Viatris Inc.

Name: Viatris Inc. financial statements and ratios
Creator: Annalist

VTRS · Nasdaq · Health care, pharmaceuticals · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 5 November 2026. Snapshot FY2026Q3_71d12bb4.

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Overview

Revenue, quarter

−0.3% year on year

Operating income, quarter

+46.3% year on year

Net income, quarter

n/a

Diluted EPS, quarter

n.m. year on year

Operating margin, last 4 quarters

+18.7pp year on year

Return on invested capital, last 4 quarters

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$3.7 billion, 0.3% lower than in the same quarter a year earlier.
Newin Q3 FY2026 · first stated
Rule: Revenue against a year earlier · Sources 10-Q 2026-09, 10-Q 2025-09
History of this finding, 11 records
1. Q3 FY2026 NewRevenue for the quarter ended 30 September 2026 was US$3.7 billion, 0.3% lower than in the same quarter a year earlier.Recorded from FY2026Q3_71d12bb4 · data update
2. Q3 FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026Q3_71d12bb4 · data update
3. Q2 FY2026 WeakenedRevenue for the quarter ended 30 June 2026 was US$3.8 billion, 4.9% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$3.5 billion, 8.1% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$3.7 billion, 5.0% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 NewRevenue for the quarter ended 30 September 2025 was US$3.8 billion, 0.2% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q2 FY2025 WeakenedRevenue for the quarter ended 30 June 2025 was US$3.6 billion, 5.6% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$3.3 billion, 11.2% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$3.5 billion, 8.1% lower than in the same quarter a year earlier.Reconstructed · data update
11. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$3.8 billion, 4.8% lower than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was -0.0%, 18.7 percentage points higher than a year earlier.
Strengthenedin Q3 FY2026 · stated since Q1 FY2026
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 6 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was -0.0%, 18.7 percentage points higher than a year earlier.Recorded from FY2026Q3_71d12bb4 · data update
2. Q2 FY2026 WeakenedThe operating margin over the last 4 quarters was -0.6%, 17.8 percentage points higher than a year earlier.Reconstructed · data update
3. Q1 FY2026 NewThe operating margin over the last 4 quarters was 1.0%, 22.4 percentage points higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 StrengthenedThe operating margin over the last 4 quarters was -18.6%, 18.7 percentage points lower than a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was -18.8%, 17.0 percentage points lower than a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was -18.4%, 18.2 percentage points lower than a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedThe operating margin over the last 4 quarters was -21.5%, 25.2 percentage points lower than a year earlier.Reconstructed · data update
9. Q4 FY2024 WeakenedThe operating margin over the last 4 quarters was 0.1%, 4.9 percentage points lower than a year earlier.Reconstructed · data update
10. Q3 FY2024 NewThe operating margin over the last 4 quarters was -1.8%, 8.3 percentage points lower than a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$2.1 billion.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Free cash flow · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$2.1 billion.Recorded from FY2026Q3_71d12bb4 · data update
2. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$2.0 billion.Reconstructed · data update
3. Q1 FY2026 WeakenedFree cash flow over the last 4 quarters was US$1.8 billion.Reconstructed · data update
4. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$1.9 billion.Reconstructed · data update
5. Q3 FY2025 WeakenedFree cash flow over the last 4 quarters was US$1.7 billion.Reconstructed · data update
6. Q2 FY2025 WeakenedFree cash flow over the last 4 quarters was US$1.8 billion.Reconstructed · data update
7. Q1 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.9 billion.Reconstructed · data update
8. Q4 FY2024 ConfirmedFree cash flow over the last 4 quarters was US$2.0 billion.Reconstructed · data update
9. Q3 FY2024 NewFree cash flow over the last 4 quarters was US$1.9 billion.Reconstructed · initial
Net debt was US$11.5 billion at 30 September 2026, 4.1 times EBITDA over the last 4 quarters.
Weakenedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 WeakenedNet debt was US$11.5 billion at 30 September 2026, 4.1 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_71d12bb4 · data update
2. Q2 FY2026 ConfirmedNet debt was US$12.5 billion at 30 June 2026, 4.6 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q1 FY2026 ConfirmedNet debt was US$12.5 billion at 31 March 2026, 4.3 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q4 FY2025 ConfirmedNet debt was US$13.1 billion at 31 December 2025, 96.5 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q3 FY2025 ConfirmedNet debt was US$13.5 billion at 30 September 2025, 105.6 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q2 FY2025 ConfirmedNet debt was US$13.9 billion at 30 June 2025, 89.3 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q1 FY2025 ConfirmedNet debt was US$13.4 billion at 31 March 2025.Reconstructed · data update
8. Q4 FY2024 ConfirmedNet debt was US$13.3 billion at 31 December 2024, 4.6 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q3 FY2024 NewNet debt was US$13.9 billion at 30 September 2024, 5.5 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents30 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2026Q3_71d12bb4

