Puma Biotechnology, Inc.
PBYI Healthcare Biotechnology
Puma Biotechnology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $228.4 million, down 0.91% from fiscal 2024. In the quarter to June 2026, revenue grew 7.75%, EPS grew 33.3%, free cash flow fell 88.5% and total debt fell 79.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Puma Biotechnology, Inc. (PBYI) Altman Z-score
Puma Biotechnology, Inc.'s Altman Z-score for fiscal 2025 is −4.16, 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 | −4.16 | 1.89 |
| FY2024 | −6.05 | (0.35) |
| FY2023 | −5.69 | 0.67 |
| FY2022 | −6.36 | 0.46 |
| FY2021 | −6.82 | (0.80) |
| FY2020 | −6.03 | (0.34) |
| FY2019 | −5.68 | (1.64) |
| FY2018 | −4.04 | (9.17) |
| FY2017 | 5.12 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.45 | |
| Retained earnings / total assets | (5.94) | — | −8.31 | |
| EBIT / total assets | 0.17 | — | 0.57 | |
| Market value of equity / total liabilities | 3.46 | — | 2.08 | |
| Sales / total assets | 1.06 | — | 1.06 | |
| Altman Z-score | Distress zone | −4.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −14.13 | ||
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 |
|---|---|
| STTK Shattuck Labs, Inc. compare | 10.2× |
| DBVT DBV Technologies S.A. compare | 1.3× |
| CTMX CytomX Therapeutics, Inc. compare | 0.9× |
| VALN Valneva SE Sponsored ADR compare | −0.5× |
| PBYI Puma Biotechnology, Inc. | −4.2× |
| CYVNY Ceryvyn Therapeutics Ltd. - Unsponsored ADR compare | −30.4× |
| FTH Faeth Therapeutics, Inc. compare | — |
| VECT VectivBio Holding AG compare | — |
| DRUG Bright Minds Biosciences 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