NA · CIK 0001872302 · FY2025 live · 2025-12-31
Nano Labs Ltd
View as
Model
Classic Z
FY2025
1.12
Zone
Distress
Prior
—
Market DD
—
1y PD
—
1.12
Z″ 2.57
Score 1.12 · 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.
0.201.2 × = 0.24X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.381.4 × = −0.54X3 EBIT / assets
Operating return on assets. Highest weight in the original model.
0.063.3 × = 0.21X4 Book equity / liabilities
Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.
1.980.6 × = 1.19X5 Sales / assets
Asset turnover — how much revenue the asset base supports.
0.021 × = 0.02
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings.
Meridian Rank
54.27
0–100 · Classic Z family
Book standing
48
Year change
—
Market PD
—
O-score
71
Events on this name
Same published rows as Today.
No published events on this print.
Overview
rule-v1
Nano Labs Ltd is on classic Z at 1.12 (distress) for FY2025, from an SEC 10-K. Book equity / liabilities 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 —. 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 Classic Z scores · 37th percentile in Technology.
Filing line items
Current assets
$61M
Total assets
$159M
Current liabilities
$29M
Total liabilities
$54M
Working capital
$32M
Retained earnings
−$61M
EBIT
$10M
Total sales
$4M
Book equity
$106M
Accession 0001213900-26-042816. 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 14 Sept 2026.