Meridian™
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FTEK · CIK 0000846913 · FY2025 live · 2025-12-31

FUEL TECH, INC.

DistressSEC 10-KClassic ZIndustrials30th percentile in Industrials · 430 names

View as

Model

Classic Z

FY2025

0.65

Zone

Distress

Prior

—

Market DD

—

1y PD

—

0.65

Z″ 0.41

−21.83.08+

Score 0.65 · 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.

    0.54
    1.2 × = 0.65

  • X2 Retained earnings / assets

    Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.

    −2.58
    1.4 × = −3.61

  • X3 EBIT / assets

    Operating return on assets. Highest weight in the original model.

    −0.08
    3.3 × = −0.26

  • X4 Book equity / liabilities

    Book equity versus the liability stack. Mega-caps often look greyer here than they would if X4 used market cap.

    5.51
    0.6 × = 3.31

  • X5 Sales / assets

    Asset turnover — how much revenue the asset base supports.

    0.57
    1 × = 0.57

Five-year path

Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings.

Meridian Rank

47.27

from 48

0–100 · Classic Z family

  • Book standing

    41

  • Year change

    —

  • Market PD

    —

  • O-score

    64

Events on this name

Same published rows as Today.

  • Large rank drop

    material · 67

    • Meridian Rank: 48 → 47.27

Overview

rule-v1

FUEL TECH, INC. is on classic Z at 0.65 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print; book equity / liabilities is the runner-up. 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. X4 is book equity.

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 · 30th percentile in Industrials.

Filing line items

Current assets

$32M

Total assets

$47M

Current liabilities

$6M

Total liabilities

$7M

Working capital

$26M

Retained earnings

−$122M

EBIT

−$4M

Total sales

$27M

Book equity

$40M

Accession 0001437749-26-006623. 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 13 Sept 2026.