Harmony Biosciences Holdings, Inc.
HRMY Healthcare Biotechnology
Harmony Biosciences Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $868.5 million, up 21.5% from fiscal 2024. In the quarter to June 2026, revenue grew 30.3%, EPS grew 88.4%, free cash flow grew 16.5% and total debt fell 10.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Harmony Biosciences Holdings, Inc. (HRMY) Altman Z-score
Harmony Biosciences Holdings, Inc.'s Altman Z-score for fiscal 2025 is 5.23, 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 | 5.23 | (0.05) |
| FY2024 | 5.29 | 0.27 |
| FY2023 | 5.02 | (3.44) |
| FY2022 | 8.46 | 1.96 |
| FY2021 | 6.51 | 5.55 |
| FY2020 | 0.96 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.62 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.16 | — | 0.54 | |
| Market value of equity / total liabilities | 5.36 | — | 3.22 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Safe zone | 5.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.17 | ||
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 |
|---|---|
| CLDX Celldex Therapeutics, Inc. compare | 14.4× |
| AUPH Aurinia Pharmaceuticals Inc compare | 7.9× |
| VRDN Viridian Therapeutics, Inc. compare | 6.7× |
| HRMY Harmony Biosciences Holdings, Inc. | 5.2× |
| RXRX Recursion Pharmaceuticals, Inc. compare | 0.4× |
| FTRE Fortrea Holdings Inc. compare | −0.3× |
| NVAX Novavax, Inc. compare | −2.2× |
| SLS SELLAS Life Sciences Group, Inc. compare | −16.8× |
| IRON Disc Medicine, 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