Recursion Pharmaceuticals, Inc.
RXRX Healthcare Biotechnology
Recursion Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $74.7 million, up 26.9% from fiscal 2024. In the quarter to June 2026, revenue fell 60.1%, EPS grew 39.0%, free cash flow fell 32.0% and total debt fell 66.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Recursion Pharmaceuticals, Inc. (RXRX) Altman Z-score
Recursion Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 0.37, 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 | 0.37 | (0.32) |
| FY2024 | 0.69 | (2.63) |
| FY2023 | 3.32 | 1.13 |
| FY2022 | 2.20 | (3.45) |
| FY2022 | 5.64 | (12.54) |
| FY2021 | 18.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.45 | — | 0.54 | |
| Retained earnings / total assets | (1.41) | — | −1.97 | |
| EBIT / total assets | (0.44) | — | −1.45 | |
| Market value of equity / total liabilities | 5.33 | — | 3.20 | |
| Sales / total assets | 0.05 | — | 0.05 | |
| Altman Z-score | Distress zone | 0.37 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.13 | ||
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 |
|---|---|
| CLDX Celldex Therapeutics, Inc. compare | 14.4× |
| AUPH Aurinia Pharmaceuticals Inc compare | 7.9× |
| VRDN Viridian Therapeutics, Inc. compare | 6.7× |
| HRMY Harmony Biosciences Holdings, Inc. compare | 5.2× |
| RXRX Recursion Pharmaceuticals, Inc. | 0.4× |
| FTRE Fortrea Holdings Inc. compare | −0.3× |
| NVAX Novavax, Inc. compare | −2.2× |
| SLS SELLAS Life Sciences Group, Inc. compare | −16.8× |
| IRON Disc Medicine, 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