CBL International Limited
BANL Energy Oil & Gas Midstream
CBL International Limited’s revenue for fiscal 2025 (year ended December 2025) was $538.5 million, down 9.12% from fiscal 2024.
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CBL International Limited (BANL) Altman Z-score
CBL International Limited's Altman Z-score for fiscal 2025 is 7.56, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 7.56 | (1.75) |
| FY2024 | 9.31 | (0.60) |
| FY2023 | 9.91 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.31 | |
| Retained earnings / total assets | 0.08 | — | 0.11 | |
| EBIT / total assets | (0.03) | — | −0.11 | |
| Market value of equity / total liabilities | 0.22 | — | 0.13 | |
| Sales / total assets | 7.11 | — | 7.11 | |
| Altman Z-score | Safe zone | 7.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.10 | ||
Z and Z″ put CBL International Limited in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BANL CBL International Limited | 7.6× |
| PXS Pyxis Tankers Inc. compare | 0.7× |
| RBNE Robin Energy Ltd. compare | 0.6× |
| TOPS TOP Ships Inc. compare | −0.9× |
| NFE New Fortress Energy LLC compare | −1.3× |
| TMDE TMD Energy Limited compare | — |
| MMLP Martin Midstream Partners L.P. compare | — |
| BPT BP Prudhoe Bay Royalty Trust compare | — |
| MARPS Marine Petroleum Trust compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets