Halozyme Therapeutics, Inc.
HALO Healthcare Biotechnology
Halozyme Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 37.6% from fiscal 2024. In the quarter to June 2026, revenue grew 47.7%, EPS grew 44.1%, free cash flow grew 141.2% and total debt rose 42.2%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Halozyme Therapeutics, Inc. (HALO) Altman Z-score
Halozyme Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 3.46, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.46 | (0.85) |
| FY2024 | 4.31 | 0.90 |
| FY2023 | 3.41 | (0.73) |
| FY2022 | 4.14 | (1.63) |
| FY2021 | 5.77 | (2.78) |
| FY2020 | 8.55 | 5.88 |
| FY2019 | 2.67 | (2.81) |
| FY2018 | 5.48 | (0.43) |
| FY2017 | 5.91 | 6.03 |
| FY2016 | −0.12 | (6.86) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.31 | |
| Retained earnings / total assets | 0.02 | — | 0.03 | |
| EBIT / total assets | 0.19 | — | 0.61 | |
| Market value of equity / total liabilities | 3.26 | — | 1.95 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Safe zone | 3.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.02 | ||
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 |
|---|---|
| TECH Bio-Techne Corp compare | 15.5× |
| CORT Corcept Therapeutics Incorporated compare | 14.1× |
| EXEL Exelixis, Inc. compare | 12.7× |
| BMRN BioMarin Pharmaceutical Inc. compare | 5.7× |
| HALO Halozyme Therapeutics, Inc. | 3.5× |
| ASND Ascendis Pharma A/S compare | 2.0× |
| JAZZ Jazz Pharmaceuticals PLC compare | 1.4× |
| SMMT Summit Therapeutics PLC compare | 0.9× |
| BBIO BridgeBio Pharma, Inc. compare | −3.5× |
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