Sutro Biopharma, Inc.
STRO Healthcare Biotechnology
Sutro Biopharma, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $102.5 million, up 65.2% from fiscal 2024. In the quarter to June 2026, revenue fell 84.6%, EPS fell 66.4% and free cash flow grew 14.6%, each against the same quarter a year earlier.
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Sutro Biopharma, Inc. (STRO) Altman Z-score
Sutro Biopharma, Inc.'s Altman Z-score for fiscal 2025 is −9.58, 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 | −9.58 | (5.76) |
| FY2024 | −3.81 | (3.17) |
| FY2023 | −0.65 | (0.35) |
| FY2022 | −0.30 | (3.41) |
| FY2021 | 3.12 | (3.48) |
| FY2020 | 6.60 | 5.93 |
| FY2019 | 0.67 | 0.72 |
| FY2018 | −0.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.52 | |
| Retained earnings / total assets | (5.63) | — | −7.88 | |
| EBIT / total assets | (0.91) | — | −3.01 | |
| Market value of equity / total liabilities | 0.32 | — | 0.19 | |
| Sales / total assets | 0.59 | — | 0.59 | |
| Altman Z-score | Distress zone | −9.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −22.06 | ||
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 |
|---|---|
| UPB Upstream Bio, Inc. compare | 61.0× |
| ACOG Alpha Cognition Inc. compare | 2.5× |
| TRDA Entrada Therapeutics, Inc. compare | 2.2× |
| CGEN Compugen Ltd. compare | −0.4× |
| ADCT ADC Therapeutics SA compare | −6.7× |
| STRO Sutro Biopharma, Inc. | −9.6× |
| YARW Yarrow Bioscience, Inc compare | −31.1× |
| ELDN Eledon Pharmaceuticals, Inc. compare | — |
| SION Sionna 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