DBV Technologies S.A.
DBVT Healthcare Biotechnology
DBV Technologies S.A.’s revenue for fiscal 2025 (year ended December 2025) was $5.6 million, up 35.8% from fiscal 2024. In the quarter to June 2026, revenue fell 53.3%, EPS grew 61.3% and free cash flow fell 56.2%, each against the same quarter a year earlier.
Follow DBVT
DBV Technologies S.A. (DBVT) Altman Z-score
DBV Technologies S.A.'s Altman Z-score for fiscal 2025 is 1.33, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.33 | 12.05 |
| FY2024 | −10.72 | (8.91) |
| FY2023 | −1.81 | (0.55) |
| FY2022 | −1.26 | 2.26 |
| FY2021 | −3.52 | 2.10 |
| FY2020 | −5.62 | (1.36) |
| FY2019 | −4.26 | (1.26) |
| FY2018 | −3.00 | (2.73) |
| FY2017 | −0.27 | (3.60) |
| FY2016 | 3.33 | (5.15) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.66 | — | 0.80 | |
| Retained earnings / total assets | (1.68) | — | −2.35 | |
| EBIT / total assets | (0.63) | — | −2.08 | |
| Market value of equity / total liabilities | 8.24 | — | 4.94 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Distress zone | 1.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.64 | ||
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 |
|---|---|
| STTK Shattuck Labs, Inc. compare | 10.2× |
| SGMT Sagimet Biosciences Inc. compare | 2.5× |
| CRMD CorMedix Inc compare | 2.2× |
| DBVT DBV Technologies S.A. | 1.3× |
| VALN Valneva SE Sponsored ADR compare | −0.5× |
| PBYI Puma Biotechnology, Inc. compare | −4.2× |
| SLN Silence Therapeutics PLC Sponsored ADR compare | −4.8× |
| OLMA Olema Pharmaceuticals, Inc. compare | — |
| VECT VectivBio Holding AG 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