Notable Labs, Ltd.
NTBLQ Healthcare Biotechnology
Revenue growth for three consecutive years.
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Notable Labs, Ltd. (NTBLQ) Altman Z-score
Notable Labs, Ltd.'s Altman Z-score for fiscal 2023 is −6.73, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2023 | −6.73 | 18.81 |
| FY2022 | −25.53 | (24.75) |
| FY2021 | −0.78 | 3.62 |
| FY2020 | −4.41 | 0.17 |
| FY2019 | −4.58 | (2.54) |
| FY2018 | −2.04 | (10.99) |
| FY2017 | 8.96 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.65 | — | 0.78 | |
| Retained earnings / total assets | (4.21) | — | −5.90 | |
| EBIT / total assets | (0.75) | — | −2.48 | |
| Market value of equity / total liabilities | 1.41 | — | 0.85 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Distress zone | −6.73 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.91 | ||
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 |
|---|---|
| ELAB PMGC Holdings Inc. compare | −3.6× |
| NTBLQ Notable Labs, Ltd. | −6.7× |
| WINT Windtree Therapeutics, Inc. compare | −7.0× |
| MTNB Matinas Biopharma Holdings, Inc. compare | −11.9× |
| VBIO Valion Bio, Inc. compare | −22.0× |
| EIGRQ Eiger BioPharmaceuticals, Inc. compare | −24.5× |
| BIORQ Biora Therapeutics, Inc. compare | −51.3× |
| KAPA Kairos Pharma, Ltd. compare | — |
| BPTSY Biophytis SA Sponsored ADR 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