Ascendis Pharma A/S
ASND Healthcare Biotechnology
Ascendis Pharma A/S’s revenue for fiscal 2025 (year ended December 2025) was $814.8 million, up 107.1% from fiscal 2024. In the quarter to June 2026, revenue grew 119.9%, EPS grew 612.3%, free cash flow grew 2,335.9% and total debt fell 41.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Ascendis Pharma A/S (ASND) Altman Z-score
Ascendis Pharma A/S's Altman Z-score for fiscal 2025 is 2.02, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.02 | 1.93 |
| FY2024 | 0.08 | 0.66 |
| FY2023 | −0.58 | (2.08) |
| FY2022 | 1.50 | (14.65) |
| FY2021 | 16.15 | (13.54) |
| FY2020 | 29.69 | (12.49) |
| FY2019 | 42.18 | 10.92 |
| FY2018 | 31.26 | 3.63 |
| FY2017 | 27.63 | 4.96 |
| FY2016 | 22.67 | 0.88 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.04 | |
| Retained earnings / total assets | (2.07) | — | −2.90 | |
| EBIT / total assets | (0.10) | — | −0.35 | |
| Market value of equity / total liabilities | 7.80 | — | 4.68 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Grey zone | 2.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.38 | ||
Z and Z″ put Ascendis Pharma A/S in different zones: grey 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 |
|---|---|
| TECH Bio-Techne Corp compare | 15.5× |
| CORT Corcept Therapeutics Incorporated compare | 14.1× |
| EXEL Exelixis, Inc. compare | 12.7× |
| BMRN BioMarin Pharmaceutical Inc. compare | 5.7× |
| HALO Halozyme Therapeutics, Inc. compare | 3.5× |
| ASND Ascendis Pharma A/S | 2.0× |
| JAZZ Jazz Pharmaceuticals PLC compare | 1.4× |
| SMMT Summit Therapeutics PLC compare | 0.9× |
| BBIO BridgeBio Pharma, Inc. compare | −3.5× |
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