business, the company is investing in property improvements, including room remodeling and facility upgrades, to support membership renewal and guest appeal. The company also seeks to preserve liquidity and meet debt obligations through operating cash flow and, if needed, its line of credit and project fund resources.

Expand waste management services through internal growthMedium term

The company does not own landfills or collect waste, so growth depends on sales execution, vendor relationships, and the ability to source attractive disposal options.

Retain and renew customers and membershipsShort term

A majority of the business is not under long-term contracts, and golf membership revenue renews annually, so retention is essential to revenue stability.

Upgrade resort and club assetsMedium term

Facility quality affects membership appeal, guest experience, and the company’s ability to support pricing and occupancy.

Geography

Avalon’s business is primarily U.S.-based, with waste management activity tied to domestic customers and disposal networks. The company specifically notes exposure to out-of-state waste transportation and disposal, which means regulatory conditions across U.S. jurisdictions matter to its economics. Its golf and resort operations are location-specific assets, so performance depends on local membership demand, tourism, and discretionary spending in the markets where the facilities operate. No country-level revenue split was disclosed in the provided excerpts, so the geographic profile should be viewed as concentrated in the United States.

Risks

Avalon faces customer concentration risk because its captive landfill management business depends on a single customer, and much of the broader waste brokerage business is not protected by long-term contracts. Pricing pressure is another risk: industry consolidation can reduce disposal options and raise disposal costs, while Avalon may not be able to pass those increases through to customers. The company is also exposed to regulatory and environmental risk because waste transportation, out-of-state waste acceptance, and environmental matters can trigger fines, restrictions, or compliance costs. In golf and hospitality, profitability is sensitive to commodity, labor, utility, and food costs, and the business is exposed to discretionary spending and local demand swings. Debt covenant compliance and customer credit risk add financial pressure if operating conditions weaken.

Sorted by severity
Customer concentration in captive landfill managementHigh

One customer provides all revenue for that business, so any loss or reduction in activity would directly hit segment revenue.

Exposure: Captive landfill management operations

Non-contractual customer retention riskHigh

A significant portion of waste brokerage revenue is not under long-term contracts, making revenue vulnerable to customer churn.

Exposure: Waste brokerage and management services

Debt covenant and refinancing pressureHigh

If operating cash flow weakens, the company may struggle to meet loan covenants or refinance borrowings on acceptable terms.

Exposure: Consolidated balance sheet and liquidity

Regulatory restrictions on waste transport and out-of-state wasteMedium

Rules limiting waste movement or acceptance could reduce volumes and increase compliance costs.

Exposure: U.S. waste operations

Cost inflation and inability to pass through disposal price increasesMedium

Industry consolidation can raise disposal prices, and Avalon may not be able to fully pass those increases to customers.

Exposure: Waste brokerage and management services

Accounting

Judgemental items
Deferred revenue for golf memberships

Membership dues are collected upfront and recognized over time, so deferred revenue balances affect revenue timing and seasonality.

Impact: Revenue and working capital

Valuation allowance on deferred tax assets

Management maintains a valuation allowance against most federal deferred tax assets, which can materially affect tax expense and reported earnings.

Impact: Effective tax rate and net income

Capitalized renovations and leasehold improvements

Resort and club upgrades are capitalized and depreciated, influencing operating margins and asset values over time.

Impact: Depreciation, capex, and operating income

Environmental and legal accruals

The company must estimate liabilities for lawsuits, investigations, and environmental matters, which can change reported expenses and reserves.

Impact: SG&A and liabilities

Publicly listed companies with a comparable business focus.

Last updated: 11/08/2026