ADC Therapeutics SA
ADCT Healthcare Biotechnology
ADC Therapeutics SA’s revenue for fiscal 2025 (year ended December 2025) was $81.4 million, up 14.9% from fiscal 2024. In the quarter to June 2026, revenue grew 2.17%, EPS grew 78.0%, free cash flow grew 51.0% and total debt rose 1.87%, each against the same quarter a year earlier.
Follow ADCT
ADC Therapeutics SA (ADCT) Altman Z-score
ADC Therapeutics SA's Altman Z-score for fiscal 2025 is −6.67, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −6.67 | (0.07) |
| FY2024 | −6.61 | (1.06) |
| FY2023 | −5.55 | (3.32) |
| FY2022 | −2.23 | (1.72) |
| FY2021 | −0.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.73 | — | 0.88 | |
| Retained earnings / total assets | (5.06) | — | −7.09 | |
| EBIT / total assets | (0.38) | — | −1.24 | |
| Market value of equity / total liabilities | 0.88 | — | 0.53 | |
| Sales / total assets | 0.25 | — | 0.25 | |
| Altman Z-score | Distress zone | −6.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −14.62 | ||
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 |
|---|---|
| KROS Keros Therapeutics, Inc. compare | 13.5× |
| EVMN Evommune Inc. compare | 1.5× |
| CAMP CAMP4 Therapeutics Corporation compare | −2.3× |
| ZNTL Zentalis Pharmaceuticals, Inc. compare | −2.4× |
| MGNX MacroGenics, Inc. compare | −6.0× |
| ADCT ADC Therapeutics SA | −6.7× |
| PYXS Pyxis Oncology, Inc. compare | −7.9× |
| LXEO Lexeo Therapeutics, Inc. compare | — |
| LRMR Larimar Therapeutics, 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