4D Molecular Therapeutics, Inc.
FDMT Healthcare Biotechnology
4D Molecular Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $85.2 million, up 230,194.6% from fiscal 2024. In the quarter to June 2026, revenue grew 25,106.7%, EPS fell 6.12% and free cash flow fell 61.3%, each against the same quarter a year earlier.
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4D Molecular Therapeutics, Inc. (FDMT) Altman Z-score
4D Molecular Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 2.50, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.50 | 0.56 |
| FY2024 | 1.94 | (11.13) |
| FY2023 | 13.07 | 1.06 |
| FY2022 | 12.01 | 2.02 |
| FY2021 | 10.00 | 5.14 |
| FY2020 | 4.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.65 | — | 0.78 | |
| Retained earnings / total assets | (1.26) | — | −1.77 | |
| EBIT / total assets | (0.28) | — | −0.93 | |
| Market value of equity / total liabilities | 7.12 | — | 4.27 | |
| Sales / total assets | 0.15 | — | 0.15 | |
| Altman Z-score | Grey zone | 2.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.96 | ||
Z and Z″ put 4D Molecular Therapeutics, Inc. in different zones: grey zone by Z, safe zone by Z″.
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 |
|---|---|
| FDMT 4D Molecular Therapeutics, Inc. | 2.5× |
| OABI OmniAb, Inc. compare | 2.5× |
| IVA Inventiva S.A. Sponsored ADR compare | −1.4× |
| ACHV Achieve Life Sciences, Inc. compare | −3.4× |
| LXRX Lexicon Pharmaceuticals, Inc. compare | −12.1× |
| ANL Adlai Nortye Ltd. Sponsored ADR compare | −22.1× |
| SANA Sana Biotechnology, Inc. compare | — |
| IMMX Immix Biopharma, Inc. compare | — |
| ANNX Annexon, 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