Corporate Events

Sales of businesses for cash31 December 2024
Received US$2.5 billion from sales of businesses in fiscal 2024.
Source 10-K 2025-12
Acquisition or disposal3 July 2024
Completed an acquisition or disposition of assets.
Source 8-K 2024-07
Sales of businesses for cash31 December 2022
Received US$1.9 billion from sales of businesses in fiscal 2022.
Source 10-K 2024-12
Acquisition or disposal29 November 2022
Completed an acquisition or disposition of assets.
Source 8-K 2022-11
Acquisition or disposal19 November 2020
Completed an acquisition or disposition of assets.
Source 8-K 2020-11
Change of name10 November 2020
Changed its name from Upjohn Inc to Viatris Inc.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 5 November 2026. Changes are against the previous report, and each figure shows its period.

5changes2thresholds crossed

Changes in This Report 5

NewRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$3.7 billion, 0.3% lower than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$3.8 billion, 4.9% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was -0.0%, 18.7 percentage points higher than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was -0.6%, 17.8 percentage points higher than a year earlier.
StrengthenedFree Cash Flow10-Q 2026-09
Free cash flow over the last 4 quarters was US$2.1 billion.
Earlier record, Q2 FY2026
Free cash flow over the last 4 quarters was US$2.0 billion.
WeakenedNet Debt or Net Cash10-Q 2026-09
Net debt was US$11.5 billion at 30 September 2026, 4.1 times EBITDA over the last 4 quarters.
Earlier record, Q2 FY2026
Net debt was US$12.5 billion at 30 June 2026, 4.6 times EBITDA over the last 4 quarters.

1 more change

StrengthenedLiquidity Cover10-Q 2026-09
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.0 times the sum of debt due within 12 months, capital expenditure and dividends.
Earlier record, Q2 FY2026
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 1.5 times the sum of debt due within 12 months, capital expenditure and dividends.

