Financial Strength & Growth
| Piotroski F-Score | 6 / 9 | Altman Z (market) | −0.15 · distress |
| Altman Z′ (book) | 0.37 · distress | Beneish M-Score | −2.54 · clean |
| Merton Distance-to-Default | 0.62σ | Merton PD (1y, risk-neutral) | 26.75% |
| ROIIC (3y) | −41.93% | ROIIC (5y) | −56.57% |
| Asset growth (1y) | 0.34% | | |
Distressed equity — a call option on the assets. The Merton model implies assets of $0.2b against the debt barrier; about 16% of the equity value is option time-value — a bet on recovery/survival — rather than net-asset backing. Structural decomposition of the calibrated equity (intrinsic = max(assets − PV(debt), 0)); display-only.
| CAGR | 3y | 5y | 10y | Consistency |
|---|
| Revenue | 2.17% | 3.67% | 1.90% | 72.73% |
| EPS | — | — | — | 57.14% |
| FCF | — | — | — | 60.00% |
Piotroski F-Score (0–9) and Altman Z are computed from the latest two fiscal years (market Z uses market cap, Z′ book equity). The Merton PD is risk-neutral — a model on a disclosed 4% risk-free rate, not a physical default rate. CAGRs anchor on exact fiscal years; consistency is the share of years with a YoY increase.
Piotroski F — the nine checks· 6/9 passed
Profitability
- ✗Positive net incomeThe latest fiscal year was profitable (net income > 0).
- ✓Positive operating cash flowOperations generated cash this year (OCF > 0).
- ✓Return on assets improvedNet income / total assets rose vs the prior year.
- ✓Cash flow exceeds net incomeOCF > net income — earnings are cash-backed, not accruals.
Leverage, liquidity & dilution
- ✓Leverage fellLong-term debt / total assets declined vs the prior year.
- ✗Current ratio improvedCurrent assets / current liabilities rose vs the prior year.
- ✗No net share issuanceShares outstanding did not increase vs the prior year.
Efficiency
- ✓Gross margin improvedGross profit / revenue rose vs the prior year.
- ✓Asset turnover improvedRevenue / total assets rose — more sales per asset dollar.
The exact comparisons summed into the composite above (latest vs prior fiscal year, from the same stored filing facts) — 8–9 is strong, 0–2 weak.
