Viemed Healthcare, Inc.
VMD Healthcare Medical Devices
Viemed Healthcare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $270.3 million, up 20.5% from fiscal 2024. In the quarter to June 2026, revenue grew 23.9%, EPS fell 12.5%, free cash flow fell 18.2% and total debt rose 65.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Viemed Healthcare, Inc. (VMD) Altman Z-score
Viemed Healthcare, Inc.'s Altman Z-score for fiscal 2025 is 5.58, 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 | 5.58 | (1.06) |
| FY2024 | 6.64 | (0.03) |
| FY2023 | 6.67 | (4.57) |
| FY2022 | 11.24 | 3.44 |
| FY2021 | 7.80 | (0.89) |
| FY2020 | 8.69 | 3.13 |
| FY2019 | 5.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.04 | |
| Retained earnings / total assets | 0.52 | — | 0.72 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 5.19 | — | 3.12 | |
| Sales / total assets | 1.36 | — | 1.36 | |
| Altman Z-score | Safe zone | 5.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.33 | ||
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 |
|---|---|
| CV CapsoVision, Inc. compare | 17.0× |
| VMD Viemed Healthcare, Inc. | 5.6× |
| SI Shoulder Innovations, Inc. compare | 2.5× |
| OFIX ORTHOFIX MEDICAL INC. compare | 1.3× |
| CLPT ClearPoint Neuro, Inc. compare | 0.4× |
| NPCE NeuroPace, Inc. compare | −2.5× |
| CERS Cerus Corporation compare | −4.0× |
| SENS Senseonics Holdings, Inc. compare | −9.8× |
| RCEL Avita Medical Inc. compare | −12.0× |
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