Relay Therapeutics, Inc.
RLAY Healthcare Biotechnology
In the quarter to June 2026, revenue fell 95.4%, EPS was flat and free cash flow grew 2.13%, each against the same quarter a year earlier.
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Relay Therapeutics, Inc. (RLAY) Altman Z-score
Relay Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is 10.99, 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 | 10.99 | 10.36 |
| FY2024 | 0.63 | (5.47) |
| FY2023 | 6.10 | 0.58 |
| FY2022 | 5.53 | (9.20) |
| FY2021 | 14.72 | (14.67) |
| FY2020 | 29.39 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.89 | — | 1.07 | |
| Retained earnings / total assets | (3.24) | — | −4.54 | |
| EBIT / total assets | (0.49) | — | −1.61 | |
| Market value of equity / total liabilities | 26.75 | — | 16.05 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Safe zone | 10.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.96 | ||
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 |
|---|---|
| RLAY Relay Therapeutics, Inc. | 11.0× |
| TNGX Tango Therapeutics, Inc. compare | 9.9× |
| TARS Tarsus Pharmaceuticals, Inc. compare | 9.5× |
| ARQT Arcutis Biotherapeutics, Inc. compare | 7.0× |
| LEGN Legend Biotech Corporation Sponsored ADR compare | 4.5× |
| TLX Telix Pharmaceuticals Limited compare | 2.7× |
| ABCL AbCellera Biologics Inc. compare | 1.7× |
| EWTX Edgewise Therapeutics, Inc. compare | — |
| VKTX Viking 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