Fortress Biotech, Inc.
FBIO Healthcare Biotechnology
Fortress Biotech, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $63.3 million, up 9.69% from fiscal 2024. In the quarter to June 2026, revenue grew 14.0%, EPS fell 116.0%, free cash flow fell 115.4% and total debt fell 35.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Fortress Biotech, Inc. (FBIO) Altman Z-score
Fortress Biotech, Inc.'s Altman Z-score for fiscal 2025 is −5.47, 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 | −5.47 | 3.52 |
| FY2024 | −8.99 | (1.20) |
| FY2023 | −7.79 | (3.31) |
| FY2022 | −4.48 | (2.61) |
| FY2021 | −1.87 | (0.82) |
| FY2020 | −1.05 | 1.97 |
| FY2019 | −3.02 | 2.88 |
| FY2018 | −5.89 | (4.32) |
| FY2017 | −1.57 | 0.50 |
| FY2016 | −2.07 | (1.24) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.40 | — | 0.48 | |
| Retained earnings / total assets | (3.96) | — | −5.54 | |
| EBIT / total assets | (0.38) | — | −1.25 | |
| Market value of equity / total liabilities | 0.83 | — | 0.50 | |
| Sales / total assets | 0.34 | — | 0.34 | |
| Altman Z-score | Distress zone | −5.47 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −12.29 | ||
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 |
|---|---|
| XBIT XBiotech Inc. compare | 11.7× |
| SPRO Spero Therapeutics, Inc. compare | 1.0× |
| FBIO Fortress Biotech, Inc. | −5.5× |
| HYFT MindWalk Holdings Corp. compare | −5.6× |
| VRCA Verrica Pharmaceuticals Inc. compare | −6.7× |
| APLM Apollomics Inc. compare | −150× |
| NMAD Nomad Power Solutions, Inc. compare | — |
| CING Cingulate Inc. compare | — |
| OSTX OS Therapies Incorporated 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