GeoVax Labs Inc.
GOVX Healthcare Biotechnology
GeoVax Labs Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 million, down 37.1% from fiscal 2024. In the quarter to June 2026, revenue grew 183.4%, EPS grew 88.9% and free cash flow grew 15.8%, each against the same quarter a year earlier.
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GeoVax Labs Inc. (GOVX) Altman Z-score
GeoVax Labs Inc.'s Altman Z-score for fiscal 2025 is −42.55, 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 | −42.55 | (13.83) |
| FY2024 | −28.72 | (26.02) |
| FY2022 | −2.70 | 7.74 |
| FY2021 | −10.44 | (8.05) |
| FY2020 | −2.39 | (25,368,913,969.27) |
| FY2017 | 25368913966.88 | (16,395,077,281.78) |
| FY2016 | 41763991248.66 | (66,919,725,247.28) |
| FY2015 | 108683716495.93 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.53 | — | 0.64 | |
| Retained earnings / total assets | (23.78) | — | −33.29 | |
| EBIT / total assets | (3.41) | — | −11.26 | |
| Market value of equity / total liabilities | 1.63 | — | 0.98 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Distress zone | −42.55 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −95.37 | ||
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 |
|---|---|
| ELAB PMGC Holdings Inc. compare | −3.6× |
| HCWB HCW Biologics Inc. compare | −8.8× |
| AFMDQ Affimed N.V. compare | −10.4× |
| EIGRQ Eiger BioPharmaceuticals, Inc. compare | −24.5× |
| GOVX GeoVax Labs Inc. | −42.5× |
| BIORQ Biora Therapeutics, Inc. compare | −51.3× |
| VIVS VivoSim Labs, Inc. compare | −71.7× |
| SLXN Silexion Therapeutics Corp compare | — |
| XRTX XORTX Therapeutics 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