Armata Pharmaceuticals, Inc.
ARMP Healthcare Biotechnology
Armata Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 million, down 5.22% from fiscal 2024. In the quarter to June 2026, revenue grew 15.7%, EPS grew 548.9%, free cash flow fell 18.0% and total debt rose 152.4%, each against the same quarter a year earlier.
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Armata Pharmaceuticals, Inc. (ARMP) Altman Z-score
Armata Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is −10.15, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −10.15 | (3.07) |
| FY2024 | −7.08 | (1.93) |
| FY2023 | −5.15 | (0.89) |
| FY2022 | −4.26 | (1.09) |
| FY2021 | −3.17 | 3.43 |
| FY2020 | −6.60 | 46.22 |
| FY2017 | −52.82 | (19.67) |
| FY2016 | −33.16 | (18.15) |
| FY2015 | −15.01 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | (6.52) | — | −9.13 | |
| EBIT / total assets | (0.48) | — | −1.57 | |
| Market value of equity / total liabilities | 0.77 | — | 0.46 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Distress zone | −10.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −25.10 | ||
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 |
|---|---|
| LENZ LENZ Therapeutics, Inc. compare | 12.0× |
| NERV Minerva Neurosciences, Inc compare | 6.0× |
| SEER Seer, Inc. compare | −0.5× |
| FHTX Foghorn Therapeutics Inc. compare | −4.5× |
| ARMP Armata Pharmaceuticals, Inc. | −10.2× |
| GNLX Genelux Corporation compare | −13.1× |
| NRXP NRx Pharmaceuticals, Inc. compare | −37.8× |
| ENGN enGene Therapeutics Inc compare | — |
| HURA TuHURA Biosciences, 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