PARA · CIK 0000813828 · FY2024 live · 2024-12-31
Paramount Global
View as
Model
Z″
FY2024
0.75
Zone
Distress
vs FY2023
−1.17
Market DD
−0.73σ
1y PD
76.6%
Meridian Rank
26.45
0–100 · Z″ tape · not a PD
Book standing
43
Year change
14
Market PD
0
O-score
43
0.75
Classic Z 0.89
Z″ 0.75 · 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.
0.066.56 × = 0.41X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
0.163.26 × = 0.53X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
−0.116.72 × = −0.77X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
0.551.05 × = 0.57
Five-year path
Z″ plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 5 annual filings.
Overview
llm-v1
Trend
The multi-year Z″ path has advanced overall from deeply negative territory toward a modeled 1.28, yet an inflection after the early-2020s peak drove a steady slide through the grey zone into distress. The latest print of 0.749 sits at that trough against the longer recovery arc and remains well below the 1.10 distress threshold even as the forward modeled reading turns higher.
Positioning
PARA ranks at the 53rd percentile among 76 Communication names, above the tape median of 0.61 and nearest IRDM at 0.75, with PSKY 0.67, T 0.88, GLIBA 0.61 and SSP 0.60 as the closest surrounding prints.
Strategy
Negative EBIT and book equity relative to total liabilities are the two statement lines that set this 0.749 print. On the next 10-K a credit analyst would monitor whether EBIT/TA moves back above zero to lift the score out of distress, while any further contraction in working capital or retained earnings would weaken the percentile standing versus the tape.
Book screen Distress; market PD 76.6%. Treat as aligned — not a single default call.
MD&A excerpt
Management frames linear-network audience erosion against streaming-scale investment, with content amortization remaining the largest cash use. The MD&A discusses a proposed combination and cost-synergy plan, while noting that advertising and affiliate-fee declines in traditional TV have not been fully replaced by streaming revenue. Liquidity is supported by a revolving credit facility and content-library residual value, with leverage covenants described as currently met.
Market DD · naive Merton
−0.73σ
76.6%1y PD
Market equity
$4M
Default point
$19.7B
Equity vol
150.7%
As of
11 Sept 2026
Naive distance-to-default from the Yahoo/Nasdaq tape. Drift is a 4% discount, not the stock’s sample mean. Not mixed into book-equity X4. An iterative Merton pass stayed in the same PD bucket.
Sector peers
Closest Z″ scores · 53rd percentile in Communication.
- IRDMDistressIridium Communications Inc.0.75
- PSKYDistressParamount Skydance Corp0.67
- TDistressAT&T INC.0.88
- GLIBADistressLiberty Capital Corp/NV0.61
- SSPDistressE.W. SCRIPPS Co0.60
- GTNDistressGRAY MEDIA, INC1.01
- CABODistressCable One, Inc.0.36
- TLKGreyPERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK1.14
KPI widgets
Current assets
$12.5B
Total assets
$46.2B
Current liabilities
$9.6B
Total liabilities
$29.9B
Working capital
$2.9B
Retained earnings
$7.5B
EBIT
−$5.3B
Total sales
$29.2B
Book equity
$16.3B
Accession 0000813828-25-000005. Live rank is the latest 10-K on EDGAR (FY2024, period 2024-12-31). Z″ is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 12 Sept 2026.