TC · CIK 0001743340 · FY2025 live · 2025-12-31
Token Cat Ltd
View as
Model
Z″
FY2025
−18.73
Zone
Distress
Prior
—
Market DD
—
1y PD
—
−18.73
Classic Z −9.07
Z″ −18.73 · 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.
0.916.56 × = 5.94X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−8.213.26 × = −26.75X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
−0.206.72 × = −1.34X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
3.261.05 × = 3.42
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
Token Cat Ltd is on Z″ at −18.73 (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. Z″ drops sales/assets so asset-light names are not punished for turnover. X4 is book equity on every name.
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 Z″ scores · 3rd percentile in Industrials.
KPI widgets
Current assets
$25M
Total assets
$25M
Current liabilities
$2M
Total liabilities
$6M
Working capital
$22M
Retained earnings
−$203M
EBIT
−$5M
Total sales
$847K
Book equity
$19M
Accession 0001213900-26-053942. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 12 Sept 2026.