Nuwellis, Inc.
NUWE Healthcare Medical Devices
Nuwellis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.3 million, down 5.38% from fiscal 2024. In the quarter to June 2026, revenue grew 14.1%, EPS grew 98.8% and free cash flow fell 51.6%, each against the same quarter a year earlier.
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Nuwellis, Inc. (NUWE) Altman Z-score
Nuwellis, Inc.'s Altman Z-score for fiscal 2025 is −76.39, 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 | −76.39 | (32.23) |
| FY2024 | −44.17 | (9,604,932.94) |
| FY2020 | 9604888.78 | 7,818,902.67 |
| FY2019 | 1785986.11 | (88,588,295.36) |
| FY2018 | 90374281.47 | (6,752,163.69) |
| FY2017 | 97126445.15 | (1,621,179,508.17) |
| FY2016 | 1718305953.32 | (49,940,563,106.52) |
| FY2015 | 51658869059.84 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.35 | — | 0.42 | |
| Retained earnings / total assets | (51.70) | — | −72.38 | |
| EBIT / total assets | (1.82) | — | −5.99 | |
| Market value of equity / total liabilities | 0.34 | — | 0.21 | |
| Sales / total assets | 1.35 | — | 1.35 | |
| Altman Z-score | Distress zone | −76.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −177.65 | ||
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 |
|---|---|
| DHAI DIH Holding US, Inc. compare | −1.8× |
| ADGM Adagio Medical Holdings, Inc. compare | −7.0× |
| BIOLQ Biolase, Inc. compare | −12.7× |
| XAIR Beyond Air, Inc. compare | −14.4× |
| NXL Nexalin Technology, Inc. compare | −26.9× |
| AFIB Acutus Medical, Inc. compare | −28.5× |
| VJET Flyte Aviation, Inc. compare | −30.6× |
| NUWE Nuwellis, Inc. | −76.4× |
| NUVOQ Holdco Nuvo Group D.G Ltd. compare | −81.9× |
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