Xenetic Biosciences, Inc.
XBIO Healthcare Biotechnology
Xenetic Biosciences, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 million, up 19.0% from fiscal 2024. In the quarter to June 2026, revenue grew 12.0%, EPS grew 8.89% and free cash flow fell 128.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Xenetic Biosciences, Inc. (XBIO) Altman Z-score
Xenetic Biosciences, Inc.'s Altman Z-score for fiscal 2025 is −30.91, 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 | −30.91 | 5.62 |
| FY2024 | −36.53 | (14.76) |
| FY2023 | −21.77 | (5.69) |
| FY2022 | −16.08 | (8.93) |
| FY2021 | −7.15 | 5.94 |
| FY2020 | −13.09 | (1.44) |
| FY2019 | −11.65 | (3.07) |
| FY2017 | −8.58 | 3.88 |
| FY2016 | −12.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.85 | — | 1.02 | |
| Retained earnings / total assets | (23.90) | — | −33.46 | |
| EBIT / total assets | (0.34) | — | −1.12 | |
| Market value of equity / total liabilities | 3.81 | — | 2.29 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Distress zone | −30.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −66.61 | ||
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 |
|---|---|
| AZTR Azitra, Inc. compare | −14.7× |
| ADTX Aditxt, Inc. compare | −22.3× |
| LGVN Longeveron Inc. compare | −24.1× |
| XBIO Xenetic Biosciences, Inc. | −30.9× |
| PCSA Heatwurx Inc. compare | −251× |
| DRMA Dermata Therapeutics, Inc. compare | — |
| NCNA NuCana PLC Sponsored ADR compare | — |
| RVPH Reviva Pharmaceuticals Holdings, Inc. compare | — |
| ENLV Enlivex Ltd. 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