Alnylam Pharmaceuticals, Inc.
ALNY Healthcare Biotechnology
Alnylam Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 65.2% from fiscal 2024. In the quarter to June 2026, revenue grew 66.9%, EPS grew 341.2%, free cash flow grew 152.8% and total debt fell 1.51%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for five consecutive years.
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Alnylam Pharmaceuticals, Inc. (ALNY) Altman Z-score
Alnylam Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 7.30, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 7.30 | 4.40 |
| FY2024 | 2.90 | 1.06 |
| FY2023 | 1.84 | (0.46) |
| FY2022 | 2.30 | 0.16 |
| FY2021 | 2.14 | 0.22 |
| FY2020 | 1.92 | (3.27) |
| FY2019 | 5.20 | (7.53) |
| FY2018 | 12.72 | (16.20) |
| FY2017 | 28.92 | 25.70 |
| FY2016 | 3.22 | (34.70) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.52 | — | 0.62 | |
| Retained earnings / total assets | (1.35) | — | −1.89 | |
| EBIT / total assets | 0.10 | — | 0.33 | |
| Market value of equity / total liabilities | 12.47 | — | 7.48 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Safe zone | 7.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.11 | ||
Z and Z″ put Alnylam Pharmaceuticals, Inc. in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| ROIV Roivant Sciences Ltd. compare | 28.3× |
| INSM Insmed, Inc. compare | 9.3× |
| INCY Incyte Corporation compare | 8.6× |
| RVMD Revolution Medicines, Inc. compare | 7.7× |
| ALNY Alnylam Pharmaceuticals, Inc. | 7.3× |
| ONC BeOne Medicines Ltd. - Sponsored ADR compare | 5.3× |
| GMAB Genmab A/S Sponsored ADR compare | 2.8× |
| RPRX Royalty Pharma PLC compare | 1.6× |
| BNTX BioNTech SE Sponsored ADR 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