VolitionRX Limited
VNRX Healthcare Medical Devices
VolitionRX Limited’s revenue for fiscal 2025 (year ended December 2025) was $1.7 million, up 40.0% from fiscal 2024. In the quarter to June 2026, revenue fell 1.97%, EPS grew 29.2%, free cash flow grew 18.6% and total debt rose 7.56%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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VolitionRX Limited (VNRX) Altman Z-score
VolitionRX Limited's Altman Z-score for fiscal 2025 is −62.83, 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 | −62.83 | (19.68) |
| FY2024 | −43.15 | (30.17) |
| FY2023 | −12.97 | 2.12 |
| FY2022 | −15.09 | (15.55) |
| FY2021 | 0.46 | (2.33) |
| FY2020 | 2.79 | (5.30) |
| FY2019 | 8.09 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.47) | — | −1.77 | |
| Retained earnings / total assets | (36.65) | — | −51.30 | |
| EBIT / total assets | (3.15) | — | −10.39 | |
| Market value of equity / total liabilities | 0.65 | — | 0.39 | |
| Sales / total assets | 0.25 | — | 0.25 | |
| Altman Z-score | Distress zone | −62.83 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −151.18 | ||
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 |
|---|---|
| WOK WORK Medical Technology Group LTD compare | 1,088× |
| TRIB Trinity Biotech PLC compare | −2.8× |
| TBIO Telesis Bio Inc. compare | −4.5× |
| VVOS Vivos Therapeutics, Inc. compare | −9.1× |
| CODX Co-Diagnostics, Inc. compare | −9.7× |
| INBS Intelligent Bio Solutions Inc. compare | −11.4× |
| NVNO enVVeno Medical Corporation compare | −28.3× |
| VNRX VolitionRX Limited | −62.8× |
| AMIX Autonomix Medical, 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