ImmunityBio, Inc.
IBRX Healthcare Biotechnology
ImmunityBio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $113.3 million, up 668.3% from fiscal 2024. In the quarter to June 2026, revenue grew 93.9%, EPS fell 120.0%, free cash flow grew 13.4% and total debt rose 57.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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ImmunityBio, Inc. (IBRX) Altman Z-score
ImmunityBio, Inc.'s Altman Z-score for fiscal 2025 is −10.16, 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 | −10.16 | 3.48 |
| FY2024 | −13.63 | (5.01) |
| FY2023 | −8.62 | 3.46 |
| FY2022 | −12.08 | (5.81) |
| FY2021 | −6.28 | (1.88) |
| FY2020 | −4.39 | (31.82) |
| FY2019 | 27.42 | 31.85 |
| FY2018 | −4.42 | (7.74) |
| FY2017 | 3.31 | (6.10) |
| FY2016 | 9.41 | (56.95) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.61 | |
| Retained earnings / total assets | (7.43) | — | −10.40 | |
| EBIT / total assets | (0.51) | — | −1.68 | |
| Market value of equity / total liabilities | 1.82 | — | 1.09 | |
| Sales / total assets | 0.23 | — | 0.23 | |
| Altman Z-score | Distress zone | −10.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −24.85 | ||
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 |
|---|---|
| KRYS Krystal Biotech, Inc. compare | 39.0× |
| KYMR Kymera Therapeutics, Inc. compare | 23.2× |
| TECH Bio-Techne Corp compare | 15.5× |
| CORT Corcept Therapeutics Incorporated compare | 14.1× |
| MDGL Madrigal Pharmaceuticals, Inc. compare | 10.5× |
| BMRN BioMarin Pharmaceutical Inc. compare | 5.7× |
| SMMT Summit Therapeutics PLC compare | 0.9× |
| IBRX ImmunityBio, Inc. | −10.2× |
| PCVX Vaxcyte, 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