NexGel, Inc.
NXGL Healthcare Medical Instruments & Supplies
NexGel, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.4 million, up 31.5% from fiscal 2024. In the quarter to June 2026, revenue grew 27.8%, EPS fell 344.4%, free cash flow fell 432.3% and total debt rose 353.8%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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NexGel, Inc. (NXGL) Altman Z-score
NexGel, Inc.'s Altman Z-score for fiscal 2025 is 24.63, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 24.63 | (44.18) |
| FY2024 | 68.80 | 41.04 |
| FY2023 | 27.76 | (1.32) |
| FY2022 | 29.08 | 10.22 |
| FY2021 | 18.87 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.16 | |
| Retained earnings / total assets | (2.01) | — | −2.81 | |
| EBIT / total assets | (0.32) | — | −1.06 | |
| Market value of equity / total liabilities | 45.40 | — | 27.24 | |
| Sales / total assets | 1.09 | — | 1.09 | |
| Altman Z-score | Safe zone | 24.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −6.91 | ||
Z and Z″ put NexGel, Inc. in different zones: safe zone by Z, distress zone by Z″.
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. | 24.6× |
| RVP Retractable Technologies, Inc. compare | 0.6× |
| CUPR Cuprina Holdings (Cayman) Limited compare | −1.0× |
| LUCY Innovative Eyewear, Inc. compare | −3.7× |
| HBIO Harvard Bioscience, Inc. compare | −4.0× |
| FEMY Femasys Inc. compare | −10.9× |
| BNGO Bionano Genomics, Inc. compare | −14.3× |
| MLSS Milestone Scientific, Inc. compare | −22.1× |
| RGNT Regentis Biomaterials Ltd. 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