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) Piotroski F-score
Celularity, Inc.'s Piotroski F-score for fiscal 2025 is 1 out of 9: 1 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 1 | (4.00) |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | 2.00 |
| FY2022 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (76.50%) | (41.86%) | Fail | 0 |
| Positive operating cash flow | (13.25m) | (6.40m) | Fail | 0 |
| Rising return on assets | (76.50%) | (41.86%) | Fail | 0 |
| Cash flow above net income | 78.55m | 51.49m | Pass | 1 |
| Falling long-term leverage | 0.26 | 0.26 | Fail | 0 |
| Rising current ratio | 0.15 | 0.38 | Fail | 0 |
| No new shares issued | 25,599,000 | 21,891,000 | Fail | 0 |
| Rising gross margin | 24.39% | 72.36% | Fail | 0 |
| Rising asset turnover | 0.22 | 0.39 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 1 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VERU Veru Inc. compare | 5 |
| SGMOQ Sangamo Therapeutics, Inc. compare | 3 |
| SER Serina Therapeutics, Inc. compare | 2 |
| CELU Celularity, Inc. | 1 |
| ANVS Annovis Bio, Inc. compare | — |
| ALDX Aldeyra Therapeutics, Inc. compare | — |
| GRCE Grace Therapeutics, Inc. compare | — |
| DWTX Dogwood Therapeutics, Inc compare | — |
| TIL Instil Bio, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover