Beyond Air, Inc.
XAIR Healthcare Medical Devices
Beyond Air, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $7.7 million, up 107.3% from fiscal 2025. In the quarter to June 2026, revenue was flat, EPS grew 64.1%, free cash flow fell 9.10% and total debt rose 127.3%, 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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Beyond Air, Inc. (XAIR) Altman Z-score
Beyond Air, Inc.'s Altman Z-score for fiscal 2026 is −14.40, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −14.40 | 2.56 |
| FY2025 | −16.95 | (9.28) |
| FY2024 | −7.68 | (10.00) |
| FY2021 | 2.33 | 0.52 |
| FY2020 | 1.80 | 2.71 |
| FY2019 | −0.90 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.52 | — | 0.62 | |
| Retained earnings / total assets | (9.03) | — | −12.64 | |
| EBIT / total assets | (0.82) | — | −2.71 | |
| Market value of equity / total liabilities | 0.20 | — | 0.12 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Distress zone | −14.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −31.35 | ||
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 |
|---|---|
| ADGM Adagio Medical Holdings, Inc. compare | −7.0× |
| IVF INVO Fertility, Inc compare | −7.6× |
| BIOLQ Biolase, Inc. compare | −12.7× |
| XAIR Beyond Air, Inc. | −14.4× |
| NXL Nexalin Technology, Inc. compare | −26.9× |
| AFIB Acutus Medical, Inc. compare | −28.5× |
| VJET Flyte Aviation, Inc. compare | −30.6× |
| NUWE Nuwellis, Inc. compare | −76.4× |
| NUVOQ Holdco Nuvo Group D.G Ltd. compare | −81.9× |
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