Cyanotech Corporation
CYAN Consumer Defensive Packaged Foods
Cyanotech Corporation’s revenue for fiscal 2026 (year ended March 2026) was $26.6 million, up 9.80% from fiscal 2025. In the quarter to June 2026, revenue grew 11.1%, EPS grew 144.1%, free cash flow grew 204.0% and total debt rose 7.77%, each against the same quarter a year earlier.
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Cyanotech Corporation (CYAN) Altman Z-score
Cyanotech Corporation's Altman Z-score for fiscal 2026 is −0.52, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −0.52 | 0.24 |
| FY2025 | −0.76 | 0.02 |
| FY2024 | −0.78 | (0.87) |
| FY2023 | 0.09 | (2.10) |
| FY2022 | 2.19 | 0.64 |
| FY2021 | 1.55 | 0.42 |
| FY2020 | 1.13 | 0.30 |
| FY2019 | 0.83 | (1.64) |
| FY2018 | 2.47 | 0.87 |
| FY2017 | 1.59 | (0.23) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | (1.24) | — | −1.73 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 0.15 | — | 0.09 | |
| Sales / total assets | 1.20 | — | 1.20 | |
| Altman Z-score | Distress zone | −0.52 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.60 | ||
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 |
|---|---|
| PAVS Paranovus Entertainment Technology Ltd. compare | 46.3× |
| ORISF Oriental Rise Holdings Limited compare | 2.6× |
| ATPC Agape ATP Corporation compare | 1.2× |
| RGFC Real Good Food Company, Inc. compare | 0.4× |
| CYAN Cyanotech Corporation | −0.5× |
| MEHA Functional Brands Inc. compare | −0.8× |
| SNAX Stryve Foods, Inc. compare | −7.0× |
| STKH Steakholder Foods Ltd. Sponsored ADR compare | −16.6× |
| BSFCD Blue Star Foods Corp. compare | −36.8× |
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