Cronos Group Inc.
CRON Healthcare Drug Manufacturers Specialty & Generic
Cronos Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $146.6 million, up 24.6% from fiscal 2024. In the quarter to June 2026, revenue grew 58.4%, EPS grew 190.0%, free cash flow grew 2,279.2% and total debt fell 4.71%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Cronos Group Inc. (CRON) Altman Z-score
Cronos Group Inc.'s Altman Z-score for fiscal 2025 is 12.67, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 12.67 | 2.95 |
| FY2024 | 9.71 | (2.39) |
| FY2023 | 12.10 | 2.90 |
| FY2022 | 9.20 | (5.66) |
| FY2021 | 14.86 | 6.91 |
| FY2020 | 7.95 | 2.47 |
| FY2019 | 5.47 | (24.79) |
| FY2018 | 30.26 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.75 | — | 0.90 | |
| Retained earnings / total assets | 0.37 | — | 0.52 | |
| EBIT / total assets | (0.01) | — | −0.05 | |
| Market value of equity / total liabilities | 18.61 | — | 11.17 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | Safe zone | 12.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 28.18 | ||
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. | 12.7× |
| HROW Harrow, Inc. compare | 3.8× |
| ETON Eton Pharmaceuticals, Inc. compare | 3.6× |
| PAHC Phibro Animal Health Corporation compare | 2.9× |
| AMPH Amphastar Pharmaceuticals, Inc. compare | 2.5× |
| ANIP ANI Pharmaceuticals, Inc. compare | 2.3× |
| PCRX Pacira BioSciences, Inc. compare | 2.0× |
| COLL Collegium Pharmaceutical, Inc. compare | 1.6× |
| XERS Xeris Biopharma Holdings, Inc. compare | 1.0× |
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