InMode Ltd.
INMD Healthcare Medical Devices
InMode Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $370.5 million, down 6.16% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 31.0% and free cash flow fell 12.6%, each against the same quarter a year earlier.
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InMode Ltd. (INMD) Altman Z-score
InMode Ltd.'s Altman Z-score for fiscal 2025 is 10.45, 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 | 10.45 | (2.78) |
| FY2024 | 13.23 | (4.99) |
| FY2023 | 18.21 | (5.28) |
| FY2022 | 23.49 | (35.41) |
| FY2021 | 58.90 | 30.06 |
| FY2020 | 28.84 | 7.81 |
| FY2019 | 21.03 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.82 | — | 0.98 | |
| Retained earnings / total assets | 1.26 | — | 1.77 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 11.41 | — | 6.84 | |
| Sales / total assets | 0.48 | — | 0.48 | |
| Altman Z-score | Safe zone | 10.45 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 18.86 | ||
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 |
|---|---|
| BBNX Beta Bionics, Inc. compare | 16.9× |
| INMD InMode Ltd. | 10.4× |
| SIBN SiBone compare | 7.2× |
| PRCT PROCEPT BioRobotics Corporation compare | 6.4× |
| CTKB Cytek Biosciences, Inc. compare | 3.9× |
| VREX VAREX IMAGING compare | 1.7× |
| LMRI Lumexa Imaging Holdings, Inc. compare | 1.0× |
| AHCO AdaptHealth Corp. compare | 0.9× |
| QDEL QuidelOrtho Corporation compare | 0.1× |
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