Vanda Pharmaceuticals Inc.
VNDA Healthcare Biotechnology
Vanda Pharmaceuticals Inc.’s revenue for fiscal 2025 (year ended December 2025) was $216.1 million, up 8.72% from fiscal 2024. In the quarter to June 2026, revenue fell 3.92%, EPS fell 126.1%, free cash flow fell 101.0% and total debt rose 2.98%, each against the same quarter a year earlier.
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Vanda Pharmaceuticals Inc. (VNDA) Altman Z-score
Vanda Pharmaceuticals Inc.'s Altman Z-score for fiscal 2025 is 0.72, 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 | 0.72 | (1.05) |
| FY2024 | 1.77 | (0.17) |
| FY2023 | 1.93 | (1.30) |
| FY2022 | 3.23 | (3.77) |
| FY2021 | 7.00 | 0.76 |
| FY2020 | 6.24 | (1.66) |
| FY2019 | 7.90 | (6.44) |
| FY2018 | 14.34 | 10.18 |
| FY2017 | 4.16 | 0.09 |
| FY2016 | 4.07 | 2.73 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.50 | |
| Retained earnings / total assets | (0.81) | — | −1.13 | |
| EBIT / total assets | (0.31) | — | −1.02 | |
| Market value of equity / total liabilities | 3.21 | — | 1.93 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Distress zone | 0.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.13 | ||
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 |
|---|---|
| VNDA Vanda Pharmaceuticals Inc. | 0.7× |
| XFOR X4 Pharmaceuticals, Inc. compare | −1.8× |
| ABEO Abeona Therapeutics Inc. compare | −2.3× |
| LCTX Lineage Cell Therapeutics, Inc. compare | −2.9× |
| ACIU AC Immune compare | −4.0× |
| PRLD Prelude Therapeutics Incorporated compare | −6.8× |
| IKT Inhibikase Therapeutics, Inc. compare | −8.8× |
| CABA Cabaletta Bio, Inc. compare | — |
| RCKT Rocket Pharmaceuticals, 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