Collegium Pharmaceutical, Inc.
COLL Healthcare Drug Manufacturers Specialty & Generic
Collegium Pharmaceutical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $780.6 million, up 23.6% from fiscal 2024. In the quarter to June 2026, revenue grew 6.32%, EPS fell 221.1%, free cash flow fell 2.14% and total debt rose 32.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Collegium Pharmaceutical, Inc. (COLL) Altman Z-score
Collegium Pharmaceutical, Inc.'s Altman Z-score for fiscal 2025 is 1.58, 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 | 1.58 | 0.63 |
| FY2024 | 0.95 | (0.49) |
| FY2023 | 1.43 | 0.81 |
| FY2022 | 0.62 | (0.21) |
| FY2021 | 0.83 | (0.19) |
| FY2020 | 1.02 | (0.15) |
| FY2019 | 1.17 | 0.16 |
| FY2018 | 1.01 | (5.84) |
| FY2017 | 6.84 | 1.33 |
| FY2016 | 5.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | (0.06) | — | −0.09 | |
| EBIT / total assets | 0.11 | — | 0.36 | |
| Market value of equity / total liabilities | 1.08 | — | 0.65 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Distress zone | 1.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.76 | ||
Z and Z″ put Collegium Pharmaceutical, Inc. in different zones: distress zone by Z, grey 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 |
|---|---|
| CRON Cronos Group Inc. compare | 12.7× |
| HROW Harrow, Inc. compare | 3.8× |
| AMPH Amphastar Pharmaceuticals, Inc. compare | 2.5× |
| COLL Collegium Pharmaceutical, Inc. | 1.6× |
| EVO Evotec AG compare | 0.6× |
| EOLS Evolus, Inc. compare | −1.9× |
| TLRY Tilray Brands, Inc. compare | −2.0× |
| AQST Aquestive Therapeutics, Inc. compare | −2.2× |
| IRWD Ironwood Pharmaceuticals, Inc. compare | −3.7× |
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