Harvard Bioscience, Inc.
HBIO Healthcare Medical Instruments & Supplies
Harvard Bioscience, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $86.6 million, down 8.06% from fiscal 2024. In the quarter to June 2026, revenue grew 11.1%, EPS fell 28.0%, free cash flow fell 123.4% and total debt rose 5.21%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Harvard Bioscience, Inc. (HBIO) Altman Z-score
Harvard Bioscience, Inc.'s Altman Z-score for fiscal 2025 is −4.01, 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 | −4.01 | (3.62) |
| FY2024 | −0.39 | (2.08) |
| FY2023 | 1.69 | 1.27 |
| FY2022 | 0.42 | (1.64) |
| FY2021 | 2.06 | 1.10 |
| FY2020 | 0.96 | 0.27 |
| FY2019 | 0.69 | (0.09) |
| FY2018 | 0.78 | (1.20) |
| FY2017 | 1.98 | 0.50 |
| FY2016 | 1.47 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.39 | |
| Retained earnings / total assets | (2.68) | — | −3.75 | |
| EBIT / total assets | (0.61) | — | −2.00 | |
| Market value of equity / total liabilities | 0.45 | — | 0.27 | |
| Sales / total assets | 1.08 | — | 1.08 | |
| Altman Z-score | Distress zone | −4.01 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.45 | ||
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 |
|---|---|
| POCI Precision Optics Corp. compare | 0.6× |
| RVP Retractable Technologies, Inc. compare | 0.6× |
| ZTEKF Zentek Ltd. compare | −2.1× |
| NEPH Nephros Inc. compare | −3.3× |
| HBIO Harvard Bioscience, Inc. | −4.0× |
| BNGO Bionano Genomics, Inc. compare | −14.3× |
| MBOT Microbot Medical Inc. compare | −19.4× |
| MLSS Milestone Scientific, Inc. compare | −22.1× |
| DXR Daxor Corporation 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