stockrowImmuCell Corporation
ICCC Healthcare Biotechnology
ImmuCell Corporation’s revenue for fiscal 2025 (year ended December 2025) was $27.6 million, up 4.34% from fiscal 2024.
- Revenue
- +11.5%
- EPS
- +233.3%
- Free cash flow
- +54.9%
- Total debt
- −15.3%
Quarter to June 2026, against a year earlier
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ImmuCell Corporation (ICCC) Altman Z-score
ImmuCell Corporation's Altman Z-score for fiscal 2025 is 2.80, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.80 | 1.05 |
| FY2024 | 1.75 | 0.71 |
| FY2023 | 1.04 | (1.26) |
| FY2022 | 2.30 | (1.47) |
| FY2021 | 3.77 | 1.20 |
| FY2020 | 2.57 | (0.11) |
| FY2019 | 2.68 | 0.30 |
| FY2018 | 2.38 | (0.56) |
| FY2017 | 2.95 | (1.25) |
| FY2016 | 4.20 | (1.14) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.30 | — | 0.37 | |
| Retained earnings / total assets | (0.36) | — | −0.50 | |
| EBIT / total assets | 0.04 | — | 0.13 | |
| Market value of equity / total liabilities | 3.59 | — | 2.15 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Grey zone | 2.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.93 | ||
Z and Z″ put ImmuCell Corporation in different zones: grey zone by Z, safe zone by Z″.
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 |
|---|---|
| LENZ LENZ Therapeutics, Inc. compare | 12.0× |
| ICCC ImmuCell Corporation | 2.8× |
| SEER Seer, Inc. compare | −0.5× |
| VXRT VAXART, INC. compare | −1.1× |
| CBUS Cibus, Inc. compare | −4.8× |
| VANI Vivani Medical, Inc. compare | −26.2× |
| NMRA Neumora Therapeutics, Inc. compare | — |
| PLYX Polaryx Therapeutics, Inc. compare | — |
| RTSN Retension Pharmaceuticals, 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