Novogen Limited
KZIA Healthcare Biotechnology
Novogen Limited’s revenue for fiscal 2025 (year ended June 2025) was $1.2 million, down 24.7% from fiscal 2024.
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Novogen Limited (KZIA) Altman Z-score
Novogen Limited's Altman Z-score for fiscal 2025 is −39.89, 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 | −39.89 | (27.27) |
| FY2024 | −12.62 | (6.67) |
| FY2023 | −5.95 | (3.79) |
| FY2022 | −2.16 | (6.04) |
| FY2021 | 3.87 | 4.99 |
| FY2020 | −1.12 | (0.31) |
| FY2019 | −0.81 | (1.27) |
| FY2018 | 0.47 | 6.31 |
| FY2017 | −5.85 | (8.38) |
| FY2016 | 2.53 | (10.43) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.50) | — | −1.81 | |
| Retained earnings / total assets | (22.25) | — | −31.14 | |
| EBIT / total assets | (2.33) | — | −7.70 | |
| Market value of equity / total liabilities | 0.74 | — | 0.44 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Distress zone | −39.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −98.68 | ||
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 |
|---|---|
| CLLS Cellectis S.A. compare | 0.0× |
| RLYB Rallybio Corporation compare | −3.1× |
| CRBP Corbus Pharmaceuticals Holdings, Inc. compare | −4.1× |
| EQ Equillium, Inc. compare | −6.8× |
| KZIA Novogen Limited | −39.9× |
| AARD Aardvark Therapeutics, Inc. compare | — |
| NMRA Neumora Therapeutics, Inc. compare | — |
| OKUR OnKure Therapeutics, Inc. compare | — |
| TNYA Tenaya Therapeutics, 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