Cytokinetics, Incorporated
CYTK Healthcare Biotechnology
Cytokinetics, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $88.0 million, up 376.6% from fiscal 2024. In the quarter to June 2026, revenue fell 57.1%, EPS fell 33.9%, free cash flow fell 24.0% and total debt rose 57.7%, each against the same quarter a year earlier.
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Cytokinetics, Incorporated (CYTK) Altman Z-score
Cytokinetics, Incorporated's Altman Z-score for fiscal 2025 is −1.98, 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 | −1.98 | (0.89) |
| FY2024 | −1.10 | (0.29) |
| FY2023 | −0.81 | (0.70) |
| FY2022 | −0.11 | (1.63) |
| FY2021 | 1.52 | 1.69 |
| FY2020 | −0.17 | 2.96 |
| FY2019 | −3.13 | 0.87 |
| FY2018 | −4.00 | (2.00) |
| FY2017 | −2.00 | (3.45) |
| FY2016 | 1.45 | 2.70 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.60 | |
| Retained earnings / total assets | (2.45) | — | −3.43 | |
| EBIT / total assets | (0.43) | — | −1.42 | |
| Market value of equity / total liabilities | 3.66 | — | 2.20 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Distress zone | −1.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.91 | ||
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 |
|---|---|
| PTGX Protagonist Therapeutics, Inc. compare | 61.6× |
| KRYS Krystal Biotech, Inc. compare | 39.0× |
| KYMR Kymera Therapeutics, Inc. compare | 23.2× |
| AXSM Axsome Therapeutics, Inc. compare | 6.9× |
| TGTX TG Therapeutics, Inc. compare | 6.3× |
| CAI Caris Life Sciences,�Inc. compare | 3.5× |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | 3.0× |
| CYTK Cytokinetics, Incorporated | −2.0× |
| ABVX Abivax SA Sponsored ADR 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