VAXART, INC.
VXRT Healthcare Biotechnology
VAXART, INC.’s revenue for fiscal 2025 (year ended December 2025) was $237.3 million, up 726.7% from fiscal 2024. In the quarter to June 2026, revenue fell 31.6%, EPS grew 14.3% and free cash flow grew 117.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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VAXART, INC. (VXRT) Altman Z-score
VAXART, INC.'s Altman Z-score for fiscal 2025 is −1.06, 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 | −1.06 | 3.51 |
| FY2024 | −4.57 | 2.72 |
| FY2023 | −7.29 | (4.19) |
| FY2022 | −3.10 | (15.07) |
| FY2021 | 11.97 | 2.68 |
| FY2020 | 9.29 | 14.38 |
| FY2019 | −5.09 | 0.18 |
| FY2018 | −5.27 | 25.69 |
| FY2017 | −30.97 | (24.95) |
| FY2017 | −6.02 | (3.41) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.32 | |
| Retained earnings / total assets | (2.47) | — | −3.46 | |
| EBIT / total assets | 0.10 | — | 0.32 | |
| Market value of equity / total liabilities | 0.82 | — | 0.49 | |
| Sales / total assets | 1.28 | — | 1.28 | |
| Altman Z-score | Distress zone | −1.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.73 | ||
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 |
|---|---|
| ICCC ImmuCell Corporation compare | 2.8× |
| CLLS Cellectis S.A. compare | 0.0× |
| VXRT VAXART, INC. | −1.1× |
| RLYB Rallybio Corporation compare | −3.1× |
| MIST Milestone Pharmaceuticals Inc. compare | −4.6× |
| EQ Equillium, Inc. compare | −6.8× |
| ATRA Atara Biotherapeutics, Inc. compare | −126× |
| OKUR OnKure Therapeutics, Inc. compare | — |
| NMRA Neumora Therapeutics, 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