Zymeworks Inc.
ZYME Healthcare Biotechnology
Zymeworks Inc.’s revenue for fiscal 2025 (year ended December 2025) was $106.0 million, up 38.9% from fiscal 2024. In the quarter to June 2026, revenue fell 90.6%, EPS fell 2,166.7% and free cash flow fell 385.5%, each against the same quarter a year earlier.
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Zymeworks Inc. (ZYME) Altman Z-score
Zymeworks Inc.'s Altman Z-score for fiscal 2025 is 11.56, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 11.56 | 8.97 |
| FY2024 | 2.59 | 0.44 |
| FY2023 | 2.15 | (0.75) |
| FY2022 | 2.90 | 2.83 |
| FY2021 | 0.07 | (9.57) |
| FY2020 | 9.64 | 2.81 |
| FY2019 | 6.83 | 3.04 |
| FY2018 | 3.79 | (2.16) |
| FY2017 | 5.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.60 | — | 0.71 | |
| Retained earnings / total assets | (2.75) | — | −3.85 | |
| EBIT / total assets | (0.27) | — | −0.88 | |
| Market value of equity / total liabilities | 25.45 | — | 15.27 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Safe zone | 11.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.24 | ||
Z and Z″ put Zymeworks Inc. in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| ZYME Zymeworks Inc. | 11.6× |
| MESO Mesoblast Limited compare | 3.4× |
| XNCR Xencor, Inc. compare | 1.7× |
| MRVI Maravai LifeSciences Holdings, Inc. compare | 0.4× |
| VIR Vir Biotechnology, Inc. compare | −0.6× |
| SRPT Sarepta Therapeutics, Inc. compare | −1.0× |
| URGN Urogen Pharma compare | −5.2× |
| PVLA Palvella Therapeutics, Inc. compare | −11.5× |
| MLYS Mineralys Therapeutics, Inc. 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