Thresholds Crossed 2

ConfirmedDebt Against the S&P Benchmark Bands
Debt was 4.7 times EBITDA over the last 4 quarters on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the aggressive band is number 5 of 6, and a higher number means more debt against earnings.
NewAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was 0.65, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsAggressive bandDebt to EBITDA, reported 4.74x · Q3 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Debt was 4.7 times EBITDA over the last 4 quarters on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the aggressive band is number 5 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2026 · stated since Q1 FY20264.74x from 4.92x in Q2 FY2026
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 12 records
1. Q3 FY2026 ConfirmedDebt was 4.7 times EBITDA over the last 4 quarters on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Recorded from FY2026Q3_71d12bb4 · data update
2. Q2 FY2026 ConfirmedDebt was 4.9 times EBITDA over the last 4 quarters on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
3. Q1 FY2026 NewDebt was 4.9 times EBITDA over the last 4 quarters on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to the aggressive band.Reconstructed · data update
5. Q4 FY2025 ConfirmedDebt was 106.6 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
6. Q3 FY2025 ConfirmedDebt was 113.3 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
7. Q2 FY2025 NewDebt was 92.9 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
8. Q2 FY2025 RetiredThe finding changed to the highly leveraged band.Reconstructed · data update
9. Q4 FY2024 ConfirmedDebt was 4.8 times EBITDA over the 4 quarters ended 31 December 2024 on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · restatement
10. Q4 FY2024 NewDebt was 4.8 times EBITDA over the last 4 quarters on reported figures, within the aggressive band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
11. Q4 FY2024 RetiredThe finding changed to the aggressive band.Reconstructed · data update
12. Q3 FY2024 NewDebt was 6.2 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Total debt	$23.1bn	$19.3bn	$18.1bn	$14.0bn	$14.4bn	$13.3bn
Operating lease liabilities	$288m	$262m	$248m	$266m	$288m	$267m
Lease-adjusted debt	$23.4bn	$19.5bn	$18.4bn	$14.3bn	$14.7bn	$13.6bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of Viatris Inc. do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesLiquidity cover 2.03x, Debt due within 12 months $1.7bn · Q3 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.0 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Strengthenedin Q3 FY2026 · stated since Q3 FY20242.03x from 1.52x in Q2 FY2026
Rule: Liquidity cover · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.0 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q3_71d12bb4 · data update
2. Q2 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. Q1 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q4 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q3 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q2 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q1 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 9.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q4 FY2024 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 9.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q3 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q3 FY2026

Sources	Amount
Cash and short-term investments	$1.8bn
Operating cash flow	$2.5bn
Sources	$4.3bn

Uses	Amount
Debt due within 12 months	$1.7bn
Capital expenditure	$375m
Dividends paid	$0
Uses	$2.1bn

Liquidity cover 2.03x

Debt Maturities at 31 December 2025

Principal due by fiscal year, US dollars

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
$0	$1.7bn	$1.6bn	$254m	$1.4bn	$7.9bn	$12.9bn

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityAccruals and the cash backing of reported earnings.

Accruals and the cash backing of reported earnings.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.65, Last 4 quarters 1.31 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 0.65, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Newin FY2025 · first stated
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 4 records
1. FY2025 NewThe Altman Z'' score for fiscal 2025 was 0.65, below the distress threshold of 1.10.Reconstructed · data update
2. Q4 FY2025 RetiredThe finding changed to the distress zone.Reconstructed · data update
3. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 1.72, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 1.93, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	grey zone	grey zone	grey zone	distress zone	grey zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.65Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.65 is in the distress zone of the model, below 1.10. The largest part is equity against liabilities, at 0.69; an accumulated deficit lowers the score by 0.03 and an operating loss by 0.48.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.072	6.560	0.475
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−0.010	3.260	−0.034
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	−0.072	6.720	−0.481
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.654	1.050	0.687
Score			0.647

