NAAS · CIK 0001712178 · FY2025 live · 2025-12-31
NaaS Technology Inc.
View as
Model
Z″
FY2025
−0.78
Zone
Distress
vs FY2024
−0.21
Market DD
—
1y PD
—
−0.78
Classic Z −0.44
Z″ −0.78 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
0.006.56 × = 0.00X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
0.003.26 × = 0.00X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.006.72 × = 0.00X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.
−0.741.05 × = −0.78
Five-year path
Z″ plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 2 annual filings.
Meridian Rank
23.67
0–100 · Z″ family
Book standing
26
Year change
36
Market PD
—
O-score
1
Events on this name
Same published rows as Today.
Large leverage change
watch · 54
- X4: −0.54 → −0.74
Overview
rule-v1
NaaS Technology Inc. is on Z″ at −0.78 (distress) for FY2025, from an SEC 10-K. Book equity / liabilities is the line that sets the print. Versus FY2024 the live print is still distress (−0.21 from −0.56). No market tape loaded. Z″ omits sales/assets so asset-light names keep turnover from dragging the score. X4 is book equity on every name.
Book screen Distress; market PD —. Market PD has not been priced on this name.
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 Z″ scores · 26th percentile in Consumer.
- YUMDistressYUM BRANDS INC−0.76
- FLLDistressFULL HOUSE RESORTS INC−0.75
- MSSDistressMaison Solutions Inc.−0.83
- MWYNDistressMarwynn Holdings, Inc.−0.72
- WMGDistressWarner Music Group Corp.−0.85
- BNEDDistressBarnes & Noble Education, Inc.−0.71
- SFIXDistressStitch Fix, Inc.−0.85
- GTIMDistressGood Times Restaurants Inc.−0.65
Filing line items
Current assets
$0
Total assets
$45M
Current liabilities
$0
Total liabilities
$172M
Working capital
$0
Retained earnings
$0
EBIT
$0
Total sales
$0
Book equity
−$128M
Accession 0001185185-26-001417. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 13 Sept 2026.