IM Cannabis Corp.
IMCC Healthcare Drug Manufacturers Specialty & Generic
IM Cannabis Corp.’s revenue for fiscal 2025 (year ended December 2025) was $39.2 million, down 0.66% from fiscal 2024. In the quarter to June 2026, revenue fell 40.3%, EPS fell 385.7%, free cash flow fell 266.8% and total debt fell 64.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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IM Cannabis Corp. (IMCC) Altman Z-score
IM Cannabis Corp.'s Altman Z-score for fiscal 2025 is −11.69, 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 | −11.69 | (2.72) |
| FY2024 | −8.96 | (1.85) |
| FY2023 | −7.12 | (0.93) |
| FY2022 | −6.18 | (7.59) |
| FY2021 | 1.40 | (7.21) |
| FY2020 | 8.62 | (83.46) |
| FY2019 | 92.07 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.35) | — | −0.43 | |
| Retained earnings / total assets | (8.51) | — | −11.92 | |
| EBIT / total assets | (0.37) | — | −1.20 | |
| Market value of equity / total liabilities | 0.23 | — | 0.14 | |
| Sales / total assets | 1.72 | — | 1.72 | |
| Altman Z-score | Distress zone | −11.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −32.65 | ||
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 |
|---|---|
| GELS Gelteq Limited compare | 0.4× |
| PRFX PainReform Ltd. compare | −7.9× |
| IMCC IM Cannabis Corp. | −11.7× |
| PTPI Petros Pharmaceuticals, Inc. compare | −17.0× |
| YCBD cbdMD, Inc. compare | −21.7× |
| RDHL Redhill Biopharma Ltd. compare | −24.4× |
| BTAIQ BioXcel Therapeutics, Inc. compare | −26.3× |
| AKAN Akanda Corp. compare | −26.4× |
| NEPTF Neptune Wellness Solutions Inc. compare | −27.3× |
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