Alvotech
ALVO Healthcare Drug Manufacturers Specialty & Generic
Alvotech’s revenue for fiscal 2025 (year ended December 2025) was $586.3 million, up 19.7% from fiscal 2024. In the quarter to June 2026, revenue grew 2,311.0%, EPS fell 99.5%, free cash flow fell 496.6% and total debt rose 16.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
Follow ALVO
Alvotech (ALVO) Altman Z-score
Alvotech's Altman Z-score for fiscal 2025 is −0.98, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.98 | (0.33) |
| FY2024 | −0.65 | 2.99 |
| FY2023 | −3.64 | (0.51) |
| FY2022 | −3.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.22 | |
| Retained earnings / total assets | (1.62) | — | −2.27 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 0.84 | — | 0.50 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Distress zone | −0.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.91 | ||
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 |
|---|---|
| SUPN Supernus Pharmaceuticals, Inc. compare | 5.4× |
| HCM HUTCHMED (China) Limited Sponsored ADR compare | 3.5× |
| PAHC Phibro Animal Health Corporation compare | 2.9× |
| PBH Prestige Consumer Healthcare Inc. compare | 2.5× |
| ANIP ANI Pharmaceuticals, Inc. compare | 2.3× |
| BCRX BioCryst Pharmaceuticals, Inc. compare | 1.8× |
| XERS Xeris Biopharma Holdings, Inc. compare | 1.0× |
| PRGO Perrigo Company plc compare | −0.1× |
| ALVO Alvotech | −1.0× |
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