Celularity, Inc.
CELU Healthcare Biotechnology
Celularity, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.6 million, down 51.0% from fiscal 2024. In the quarter to March 2026, revenue fell 66.3%, EPS grew 103.6%, free cash flow grew 148.4% and total debt fell 4.73%, each against the same quarter a year earlier.
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Celularity, Inc. (CELU) Altman Z-score
Celularity, Inc.'s Altman Z-score for fiscal 2025 is −15.22, 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 | −15.22 | (5.10) |
| FY2024 | −10.12 | 2.46 |
| FY2023 | −12.58 | (10.61) |
| FY2022 | −1.97 | 0.34 |
| FY2021 | −2.31 | 0.23 |
| FY2020 | −2.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.64) | — | −0.77 | |
| Retained earnings / total assets | (9.24) | — | −12.93 | |
| EBIT / total assets | (0.57) | — | −1.89 | |
| Market value of equity / total liabilities | 0.20 | — | 0.12 | |
| Sales / total assets | 0.25 | — | 0.25 | |
| Altman Z-score | Distress zone | −15.22 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −38.41 | ||
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 |
|---|---|
| GRCE Grace Therapeutics, Inc. compare | 3.3× |
| VERU Veru Inc. compare | −5.8× |
| CELU Celularity, Inc. | −15.2× |
| SER Serina Therapeutics, Inc. compare | −22.1× |
| SGMOQ Sangamo Therapeutics, Inc. compare | −43.3× |
| ANVS Annovis Bio, Inc. compare | — |
| ALDX Aldeyra Therapeutics, Inc. compare | — |
| DWTX Dogwood Therapeutics, Inc compare | — |
| TIL Instil Bio, 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