Nektar Therapeutics
NKTR Healthcare Biotechnology
Nektar Therapeutics' revenue for fiscal 2025 (year ended December 2025) was $55.2 million, down 43.9% from fiscal 2024. In the quarter to June 2026, revenue fell 9.34%, EPS grew 58.3% and free cash flow fell 65.7%, each against the same quarter a year earlier.
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Nektar Therapeutics (NKTR) Altman Z-score
Nektar Therapeutics's Altman Z-score for fiscal 2025 is −17.07, 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 | −17.07 | (0.94) |
| FY2024 | −16.13 | (3.02) |
| FY2023 | −13.11 | (6.73) |
| FY2022 | −6.38 | (5.76) |
| FY2021 | −0.62 | (2.45) |
| FY2020 | 1.83 | (0.78) |
| FY2019 | 2.62 | (6.56) |
| FY2018 | 9.18 | 0.87 |
| FY2017 | 8.31 | 10.76 |
| FY2016 | −2.45 | (0.89) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.76 | — | 0.91 | |
| Retained earnings / total assets | (13.41) | — | −18.77 | |
| EBIT / total assets | (0.50) | — | −1.65 | |
| Market value of equity / total liabilities | 3.74 | — | 2.25 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Distress zone | −17.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −41.60 | ||
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 |
|---|---|
| TSHA Taysha Gene Therapies, Inc. compare | 8.1× |
| INBX Inhibrx Biosciences, Inc. compare | 0.7× |
| SNDX Syndax Pharmaceuticals, Inc. compare | −2.1× |
| OMER Omeros Corporation compare | −6.8× |
| NKTR Nektar Therapeutics | −17.1× |
| GHRS GH Research PLC compare | — |
| TYRA Tyra Biosciences, Inc. compare | — |
| DRTS Alpha Tau Medical Ltd. compare | — |
| ORIC Oric Pharmaceuticals, 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