Healthcare Triangle, Inc.
HCTI Healthcare Health Information Services
Healthcare Triangle, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $13.9 million, up 18.8% from fiscal 2024. In the quarter to June 2026, revenue grew 158.4%, EPS grew 95.5%, free cash flow grew 67.5% and total debt rose 2,749.9%, each against the same quarter a year earlier.
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Healthcare Triangle, Inc. (HCTI) Altman Z-score
Healthcare Triangle, Inc.'s Altman Z-score for fiscal 2025 is −3.33, 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 | −3.33 | 25.61 |
| FY2024 | −28.94 | (24.90) |
| FY2023 | −4.04 | (4.22) |
| FY2022 | 0.18 | (563,181.34) |
| FY2021 | 563181.53 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.02 | |
| Retained earnings / total assets | (1.89) | — | −2.65 | |
| EBIT / total assets | (0.43) | — | −1.42 | |
| Market value of equity / total liabilities | 0.18 | — | 0.11 | |
| Sales / total assets | 0.61 | — | 0.61 | |
| Altman Z-score | Distress zone | −3.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.14 | ||
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 |
|---|---|
| ZCMD Zhongchao Inc. compare | 9.1× |
| MGRX Mangoceuticals, Inc. compare | −2.1× |
| HCTI Healthcare Triangle, Inc. | −3.3× |
| ACON Aclarion, Inc. compare | −4.9× |
| HLTHQ Cue Health Inc. compare | −5.7× |
| VSEED VSee Health, Inc. compare | −6.3× |
| BFRG Bullfrog AI Holdings Inc. compare | −10.4× |
| RNLXY Renalytix plc - Sponsored ADR compare | −15.6× |
| ETAOF ETAO International Co., Ltd. compare | −58.7× |
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