LivaNova PLC
LIVN Healthcare Medical Devices
LivaNova PLC’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 10.7% from fiscal 2024. In the quarter to June 2026, revenue grew 10.8%, EPS grew 296.0%, free cash flow fell 26.7% and total debt fell 31.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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LivaNova PLC (LIVN) Altman Z-score
LivaNova PLC's Altman Z-score for fiscal 2025 is 1.74, 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 | 1.74 | (0.05) |
| FY2024 | 1.79 | 0.19 |
| FY2023 | 1.60 | (0.08) |
| FY2022 | 1.68 | (1.14) |
| FY2021 | 2.82 | 1.56 |
| FY2020 | 1.26 | (0.86) |
| FY2019 | 2.13 | (0.41) |
| FY2018 | 2.54 | (1.55) |
| FY2017 | 4.09 | 1.32 |
| FY2016 | 2.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.14 | |
| Retained earnings / total assets | (0.44) | — | −0.62 | |
| EBIT / total assets | 0.08 | — | 0.25 | |
| Market value of equity / total liabilities | 2.39 | — | 1.43 | |
| Sales / total assets | 0.53 | — | 0.53 | |
| Altman Z-score | Distress zone | 1.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.72 | ||
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 |
|---|---|
| UFPT UFP Technologies, Inc. compare | 6.9× |
| TMDX TransMedics Group, Inc. compare | 5.3× |
| IRTC iRhythm Holdings, Inc. compare | 4.0× |
| BRKR Bruker Corporation compare | 2.4× |
| ITGR Integer Holdings Corporation compare | 2.3× |
| HAE Haemonetics Corporation compare | 2.2× |
| LIVN LivaNova PLC | 1.7× |
| BFLY Butterfly Network, Inc. compare | 1.6× |
| NEOG Neogen Corporation compare | 1.1× |
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