Pacific Biosciences of California, Inc.
PACB Healthcare Medical Devices
Pacific Biosciences of California, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $160.0 million, up 3.89% from fiscal 2024. In the quarter to June 2026, revenue fell 1.91%, EPS was flat, free cash flow fell 31.0% and total debt was flat, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Pacific Biosciences of California, Inc. (PACB) Altman Z-score
Pacific Biosciences of California, Inc.'s Altman Z-score for fiscal 2025 is −6.04, 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 | −6.04 | (3.35) |
| FY2024 | −2.70 | (2.58) |
| FY2023 | −0.12 | 0.28 |
| FY2022 | −0.40 | (1.95) |
| FY2021 | 1.55 | (27.98) |
| FY2020 | 29.53 | 35.93 |
| FY2019 | −6.40 | (8.24) |
| FY2018 | 1.84 | 8.30 |
| FY2017 | −6.46 | (1.89) |
| FY2016 | −4.57 | (7.94) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.39 | — | 0.46 | |
| Retained earnings / total assets | (3.44) | — | −4.81 | |
| EBIT / total assets | (0.71) | — | −2.33 | |
| Market value of equity / total liabilities | 0.72 | — | 0.43 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Distress zone | −6.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −13.42 | ||
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 |
|---|---|
| SSII SS Innovations International, Inc. compare | 17.5× |
| DCTH Delcath Systems, Inc. compare | 13.3× |
| TCMD Tactile Systems Technology, Inc. compare | 9.6× |
| CTKB Cytek Biosciences, Inc. compare | 3.9× |
| BWAY Brainsway Ltd. Sponsored ADR compare | 2.8× |
| KIDS OrthoPediatrics Corp. compare | 1.5× |
| MASS 908 Devices Inc. compare | 1.1× |
| SGHT Sight Sciences, Inc. compare | 0.8× |
| PACB Pacific Biosciences of California, Inc. | −6.0× |
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