stockrowiTonic Holdings Ltd.
ITOC Healthcare Medical Devices
iTonic Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $523,000.00, up 16.7% from fiscal 2024.
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iTonic Holdings Ltd. (ITOC) Altman Z-score
iTonic Holdings Ltd.'s Altman Z-score for fiscal 2025 is 1.96, 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 | 1.96 | (61.21) |
| FY2024 | 63.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.40 | — | 0.48 | |
| Retained earnings / total assets | (0.62) | — | −0.87 | |
| EBIT / total assets | (0.57) | — | −1.88 | |
| Market value of equity / total liabilities | 6.96 | — | 4.18 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Grey zone | 1.96 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.57 | ||
Z and Z″ put iTonic Holdings Ltd. 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 |
|---|---|
| ITOC iTonic Holdings Ltd. | 2.0× |
| IRIX IRIDEX Corporation compare | −2.0× |
| PAVM PAVmed Inc. compare | −11.4× |
| HSCS HeartSciences Inc. compare | −27.9× |
| BTCY Biotricity Inc. compare | −33.3× |
| PETV PetVivo Holdings, Inc. compare | −38.6× |
| SINT SINTX TECHNOLOGIES, INC. compare | −45.4× |
| MODD Modular Medical, Inc. compare | — |
| RBOT Vicarious Surgical 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