Aurora Cannabis Inc.
ACB Healthcare Drug Manufacturers Specialty & Generic
Aurora Cannabis Inc.’s revenue for fiscal 2026 (year ended March 2026) was $232.0 million, down 5.95% from fiscal 2025. In the quarter to June 2026, revenue fell 31.2%, EPS grew 75.0%, free cash flow fell 293.6% and total debt fell 82.5%, each against the same quarter a year earlier.
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Aurora Cannabis Inc. (ACB) Altman Z-score
Aurora Cannabis Inc.'s Altman Z-score for fiscal 2026 is −12.34, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −12.34 | (3.65) |
| FY2025 | −8.69 | 0.72 |
| FY2024 | −9.41 | (2.01) |
| FY2023 | −7.40 | (0.28) |
| FY2022 | −7.12 | (6.86) |
| FY2021 | −0.26 | 0.49 |
| FY2020 | −0.75 | (6.26) |
| FY2019 | 5.50 | (1.37) |
| FY2018 | 6.87 | 2.97 |
| FY2017 | 3.90 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.55 | — | 0.66 | |
| Retained earnings / total assets | (10.72) | — | −15.00 | |
| EBIT / total assets | (0.08) | — | −0.26 | |
| Market value of equity / total liabilities | 2.87 | — | 1.72 | |
| Sales / total assets | 0.53 | — | 0.53 | |
| Altman Z-score | Distress zone | −12.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −25.83 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SIGA Siga Technologies Inc. compare | 14.3× |
| BIOA BioAge Labs, Inc. compare | 11.0× |
| ANIK Anika Therapeutics Inc. compare | 3.1× |
| TKNO Alpha Teknova, Inc. compare | 1.8× |
| EBS Emergent Biosolutions Inc. compare | 1.6× |
| LFCR Lifecore Biomedical, Inc. compare | 0.1× |
| AKBA Akebia Therapeutics, Inc. compare | −4.4× |
| ACB Aurora Cannabis Inc. | −12.3× |
| CGC Canopy Growth Corporation compare | −13.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets