AC Immune
ACIU Healthcare Biotechnology
AC Immune’s revenue for fiscal 2025 (year ended December 2025) was $4.3 million, down 86.1% from fiscal 2024. In the quarter to June 2026, revenue grew 29.7%, EPS grew 9.52% and free cash flow grew 4.66%, each against the same quarter a year earlier.
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AC Immune (ACIU) Altman Z-score
AC Immune's Altman Z-score for fiscal 2025 is −3.99, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −3.99 | (2.70) |
| FY2024 | −1.29 | (9.01) |
| FY2023 | 7.71 | 4.43 |
| FY2022 | 3.29 | (5.24) |
| FY2020 | 8.52 | (6.47) |
| FY2019 | 14.99 | (2.56) |
| FY2018 | 17.55 | (10.79) |
| FY2017 | 28.34 | (0.29) |
| FY2016 | 28.63 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.02 | |
| Retained earnings / total assets | (2.85) | — | −3.98 | |
| EBIT / total assets | (0.45) | — | −1.48 | |
| Market value of equity / total liabilities | 2.40 | — | 1.44 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Distress zone | −3.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.78 | ||
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 |
|---|---|
| VNDA Vanda Pharmaceuticals Inc. compare | 0.7× |
| XFOR X4 Pharmaceuticals, Inc. compare | −1.8× |
| LCTX Lineage Cell Therapeutics, Inc. compare | −2.9× |
| ACIU AC Immune | −4.0× |
| SABS SAB Biotherapeutics, Inc. compare | −5.5× |
| IKT Inhibikase Therapeutics, Inc. compare | −8.8× |
| BBOT BridgeBio Oncology Therapeutics, Inc compare | — |
| CABA Cabaletta Bio, Inc. compare | — |
| RCKT Rocket Pharmaceuticals, Inc. compare | — |
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