Exagen Inc.
XGN Healthcare Diagnostics & Research
Exagen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $66.6 million, up 19.7% from fiscal 2024. In the quarter to June 2026, revenue grew 15.9%, EPS grew 38.1%, free cash flow grew 211.3% and total debt rose 6.44%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Exagen Inc. (XGN) Altman Z-score
Exagen Inc.'s Altman Z-score for fiscal 2025 is −4.58, 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 | −4.58 | 2.51 |
| FY2024 | −7.09 | (1.20) |
| FY2023 | −5.89 | (1.95) |
| FY2022 | −3.94 | (5.23) |
| FY2021 | 1.29 | 0.95 |
| FY2020 | 0.34 | 0.15 |
| FY2019 | 0.19 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.60 | — | 0.72 | |
| Retained earnings / total assets | (5.42) | — | −7.58 | |
| EBIT / total assets | (0.24) | — | −0.80 | |
| Market value of equity / total liabilities | 3.23 | — | 1.94 | |
| Sales / total assets | 1.15 | — | 1.15 | |
| Altman Z-score | Distress zone | −4.58 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −14.91 | ||
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 |
|---|---|
| FLGT Fulgent Genetics, Inc. compare | 5.6× |
| MYGN Myriad Genetics, Inc. compare | −1.5× |
| MDXH MDxHealth SA compare | −2.7× |
| BNR Burning Rock Biotech Limited Sponsored ADR compare | −3.0× |
| XGN Exagen Inc. | −4.6× |
| BDSX Biodesix, Inc. compare | −7.5× |
| IMDX Insight Molecular Diagnostics Inc. compare | −25.6× |
| QUCY Quantum Cyber N.V compare | −37.0× |
| MDXHF MedX Health Corp. compare | −157× |
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