Tarsus Pharmaceuticals, Inc.
TARS Healthcare Biotechnology
Tarsus Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $451.4 million, up 146.7% from fiscal 2024. In the quarter to June 2026, revenue grew 69.4%, EPS grew 10.4%, free cash flow grew 288.1% and total debt was flat, each against the same quarter a year earlier.
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Tarsus Pharmaceuticals, Inc. (TARS) Altman Z-score
Tarsus Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is 9.54, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 9.54 | 2.37 |
| FY2024 | 7.17 | 3.97 |
| FY2023 | 3.20 | (2.64) |
| FY2022 | 5.84 | (17.78) |
| FY2021 | 23.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.69 | — | 0.83 | |
| Retained earnings / total assets | (0.76) | — | −1.06 | |
| EBIT / total assets | (0.13) | — | −0.42 | |
| Market value of equity / total liabilities | 15.64 | — | 9.38 | |
| Sales / total assets | 0.80 | — | 0.80 | |
| Altman Z-score | Safe zone | 9.54 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.84 | ||
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 |
|---|---|
| XENE Xenon Pharmaceuticals Inc. compare | 37.8× |
| IDYA IDEAYA Biosciences, Inc. compare | 20.7× |
| RLAY Relay Therapeutics, Inc. compare | 11.0× |
| TNGX Tango Therapeutics, Inc. compare | 9.9× |
| TARS Tarsus Pharmaceuticals, Inc. | 9.5× |
| ACAD ACADIA Pharmaceuticals Inc. compare | 7.9× |
| ARQT Arcutis Biotherapeutics, Inc. compare | 7.0× |
| TLX Telix Pharmaceuticals Limited compare | 2.7× |
| VKTX Viking 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