SAVE · CIK 0001498710 · FY2025 live · 2025-12-31

Spirit Airlines, Inc.

DistressSEC 10-KClassic ZIndustrials22nd percentile in Industrials · 430 names

View as

Model

Classic Z

FY2025

−0.58

Zone

Distress

vs FY2024

−0.58

Market DD

—

1y PD

—

−0.58

Z″ −2.39

−21.83.08+

Score −0.58 · distress below 1.80, grey to 2.99, safe at 3.00 and above.

Classic Z factor contributions

X1 Working capital / assets
Short-term liquidity versus the size of the balance sheet.
−0.01
1.2 × = −0.01
X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.47
1.4 × = −0.66
X3 EBIT / assets
Operating return on assets. Highest weight in the original model.
−0.08
3.3 × = −0.27
X4 Book equity / liabilities
Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.
−0.26
0.6 × = −0.16
X5 Sales / assets
Asset turnover — how much revenue the asset base supports.
0.51
1 × = 0.51

Five-year path

Z plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 5 annual filings.

Meridian Rank

25.73

0–100 · Classic Z family

Book standing
31
Year change
15
Market PD
—
O-score
26

Events on this name

Same published rows as Today.

Weaker in 4 consecutive annual prints (FY2022–FY2025)
high · 78
- Consecutive weaker prints: — → 4
- From FY: — → 2022
- Through FY: — → 2025
- Live score: −0.00 → −0.58
Large score decline
material · 67
- Live score: −0.00 → −0.58
Large leverage change
material · 63
- X4: −0.0083 → −0.26

Overview

rule-v1

Spirit Airlines, Inc. is on classic Z at −0.58 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print; sales / assets is the runner-up. Versus FY2024 the live print is still distress (−0.58 from −0.00). No market tape loaded. Classic Z was fit on manufacturers. Buybacks can send retained earnings negative at otherwise healthy issuers. X4 is book equity.

Book screen Distress; market PD —. Market PD has not been priced on this name.

MD&A excerpt

The filing discusses ultra-low-cost fare competition, a pulled combination with JetBlue, and a capital structure that includes a high proportion of aircraft-backed and unsecured debt. Management describes liquidity actions including capacity cuts, deferral of deliveries, and engagement with advisors on the balance sheet. The MD&A notes that cash burn has narrowed with capacity discipline but remains sensitive to unit revenue.

Market DD · naive Merton

No market tape yet.

Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.

Sector peers

Closest Classic Z scores · 22nd percentile in Industrials.

Filing line items

Current assets

$1.2B

Total assets

$6.0B

Current liabilities

$1.3B

Total liabilities

$8.1B

Working capital

−$38M

Retained earnings

−$2.8B

EBIT

−$482M

Total sales

$3.0B

Book equity

−$2.1B

Accession 0001628280-26-018265. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Classic Z is the live score. View as is a display overlay. X4 is book equity. Pulled 13 Sept 2026.