Biofrontera Inc.
BFRI Healthcare Drug Manufacturers Specialty & Generic
Biofrontera Inc.’s revenue for fiscal 2025 (year ended December 2025) was $41.7 million, up 11.7% from fiscal 2024. In the quarter to June 2026, revenue grew 32.9%, EPS grew 91.2%, free cash flow grew 45.6% and total debt rose 6.50%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Biofrontera Inc. (BFRI) Altman Z-score
Biofrontera Inc.'s Altman Z-score for fiscal 2025 is −5.67, 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 | −5.67 | 1.97 |
| FY2024 | −7.64 | (1.51) |
| FY2023 | −6.13 | (4.25) |
| FY2022 | −1.87 | (0.37) |
| FY2021 | −1.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.22 | — | 0.26 | |
| Retained earnings / total assets | (4.48) | — | −6.27 | |
| EBIT / total assets | (0.40) | — | −1.31 | |
| Market value of equity / total liabilities | 0.32 | — | 0.19 | |
| Sales / total assets | 1.46 | — | 1.46 | |
| Altman Z-score | Distress zone | −5.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −15.24 | ||
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 |
|---|---|
| UPC Universe Pharmaceuticals INC compare | 0.6× |
| AYTU Aytu BioPharma, Inc. compare | −4.0× |
| BFRI Biofrontera Inc. | −5.7× |
| INM InMed Pharmaceuticals Inc. compare | −10.3× |
| SNOA Sonoma Pharmaceuticals, Inc. compare | −18.5× |
| TXMD TherapeuticsMD, Inc. compare | −34.4× |
| SHPH Shuttle Pharmaceuticals Holdings, Inc. compare | — |
| APUS Apimeds Pharmaceuticals US, Inc. compare | — |
| BGXXQ Bright Green Corporation 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