Sinovac Biotech, Ltd.
Sinovac Biotech, Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $386.0 million, up 6.82% from fiscal 2024.
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Sinovac Biotech, Ltd. (SVA) Altman Z-score
Sinovac Biotech, Ltd.'s Altman Z-score for fiscal 2025 is 1.22, 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 | 1.22 | (0.48) |
| FY2024 | 1.70 | 0.09 |
| FY2023 | 1.61 | (0.32) |
| FY2022 | 1.93 | (4.32) |
| FY2021 | 6.24 | 4.45 |
| FY2020 | 1.80 | (3.80) |
| FY2019 | 5.60 | 0.28 |
| FY2018 | 5.31 | 1.53 |
| FY2017 | 3.78 | 0.68 |
| FY2016 | 3.11 | (0.54) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.65 | — | 0.78 | |
| Retained earnings / total assets | 0.33 | — | 0.46 | |
| EBIT / total assets | (0.06) | — | −0.19 | |
| Market value of equity / total liabilities | 0.22 | — | 0.13 | |
| Sales / total assets | 0.05 | — | 0.05 | |
| Altman Z-score | Distress zone | 1.22 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.06 | ||
Z and Z″ put Sinovac Biotech, Ltd. in different zones: distress zone by Z, safe zone by Z″.
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 |
|---|---|
| SVA Sinovac Biotech, Ltd. | 1.2× |
| JONE Jones Energy, 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