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TNON · CIK 0001560293 · FY2025 live · 2025-12-31

Tenon Medical, Inc.

DistressSEC 10-KClassic ZHealthcare12th percentile in Healthcare · 736 names

View as

Model

Classic Z

FY2025

−13.21

Zone

Distress

Prior

—

Market DD

—

1y PD

—

Meridian Rank

6.55

0–100 · Classic Z tape · not a PD

  • Book standing

    6

  • Year change

    —

  • Market PD

    —

  • O-score

    8

−13.21

Z″ −29.53

−21.83.08+

Score −13.21 · 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.

    0.33
    1.2 × = 0.40

  • X2 Retained earnings / assets

    Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.

    −7.56
    1.4 × = −10.58

  • X3 EBIT / assets

    Operating return on assets. Highest weight in the original model.

    −1.19
    3.3 × = −3.92

  • X4 Book equity / liabilities

    Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.

    0.88
    0.6 × = 0.53

  • X5 Sales / assets

    Asset turnover — how much revenue the asset base supports.

    0.37
    1 × = 0.37

Five-year path

Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings rather than invent a series.

Overview

rule-v1

Tenon Medical, Inc. is on classic Z at −13.21 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Classic Z was fit on manufacturers; buybacks can send retained earnings negative at otherwise healthy issuers, and X4 is book equity, not market cap.

Book screen Distress; market PD —. Tape not priced — not a single default call.

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 · 12th percentile in Healthcare.

KPI widgets

Current assets

$7M

Total assets

$11M

Current liabilities

$3M

Total liabilities

$6M

Working capital

$4M

Retained earnings

−$81M

EBIT

−$13M

Total sales

$4M

Book equity

$5M

Accession 0001213900-26-035707. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Classic Z is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 13 Sept 2026.