Ocugen, Inc.
OCGN Healthcare Biotechnology
Ocugen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 million, up 8.83% from fiscal 2024. In the quarter to June 2026, revenue grew 8.38%, EPS fell 40.0%, free cash flow fell 13.4% and total debt fell 93.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ocugen, Inc. (OCGN) Altman Z-score
Ocugen, Inc.'s Altman Z-score for fiscal 2025 is −13.40, 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 | −13.40 | (8.54) |
| FY2024 | −4.86 | 0.61 |
| FY2023 | −5.47 | (5.51) |
| FY2022 | 0.05 | (15.77) |
| FY2020 | 15.82 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.04 | |
| Retained earnings / total assets | (9.38) | — | −13.13 | |
| EBIT / total assets | (1.45) | — | −4.77 | |
| Market value of equity / total liabilities | 7.28 | — | 4.37 | |
| Sales / total assets | 0.10 | — | 0.10 | |
| Altman Z-score | Distress zone | −13.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −40.32 | ||
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 |
|---|---|
| EYPT EyePoint, Inc. compare | 8.5× |
| FULC Fulcrum Therapeutics, Inc. compare | 8.2× |
| ABEO Abeona Therapeutics Inc. compare | −2.3× |
| IPSC Century Therapeutics, Inc. compare | −3.4× |
| PRLD Prelude Therapeutics Incorporated compare | −6.8× |
| PALI Palisade Bio, Inc. compare | −13.4× |
| OCGN Ocugen, Inc. | −13.4× |
| NAUT Nautilus Biotechnology, Inc. compare | — |
| CABA Cabaletta Bio, 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