stockrowAffimed N.V.
AFMDQ Healthcare Biotechnology
Affimed N.V.’s revenue for fiscal 2023 (year ended December 2023) was $9.0 million, down 79.4% from fiscal 2022.
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Affimed N.V. (AFMDQ) Altman Z-score
Affimed N.V.'s Altman Z-score for fiscal 2023 is −9.23, 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 | −9.23 | (8.06) |
| FY2022 | −1.17 | (2.84) |
| FY2021 | 1.67 | 1.33 |
| FY2020 | 0.34 | 1.99 |
| FY2019 | −1.65 | (0.88) |
| FY2018 | −0.76 | 3.63 |
| FY2017 | −4.40 | (2.25) |
| FY2016 | −2.15 | (9.38) |
| FY2015 | 7.23 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.60 | — | 0.72 | |
| Retained earnings / total assets | (5.52) | — | −7.73 | |
| EBIT / total assets | (1.10) | — | −3.62 | |
| Market value of equity / total liabilities | 2.19 | — | 1.32 | |
| Sales / total assets | 0.09 | — | 0.09 | |
| Altman Z-score | Distress zone | −9.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −19.89 | ||
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 |
|---|---|
| EOCN Eocene Ltd. compare | 26.9× |
| DCOY Decoy Therapeutics Inc compare | 4.6× |
| AFMDQ Affimed N.V. | −9.2× |
| KALA KALA BIO, Inc. compare | −11.2× |
| JUNS Jupiter Neurosciences, Inc. compare | −11.7× |
| BCAB BioAtla, Inc. compare | −70.1× |
| ERNA Ernexa Therapeutics Inc. compare | −70.7× |
| NRSN NeuroSense Therapeutics Ltd. compare | — |
| CMND Clearmind Medicine 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