Ginkgo Bioworks Holdings, Inc.
In the quarter to June 2026, revenue fell 48.5%, EPS grew 31.8% and free cash flow fell 16.4%, each against the same quarter a year earlier.
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Ginkgo Bioworks Holdings, Inc. (DNA) Altman Z-score
Ginkgo Bioworks Holdings, Inc.'s Altman Z-score for fiscal 2025 is −7.61, 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 | −7.61 | (1.40) |
| FY2024 | −6.22 | (4.28) |
| FY2023 | −1.94 | 0.45 |
| FY2022 | −2.38 | (12.45) |
| FY2021 | 10.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.34 | — | 0.40 | |
| Retained earnings / total assets | (5.49) | — | −7.69 | |
| EBIT / total assets | (0.28) | — | −0.93 | |
| Market value of equity / total liabilities | 0.75 | — | 0.45 | |
| Sales / total assets | 0.15 | — | 0.15 | |
| Altman Z-score | Distress zone | −7.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.72 | ||
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 |
|---|---|
| HELP Cybin Inc. compare | 13.0× |
| ARDX Ardelyx, Inc. compare | 1.1× |
| ALMS Alumis Inc. compare | −1.4× |
| GERN Geron Corporation compare | −2.2× |
| VSTM Verastem, Inc. compare | −6.3× |
| DNA Ginkgo Bioworks Holdings, Inc. | −7.6× |
| SANA Sana Biotechnology, Inc. compare | — |
| CRVS Corvus Pharmaceuticals, Inc. compare | — |
| AVBP ArriVent BioPharma, Inc. 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