SmartKem, Inc.
SMTK Technology Semiconductor Equipment & Materials
SmartKem, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $697,000.00, up 750.0% from fiscal 2024. In the quarter to June 2026, revenue fell 13.0%, EPS grew 53.3% and free cash flow grew 34.6%, each against the same quarter a year earlier.
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SmartKem, Inc. (SMTK) Altman Z-score
SmartKem, Inc.'s Altman Z-score for fiscal 2025 is −96.25, 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 | −96.25 | (77.65) |
| FY2024 | −18.60 | (6.26) |
| FY2023 | −12.34 | 0.84 |
| FY2022 | −13.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.93) | — | −2.31 | |
| Retained earnings / total assets | (54.69) | — | −76.56 | |
| EBIT / total assets | (5.61) | — | −18.51 | |
| Market value of equity / total liabilities | 1.40 | — | 0.84 | |
| Sales / total assets | 0.30 | — | 0.30 | |
| Altman Z-score | Distress zone | −96.25 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −229.29 | ||
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 |
|---|---|
| AEHR Aehr Test Systems compare | 63.2× |
| PLAB Photronics, Inc. compare | 6.1× |
| TRT Trio-Tech International compare | 5.7× |
| ICHR Ichor Holdings, Ltd. compare | 2.8× |
| INTT inTest Corporation compare | 2.6× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
| ASYS Amtech Systems, Inc. compare | 1.2× |
| ATOM Atomera Incorporated compare | −3.3× |
| SMTK SmartKem, Inc. | −96.2× |
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