22nd Century Group, Inc
XXII Consumer Defensive Tobacco
22nd Century Group, Inc’s revenue for fiscal 2025 (year ended December 2025) was $17.6 million, down 27.9% from fiscal 2024. In the quarter to June 2026, revenue fell 29.9%, EPS grew 97.5%, free cash flow fell 57.4% and total debt fell 88.6%, each against the same quarter a year earlier.
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22nd Century Group, Inc (XXII) Altman Z-score
22nd Century Group, Inc's Altman Z-score for fiscal 2025 is −20.82, 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 | −20.82 | (85,040,744.42) |
| FY2022 | 85040723.60 | (6,468,109,863.14) |
| FY2021 | 6553150586.73 | 1,151,831,333.27 |
| FY2020 | 5401319253.46 | 2,709,827,255.43 |
| FY2019 | 2691491998.03 | (4,202,741,578.37) |
| FY2018 | 6894233576.41 | (1,914,569,471.11) |
| FY2017 | 8808803047.51 | 5,279,871,822.56 |
| FY2016 | 3528931224.95 | 1,602,312,558.29 |
| FY2015 | 1926618666.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | (14.76) | — | −20.67 | |
| EBIT / total assets | (0.43) | — | −1.41 | |
| Market value of equity / total liabilities | 0.25 | — | 0.15 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Distress zone | −20.82 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −46.21 | ||
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 |
|---|---|
| RLX RLX Technology Inc. Sponsored ADR compare | 6.6× |
| TPB Turning Point Brands, Inc. compare | 5.0× |
| MO Altria Group, Inc. compare | 4.4× |
| UVV Universal Corporation compare | 3.1× |
| ISPR Ispire Technology Inc. compare | −1.5× |
| RYM RYTHM, Inc. compare | −5.0× |
| GNLN Greenlane Holdings, Inc. compare | −7.6× |
| XXII 22nd Century Group, Inc | −20.8× |
| AIIR Air Global PLC 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