Aethlon Medical, Inc.
AEMD Healthcare Medical Devices
Aethlon Medical, Inc.’s revenue for fiscal 2023 (year ended March 2023) was $574,200.00, up 95.2% from fiscal 2022. In the quarter to June 2026, EPS grew 90.5% and free cash flow fell 11.1%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Aethlon Medical, Inc. (AEMD) Altman Z-score
Aethlon Medical, Inc.'s Altman Z-score for fiscal 2023 is −10.76, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −10.76 | (5.96) |
| FY2022 | −4.80 | 1.68 |
| FY2021 | −6.48 | 6.45 |
| FY2020 | −12.93 | 21.43 |
| FY2019 | −34.35 | (20.86) |
| FY2018 | −13.49 | 62.89 |
| FY2017 | −76.38 | (42.80) |
| FY2016 | −33.58 | 0.86 |
| FY2015 | −34.45 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.78 | — | 0.93 | |
| Retained earnings / total assets | (8.13) | — | −11.38 | |
| EBIT / total assets | (0.68) | — | −2.24 | |
| Market value of equity / total liabilities | 3.17 | — | 1.90 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Distress zone | −10.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −19.51 | ||
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 |
|---|---|
| WOK WORK Medical Technology Group LTD compare | 1,088× |
| NMTC NeuroOne Medical Technologies Corporation compare | −3.7× |
| CTSO Cytosorbents Corporation compare | −9.2× |
| AEMD Aethlon Medical, Inc. | −10.8× |
| BMRA Biomerica, Inc. compare | −12.4× |
| TNON Tenon Medical, Inc. compare | −13.0× |
| BTCY Biotricity Inc. compare | −33.3× |
| PETV PetVivo Holdings, Inc. compare | −38.6× |
| AMIX Autonomix Medical, 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