Rockwell Medical, Inc.
RMTI Healthcare Drug Manufacturers Specialty & Generic
Rockwell Medical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $69.3 million, down 31.8% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS grew 32.0%, free cash flow fell 12.9% and total debt fell 1.73%, each against the same quarter a year earlier.
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Rockwell Medical, Inc. (RMTI) Altman Z-score
Rockwell Medical, Inc.'s Altman Z-score for fiscal 2025 is −7.44, 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 | −7.44 | (1.68) |
| FY2024 | −5.76 | 2.58 |
| FY2023 | −8.34 | 2.23 |
| FY2022 | −10.58 | 0.02 |
| FY2021 | −10.60 | (6.04) |
| FY2020 | −4.56 | 1.94 |
| FY2019 | −6.49 | (2.01) |
| FY2018 | −4.49 | (5.99) |
| FY2017 | 1.50 | (2.31) |
| FY2016 | 3.81 | (6.26) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.60 | |
| Retained earnings / total assets | (7.05) | — | −9.87 | |
| EBIT / total assets | (0.08) | — | −0.27 | |
| Market value of equity / total liabilities | 1.48 | — | 0.89 | |
| Sales / total assets | 1.21 | — | 1.21 | |
| Altman Z-score | Distress zone | −7.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −18.33 | ||
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 |
|---|---|
| ZYBT Zhengye Biotechnology Holding Limited compare | 1.5× |
| UPC Universe Pharmaceuticals INC compare | 0.6× |
| CPHI China Pharma Holdings, Inc. compare | −2.2× |
| AYTU Aytu BioPharma, Inc. compare | −4.0× |
| SCYX SCYNEXIS, Inc. compare | −7.0× |
| RMTI Rockwell Medical, Inc. | −7.4× |
| IXHL Incannex Healthcare Inc. compare | −13.2× |
| TXMD TherapeuticsMD, Inc. compare | −34.4× |
| SHPH Shuttle Pharmaceuticals Holdings, 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