Compugen Ltd.
CGEN Healthcare Biotechnology
Compugen Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $72.8 million, up 161.1% from fiscal 2024. In the quarter to June 2026, revenue grew 107.0%, EPS grew 12.5% and free cash flow fell 155.4%, each against the same quarter a year earlier.
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Compugen Ltd. (CGEN) Altman Z-score
Compugen Ltd.'s Altman Z-score for fiscal 2025 is −0.37, 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 | −0.37 | 3.50 |
| FY2024 | −3.87 | (1.06) |
| FY2023 | −2.81 | 1.91 |
| FY2022 | −4.72 | (8.91) |
| FY2021 | 4.19 | (23.38) |
| FY2020 | 27.57 | 32.04 |
| FY2018 | −4.47 | (19.04) |
| FY2016 | 14.57 | (3.02) |
| FY2015 | 17.59 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.80 | — | 0.96 | |
| Retained earnings / total assets | (2.90) | — | −4.05 | |
| EBIT / total assets | 0.20 | — | 0.66 | |
| Market value of equity / total liabilities | 2.65 | — | 1.59 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Distress zone | −0.37 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.84 | ||
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 |
|---|---|
| UPB Upstream Bio, Inc. compare | 61.0× |
| IVVD Invivyd, Inc. compare | 2.9× |
| ACOG Alpha Cognition Inc. compare | 2.5× |
| BCYC Bicycle Therapeutics PLC Sponsored ADR compare | 1.0× |
| CGEN Compugen Ltd. | −0.4× |
| RNAC Cartesian Therapeutics, Inc. compare | −4.7× |
| LYEL Lyell Immunopharma, Inc. compare | −5.1× |
| ELDN Eledon Pharmaceuticals, Inc. compare | — |
| SION Sionna Therapeutics, 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