Lifeward Ltd.
LFWD Healthcare Medical Devices
Lifeward Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $22.0 million, down 14.1% from fiscal 2024. In the quarter to June 2026, revenue grew 15.7%, EPS grew 40.8% and free cash flow fell 52.8%, each against the same quarter a year earlier.
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Lifeward Ltd. (LFWD) Altman Z-score
Lifeward Ltd.'s Altman Z-score for fiscal 2025 is −18.75, 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 | −18.75 | (5.47) |
| FY2024 | −13.28 | (9.24) |
| FY2023 | −4.05 | (5.02) |
| FY2022 | 0.97 | (3.49) |
| FY2021 | 4.46 | 11.91 |
| FY2020 | −7.44 | 2.85 |
| FY2019 | −10.29 | 6.89 |
| FY2018 | −17.18 | (7.60) |
| FY2017 | −9.59 | (3.50) |
| FY2016 | −6.09 | (22.57) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.20 | |
| Retained earnings / total assets | (12.43) | — | −17.41 | |
| EBIT / total assets | (0.86) | — | −2.84 | |
| Market value of equity / total liabilities | 0.55 | — | 0.33 | |
| Sales / total assets | 0.96 | — | 0.96 | |
| Altman Z-score | Distress zone | −18.75 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −44.62 | ||
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 |
|---|---|
| ARAY Accuray Incorporated compare | −0.8× |
| IRIX IRIDEX Corporation compare | −2.0× |
| PAVM PAVmed Inc. compare | −11.4× |
| LFWD Lifeward Ltd. | −18.8× |
| HSCS HeartSciences Inc. compare | −27.9× |
| ALUR Allurion Technologies, Inc. compare | −29.6× |
| RBOT Vicarious Surgical Inc. compare | — |
| MODD Modular Medical, Inc. compare | — |
| BDMD Baird Medical Investment Holdings Limited 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