Ultragenyx Pharmaceutical Inc.
RARE Healthcare Biotechnology
Ultragenyx Pharmaceutical Inc.’s revenue for fiscal 2025 (year ended December 2025) was $673.0 million, up 20.2% from fiscal 2024. In the quarter to June 2026, revenue grew 28.1%, EPS grew 23.1% and free cash flow grew 12.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Ultragenyx Pharmaceutical Inc. (RARE) Altman Z-score
Ultragenyx Pharmaceutical Inc.'s Altman Z-score for fiscal 2025 is −3.57, 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 | −3.57 | (1.28) |
| FY2024 | −2.28 | (0.23) |
| FY2023 | −2.05 | (0.49) |
| FY2022 | −1.56 | (5.29) |
| FY2021 | 3.73 | (3.62) |
| FY2020 | 7.35 | 6.46 |
| FY2019 | 0.89 | (7.95) |
| FY2018 | 8.85 | 1.93 |
| FY2017 | 6.91 | (16.01) |
| FY2016 | 22.93 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | (2.96) | — | −4.14 | |
| EBIT / total assets | (0.35) | — | −1.15 | |
| Market value of equity / total liabilities | 1.41 | — | 0.84 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Distress zone | −3.57 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −9.61 | ||
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 |
|---|---|
| ABSI Absci Corporation compare | 5.5× |
| IMCR Immunocore Holdings PLC Sponsored ADR compare | 1.5× |
| ANAB AnaptysBio, Inc. compare | 0.8× |
| QURE uniQure N.V. compare | −0.8× |
| RARE Ultragenyx Pharmaceutical Inc. | −3.6× |
| KRSA Korsana Biosciences, Inc. compare | −36.3× |
| GPCR Structure Therapeutics Inc. Sponsored ADR compare | — |
| RAPP Rapport Therapeutics, Inc. compare | — |
| MAZE Maze Therapeutics, 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