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	5 Nov 2026	10-Q:0001792044-26-000057
Form 10-Q, period ended 30 June 2026	6 Aug 2026	10-Q:0001792044-26-000041
Form 10-Q, period ended 31 March 2026	7 May 2026	10-Q:0001792044-26-000029
Form 10-K, period ended 31 December 2025	26 Feb 2026	10-K:0001792044-26-000013
Form 10-Q, period ended 30 September 2025	6 Nov 2025	10-Q:0001792044-25-000046
Form 10-Q, period ended 30 June 2025	7 Aug 2025	10-Q:0001792044-25-000033
Form 10-Q, period ended 31 March 2025	8 May 2025	10-Q:0001792044-25-000018
Form 10-K, period ended 31 December 2024	27 Feb 2025	10-K:0001792044-25-000008
Form 10-Q, period ended 30 September 2024	7 Nov 2024	10-Q:0001792044-24-000033
Form 10-Q, period ended 30 June 2024	8 Aug 2024	10-Q:0001792044-24-000025
Form 8-K, period ended 3 July 2024	3 Jul 2024	8-K:0001193125-24-174684
Form 10-Q, period ended 31 March 2024	9 May 2024	10-Q:0001792044-24-000017
Form 10-K, period ended 31 December 2023	28 Feb 2024	10-K:0001792044-24-000008
Form 10-Q, period ended 30 September 2023	8 Nov 2023	10-Q:0001792044-23-000033
Form 10-Q, period ended 30 June 2023	7 Aug 2023	10-Q:0001792044-23-000024
Form 10-Q, period ended 31 March 2023	8 May 2023	10-Q:0001792044-23-000017
Form 10-K, period ended 31 December 2022	27 Feb 2023	10-K:0001792044-23-000008
Form 8-K, period ended 28 November 2022	29 Nov 2022	8-K:0000950157-22-001253
Form 10-Q, period ended 30 September 2022	7 Nov 2022	10-Q:0001792044-22-000036
Form 10-Q, period ended 30 June 2022	8 Aug 2022	10-Q:0001792044-22-000028
Form 10-Q, period ended 31 March 2022	9 May 2022	10-Q:0001792044-22-000017
Form 10-K, period ended 31 December 2021	28 Feb 2022	10-K:0001792044-22-000010
Form 10-Q, period ended 30 September 2021	8 Nov 2021	10-Q:0001792044-21-000035
Form 10-Q, period ended 30 June 2021	9 Aug 2021	10-Q:0001792044-21-000026
Form 10-Q, period ended 31 March 2021	10 May 2021	10-Q:0001792044-21-000018
Form 10-K, period ended 31 December 2020	1 Mar 2021	10-K:0001792044-21-000009
Form 8-K, period ended 16 November 2020	19 Nov 2020	8-K:0001193125-20-298226
Form 10-Q, period ended 27 September 2020	10 Nov 2020	10-Q:0001193125-20-290294
Form 10-Q, period ended 28 June 2020	12 Aug 2020	10-Q:0001193125-20-216755
Form 10-Q, period ended 29 March 2020	12 May 2020	10-Q:0001193125-20-140498

Checks

331289 of 331 checks passed, 42 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year108 of 114 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Selling, general and administrative expense, FY2023: $4,650m against $4,070m

Selling, general and administrative expense, FY2024: $4,426m against $4,105m

Net cash from operating activities, FY2022: $2,953m against $2,999m

Net cash from investing activities, FY2022: $1,520m against $1,474m

Net cash from operating activities, FY2023: $2,800m against $2,900m

Net cash from investing activities, FY2023: −$764m against −$864m

Reported quarters0 of 1 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Repurchases of common stock, Q3 FY2025: $67.9m against $65.0m

Figures of another period0 of 1 passedA quarterly figure that equals the figure of a longer period is left out. Checked at warning level.

Income tax expense, Q3 FY2020: −$52.0m

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Proceeds from issuance of long-term debt, Q3 FY2020: withheld, negative where the item cannot be negative

Proceeds from issuance of long-term debt, Q4 FY2020: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure24 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Debt maturities2 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2020: $21,085m against $24,738m

31 Dec 2021: $18,924m against $21,595m

31 Dec 2023: $15,265m against $18,132m

31 Dec 2025: $12,919m against $14,414m

Lease liabilities5 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months13 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit29 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Interest and debt6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Coverage0 of 28 passedThe periods and core items expected are present. Checked at warning level.

Q1 FY2020

Q2 FY2020

Q3 FY2020

Q4 FY2020

Q1 FY2021

Primary statements4 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,381
Confirmed by other figures	47.8%, 660 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	19.8%, 274 values
Values withheld	2
Restated figures tracked	46
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Viatris Inc., snapshot viatris/FY2026Q3_71d12bb4 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_71d12bb4 · dataset SHA-256 71d12bb43e3b85d58470dc4335296b01cd9544ab87a6fbd3b5f0119519a4cdc3 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json