LUMN · CIK 0000018926 · FY2025 live · 2025-12-31
Lumen Technologies, Inc.
View as
Model
Z″
FY2025
−1.39
Zone
Distress
vs FY2024
+0.10
Market DD
—
1y PD
—
−1.39
Classic Z −0.45
Z″ −1.39 · 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.
0.106.56 × = 0.67X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.573.26 × = −1.87X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
−0.026.72 × = −0.16X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
−0.031.05 × = −0.03
Five-year path
Z″ plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 5 annual filings.
Overview
rule-v1
Lumen Technologies, Inc. is on Z″ at −1.39 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. Versus FY2024 the live print is still distress (+0.10 from −1.49). 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.
MD&A excerpt
Management describes a multi-year network-asset sale program and a shift toward enterprise fiber, against a declining legacy copper and long-haul wholesale book. The MD&A notes substantial indebtedness and a strategy of using divestiture proceeds to retire nearer-term notes. Pension and other post-employment obligations remain a material claim on cash.
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 · 29th percentile in Communication.
- GOGODistressGogo Inc.−1.47
- TSQDistressTownsquare Media, Inc.−1.85
- LILADistressLiberty Latin America Ltd.−0.88
- GSATDistressGlobalstar, Inc.−1.96
- CCOIDistressCOGENT COMMUNICATIONS HOLDINGS, INC.−0.50
- OPTUDistressOptimum Communications, Inc.−0.46
- CMLSDistressCUMULUS MEDIA INC−2.32
- SIDUDistressSidus Space Inc.−0.30
KPI widgets
Current assets
$7.9B
Total assets
$34.3B
Current liabilities
$4.4B
Total liabilities
$35.5B
Working capital
$3.5B
Retained earnings
−$19.7B
EBIT
−$812M
Total sales
$11.3B
Book equity
−$1.1B
Accession 0000018926-26-000014. 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.