Axsome Therapeutics, Inc.
AXSM Healthcare Biotechnology
Axsome Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $638.5 million, up 65.5% from fiscal 2024. In the quarter to June 2026, revenue grew 45.5%, EPS fell 2.06%, free cash flow fell 2.98% and total debt rose 4.66%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Axsome Therapeutics, Inc. (AXSM) Altman Z-score
Axsome Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 6.91, 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 | 6.91 | 5.33 |
| FY2024 | 1.58 | (1.80) |
| FY2023 | 3.38 | (1.48) |
| FY2022 | 4.86 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.30 | — | 0.37 | |
| Retained earnings / total assets | (1.89) | — | −2.65 | |
| EBIT / total assets | (0.24) | — | −0.80 | |
| Market value of equity / total liabilities | 15.10 | — | 9.06 | |
| Sales / total assets | 0.93 | — | 0.93 | |
| Altman Z-score | Safe zone | 6.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.64 | ||
Z and Z″ put Axsome Therapeutics, 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 |
|---|---|
| PTGX Protagonist Therapeutics, Inc. compare | 61.6× |
| KYMR Kymera Therapeutics, Inc. compare | 23.2× |
| AXSM Axsome Therapeutics, Inc. | 6.9× |
| TGTX TG Therapeutics, Inc. compare | 6.3× |
| CAI Caris Life Sciences,�Inc. compare | 3.5× |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | 3.0× |
| CYTK Cytokinetics, Incorporated compare | −2.0× |
| SYRE Spyre Therapeutics, Inc. compare | −3.8× |
| ABVX Abivax SA Sponsored ADR 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