stockrowAxoGen, Inc.
AXGN Healthcare Medical Devices
AxoGen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $225.2 million, up 20.2% from fiscal 2024.
- Revenue
- +26.2%
- EPS
- +163.2%
- Free cash flow
- +995.0%
- Total debt
- −73.1%
Quarter to September 2026, against a year earlier
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AxoGen, Inc. (AXGN) Altman Z-score
AxoGen, Inc.'s Altman Z-score for fiscal 2025 is 9.23, 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 | 9.23 | 5.57 |
| FY2024 | 3.65 | 3.12 |
| FY2023 | 0.54 | (0.94) |
| FY2022 | 1.47 | (0.20) |
| FY2021 | 1.68 | (3.30) |
| FY2020 | 4.98 | (13.02) |
| FY2019 | 18.00 | (16.32) |
| FY2018 | 34.32 | 19.14 |
| FY2017 | 15.18 | 12.30 |
| FY2016 | 2.87 | 3.14 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.52 | |
| Retained earnings / total assets | (1.38) | — | −1.94 | |
| EBIT / total assets | (0.04) | — | −0.12 | |
| Market value of equity / total liabilities | 16.23 | — | 9.74 | |
| Sales / total assets | 1.02 | — | 1.02 | |
| Altman Z-score | Safe zone | 9.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.43 | ||
Z and Z″ put AxoGen, Inc. in different zones: safe 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 |
|---|---|
| INSP Inspire Medical Systems, Inc. compare | 14.5× |
| AXGN AxoGen, Inc. | 9.2× |
| UFPT UFP Technologies, Inc. compare | 6.9× |
| TMDX TransMedics Group, Inc. compare | 5.3× |
| IRTC iRhythm Holdings, Inc. compare | 4.0× |
| ESTA Establishment Labs Holdings Inc. compare | 2.7× |
| ITGR Integer Holdings Corporation compare | 2.3× |
| NEOG Neogen Corporation compare | 1.1× |
| ALMR Alamar 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
More on AXGN
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement