C3is Inc.
CISS Industrials Marine Shipping
C3is Inc.’s revenue for fiscal 2025 (year ended December 2025) was $34.8 million, down 17.8% from fiscal 2024. In the quarter to June 2026, revenue grew 123.9%, EPS grew 100.7% and free cash flow grew 798.3%, each against the same quarter a year earlier.
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C3is Inc. (CISS) Altman Z-score
C3is Inc.'s Altman Z-score for fiscal 2025 is 0.74, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.74 | (0.08) |
| FY2024 | 0.83 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.21 | |
| Retained earnings / total assets | 0.05 | — | 0.06 | |
| EBIT / total assets | 0.01 | — | 0.05 | |
| Market value of equity / total liabilities | 0.11 | — | 0.07 | |
| Sales / total assets | 0.35 | — | 0.35 | |
| Altman Z-score | Distress zone | 0.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 30.89 | ||
Z and Z″ put C3is Inc. in different zones: distress zone by Z, safe 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 |
|---|---|
| UFG Uni-Fuels Holdings Limited compare | 7.3× |
| HTCO Caravelle International Group compare | 4.6× |
| VNTG Vantage Corp compare | 1.9× |
| NCT Intercont (Cayman) Limited compare | 1.7× |
| RUBI Rubico Inc. compare | 0.8× |
| CTRM Castor Maritime Inc. compare | 0.8× |
| CISS C3is Inc. | 0.7× |
| ICON Icon Energy Corp. compare | 0.1× |
| PSHG Performance Shipping Inc. compare | −0.1× |
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