argenex SE
ARGX Healthcare Biotechnology
argenex SE’s revenue for fiscal 2025 (year ended December 2025) was $4.2 billion, up 88.6% from fiscal 2024. In the quarter to June 2026, revenue grew 59.5%, EPS grew 88.6% and free cash flow grew 537.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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argenex SE (ARGX) Altman Z-score
argenex SE's Altman Z-score for fiscal 2025 is 24.36, 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 | 24.36 | (7.81) |
| FY2024 | 32.17 | 2.64 |
| FY2023 | 29.53 | (8.41) |
| FY2022 | 37.95 | 3.95 |
| FY2021 | 34.00 | 21.12 |
| FY2020 | 12.87 | 3.86 |
| FY2019 | 9.02 | (31.97) |
| FY2018 | 40.99 | 8.61 |
| FY2017 | 32.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.64 | — | 0.77 | |
| Retained earnings / total assets | (0.03) | — | −0.05 | |
| EBIT / total assets | 0.12 | — | 0.40 | |
| Market value of equity / total liabilities | 37.91 | — | 22.75 | |
| Sales / total assets | 0.49 | — | 0.49 | |
| Altman Z-score | Safe zone | 24.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 10.58 | ||
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× |
| ARGX argenex SE | 24.4× |
| INCY Incyte Corporation compare | 8.6× |
| RVMD Revolution Medicines, Inc. compare | 7.7× |
| REGN Regeneron Pharmaceuticals, Inc. compare | 7.5× |
| ALNY Alnylam Pharmaceuticals, Inc. compare | 7.3× |
| ONC BeOne Medicines Ltd. - Sponsored ADR compare | 5.3× |
| MRNA Moderna, Inc. compare | 2.5× |
| RPRX Royalty Pharma PLC compare | 1.6× |
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