Urogen Pharma
URGN Healthcare Biotechnology
Urogen Pharma’s revenue for fiscal 2025 (year ended December 2025) was $109.8 million, up 21.4% from fiscal 2024. In the quarter to June 2026, revenue grew 199.2%, EPS grew 73.3%, free cash flow grew 17.3% and total debt rose 56.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Urogen Pharma (URGN) Altman Z-score
Urogen Pharma's Altman Z-score for fiscal 2025 is −5.16, 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 | −5.16 | (2.31) |
| FY2024 | −2.85 | 1.23 |
| FY2023 | −4.09 | 1.85 |
| FY2022 | −5.94 | (0.40) |
| FY2021 | −5.54 | (8.22) |
| FY2020 | 2.69 | (13.33) |
| FY2019 | 16.01 | (11.13) |
| FY2018 | 27.15 | (3.12) |
| FY2017 | 30.27 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.70 | — | 0.84 | |
| Retained earnings / total assets | (4.79) | — | −6.70 | |
| EBIT / total assets | (0.62) | — | −2.06 | |
| Market value of equity / total liabilities | 3.68 | — | 2.21 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Distress zone | −5.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −15.59 | ||
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 |
|---|---|
| ZYME Zymeworks Inc. compare | 11.6× |
| SEPN Septerna, Inc. compare | 3.4× |
| MESO Mesoblast Limited compare | 3.4× |
| XNCR Xencor, Inc. compare | 1.7× |
| MRVI Maravai LifeSciences Holdings, Inc. compare | 0.4× |
| VIR Vir Biotechnology, Inc. compare | −0.6× |
| URGN Urogen Pharma | −5.2× |
| PVLA Palvella Therapeutics, Inc. compare | −11.5× |
| BHVN Biohaven Ltd. 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