Anika Therapeutics Inc.
ANIK Healthcare Drug Manufacturers Specialty & Generic
Anika Therapeutics Inc.’s revenue for fiscal 2025 (year ended December 2025) was $112.8 million, down 5.91% from fiscal 2024. In the quarter to June 2026, revenue grew 15.6%, EPS grew 189.3% and free cash flow grew 61.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Anika Therapeutics Inc. (ANIK) Altman Z-score
Anika Therapeutics Inc.'s Altman Z-score for fiscal 2025 is 3.13, 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 | 3.13 | (1.39) |
| FY2024 | 4.52 | (0.60) |
| FY2023 | 5.12 | (0.64) |
| FY2022 | 5.76 | (1.20) |
| FY2021 | 6.96 | 1.41 |
| FY2020 | 5.55 | (7.34) |
| FY2019 | 12.90 | (8.59) |
| FY2018 | 21.49 | (5.90) |
| FY2017 | 27.39 | (0.20) |
| FY2016 | 27.60 | 11.18 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.43 | — | 0.51 | |
| Retained earnings / total assets | 0.32 | — | 0.45 | |
| EBIT / total assets | (0.06) | — | −0.19 | |
| Market value of equity / total liabilities | 2.94 | — | 1.77 | |
| Sales / total assets | 0.59 | — | 0.59 | |
| Altman Z-score | Safe zone | 3.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.68 | ||
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 |
|---|---|
| SIGA Siga Technologies Inc. compare | 14.3× |
| BIOA BioAge Labs, Inc. compare | 11.0× |
| ANIK Anika Therapeutics Inc. | 3.1× |
| TKNO Alpha Teknova, Inc. compare | 1.8× |
| EBS Emergent Biosolutions Inc. compare | 1.6× |
| LFCR Lifecore Biomedical, Inc. compare | 0.1× |
| AKBA Akebia Therapeutics, Inc. compare | −4.4× |
| ACB Aurora Cannabis Inc. compare | −12.3× |
| CGC Canopy Growth Corporation compare | −13.2× |
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