stockrowXWELL, Inc.
XWEL Healthcare Diagnostics & Research
XWELL, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $29.2 million, down 13.8% from fiscal 2024.
- Revenue
- −7.08%
- EPS
- +53.6%
- Free cash flow
- −43.0%
Quarter to June 2026, against a year earlier
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XWELL, Inc. (XWEL) Altman Z-score
XWELL, Inc.'s Altman Z-score for fiscal 2025 is −63.81, 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 | −63.81 | (37.39) |
| FY2024 | −26.42 | (9.21) |
| FY2023 | −17.21 | (9.56) |
| FY2022 | −7.65 | (9.45) |
| FY2021 | 1.80 | 6.11 |
| FY2020 | −4.30 | 11.30 |
| FY2019 | −15.60 | (0.09) |
| FY2018 | −15.51 | (11.17) |
| FY2017 | −4.34 | (1.36) |
| FY2016 | −2.99 | 0.73 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.62) | — | −0.75 | |
| Retained earnings / total assets | (43.66) | — | −61.12 | |
| EBIT / total assets | (1.40) | — | −4.61 | |
| Market value of equity / total liabilities | 0.11 | — | 0.06 | |
| Sales / total assets | 2.60 | — | 2.60 | |
| Altman Z-score | Distress zone | −63.81 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −156.35 | ||
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 |
|---|---|
| ADVB Advanced Biomed Inc. compare | 0.7× |
| MDXH MDxHealth SA compare | −2.7× |
| NDRA ENDRA Life Sciences Inc. compare | −4.3× |
| DMTKQ DermTech, Inc. compare | −6.5× |
| BIAF bioAffinity Technologies, Inc. compare | −10.5× |
| ISPC iSpecimen Inc. compare | −14.8× |
| TTOO T2 Biosystems, Inc. compare | −28.9× |
| XWEL XWELL, Inc. | −63.8× |
| AWHL Aspira Women's Health Inc. compare | −142× |
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