Elutia Inc.
ELUT Healthcare Medical Devices
In the quarter to June 2026, revenue fell 11.7%, EPS grew 26.1% and free cash flow fell 2.52%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Elutia Inc. (ELUT) Altman Z-score
Elutia Inc.'s Altman Z-score for fiscal 2025 is −4.10, 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 | −4.10 | 6.80 |
| FY2024 | −10.90 | (3.45) |
| FY2023 | −7.45 | (3.92) |
| FY2022 | −3.53 | (2.03) |
| FY2021 | −1.50 | (0.97) |
| FY2020 | −0.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.49 | — | 0.59 | |
| Retained earnings / total assets | (2.83) | — | −3.96 | |
| EBIT / total assets | (0.43) | — | −1.42 | |
| Market value of equity / total liabilities | 0.83 | — | 0.50 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Distress zone | −4.10 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.05 | ||
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 |
|---|---|
| ITOC iTonic Holdings Ltd. compare | 64.6× |
| NSYS Nortech Systems Incorporated compare | 2.8× |
| XTNT Xtant Medical Holdings, Inc. compare | 0.0× |
| QTI QT Imaging Holdings, Inc. compare | 0.0× |
| NNOX Nano-X Imaging Ltd. compare | −0.2× |
| SNWV Sanuwave Health Inc. compare | −3.0× |
| ELUT Elutia Inc. | −4.1× |
| CVRX CVRx, Inc. compare | −6.3× |
| RPID Rapid Micro Biosystems, Inc. compare | −8.9× |
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