AtriCure, Inc.
ATRC Healthcare Medical Instruments & Supplies
AtriCure, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $534.5 million, up 14.9% from fiscal 2024. In the quarter to June 2026, revenue grew 12.8%, EPS grew 238.5%, free cash flow fell 2.79% and total debt fell 4.43%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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AtriCure, Inc. (ATRC) Altman Z-score
AtriCure, Inc.'s Altman Z-score for fiscal 2025 is 7.31, 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 | 7.31 | 1.50 |
| FY2024 | 5.81 | (0.97) |
| FY2023 | 6.78 | (2.55) |
| FY2022 | 9.33 | (5.34) |
| FY2021 | 14.67 | 10.14 |
| FY2020 | 4.53 | 2.46 |
| FY2019 | 2.07 | (3.65) |
| FY2018 | 5.72 | 3.00 |
| FY2017 | 2.72 | (0.15) |
| FY2016 | 2.87 | (1.00) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | (0.63) | — | −0.88 | |
| EBIT / total assets | (0.01) | — | −0.05 | |
| Market value of equity / total liabilities | 11.64 | — | 6.99 | |
| Sales / total assets | 0.82 | — | 0.82 | |
| Altman Z-score | Safe zone | 7.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.44 | ||
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 |
|---|---|
| PLSE Pulse Biosciences, Inc compare | 31.4× |
| ATRC AtriCure, Inc. | 7.3× |
| LMAT LeMaitre Vascular, Inc. compare | 7.0× |
| WRBY Warby Parker Inc. compare | 4.7× |
| STVN Stevanato Group S.p.A. compare | 4.5× |
| KMTS Kestra Medical Technologies, Ltd. compare | 3.9× |
| ICUI ICU Medical, Inc. compare | 2.1× |
| NVST Envista Holdings Corporation compare | 1.6× |
| XRAY DENTSPLY SIRONA Inc. compare | 0.5× |
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