Utah Medical Products, Inc.
UTMD Healthcare Medical Instruments & Supplies
Utah Medical Products, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $38.5 million, down 5.83% from fiscal 2024. In the quarter to June 2026, revenue fell 14.3%, EPS fell 10.6% and free cash flow fell 55.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Utah Medical Products, Inc. (UTMD) Altman Z-score
Utah Medical Products, Inc.'s Altman Z-score for fiscal 2025 is 36.25, 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 | 36.25 | 7.89 |
| FY2024 | 28.36 | (0.41) |
| FY2023 | 28.77 | 2.78 |
| FY2022 | 25.99 | (2.84) |
| FY2021 | 28.83 | 5.29 |
| FY2020 | 23.54 | (7.11) |
| FY2019 | 30.64 | 10.27 |
| FY2018 | 20.37 | 4.97 |
| FY2017 | 15.40 | (11.37) |
| FY2016 | 26.77 | 10.05 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.78 | — | 0.93 | |
| Retained earnings / total assets | 1.05 | — | 1.47 | |
| EBIT / total assets | 0.09 | — | 0.31 | |
| Market value of equity / total liabilities | 55.38 | — | 33.23 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Safe zone | 36.25 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 47.39 | ||
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 |
|---|---|
| NNNN Anbio Biotechnology compare | 8,977× |
| UTMD Utah Medical Products, Inc. | 36.3× |
| KRMD KORU Medical Systems, Inc. compare | 14.5× |
| PDEX Pro-Dex, Inc. compare | 7.4× |
| ZJYL Jin Medical International Ltd. compare | 3.7× |
| SMTI Sanara MedTech Inc. compare | 2.3× |
| EMBC Embecta Corp. compare | 1.8× |
| OSUR OraSure Technologies, Inc. compare | 1.5× |
| NYXH Nyxoah SA compare | −4.4× |
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