Milestone Scientific, Inc.
MLSS Healthcare Medical Instruments & Supplies
Milestone Scientific, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.0 million, up 3.99% from fiscal 2024. In the quarter to June 2026, revenue grew 22.3%, EPS grew 50.0%, free cash flow grew 66.7% and total debt fell 43.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Milestone Scientific, Inc. (MLSS) Altman Z-score
Milestone Scientific, Inc.'s Altman Z-score for fiscal 2025 is −22.07, 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 | −22.07 | (14.65) |
| FY2024 | −7.42 | (0.82) |
| FY2023 | −6.60 | 0.43 |
| FY2022 | −7.03 | (23.34) |
| FY2021 | 16.31 | 0.39 |
| FY2020 | 15.92 | 28.67 |
| FY2019 | −12.75 | 7.06 |
| FY2018 | −19.81 | (15.65) |
| FY2017 | −4.17 | (0.81) |
| FY2016 | −3.36 | (5.00) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.43 | — | 0.51 | |
| Retained earnings / total assets | (17.14) | — | −23.99 | |
| EBIT / total assets | (0.73) | — | −2.41 | |
| Market value of equity / total liabilities | 4.44 | — | 2.66 | |
| Sales / total assets | 1.15 | — | 1.15 | |
| Altman Z-score | Distress zone | −22.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −57.37 | ||
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 |
|---|---|
| NXGL NexGel, Inc. compare | 24.6× |
| POCI Precision Optics Corp. compare | 0.6× |
| RVP Retractable Technologies, Inc. compare | 0.6× |
| NEPH Nephros Inc. compare | −3.3× |
| HBIO Harvard Bioscience, Inc. compare | −4.0× |
| FEMY Femasys Inc. compare | −10.9× |
| BNGO Bionano Genomics, Inc. compare | −14.3× |
| MLSS Milestone Scientific, Inc. | −22.1× |
| DXR Daxor Corporation 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