Genco Shipping & Trading Limited
GNK Industrials Marine Shipping
Genco Shipping & Trading Limited’s revenue for fiscal 2025 (year ended December 2025) was $342.1 million, down 19.1% from fiscal 2024. In the quarter to June 2026, revenue grew 68.5%, EPS grew 337.5%, free cash flow grew 2,327.7% and total debt rose 243.7%, each against the same quarter a year earlier.
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Genco Shipping & Trading Limited (GNK) Altman Z-score
Genco Shipping & Trading Limited's Altman Z-score for fiscal 2025 is 1.68, 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 | 1.68 | (1.11) |
| FY2024 | 2.79 | 1.26 |
| FY2023 | 1.53 | (0.64) |
| FY2022 | 2.17 | 0.54 |
| FY2021 | 1.63 | 2.48 |
| FY2020 | −0.85 | (0.92) |
| FY2019 | 0.07 | (0.01) |
| FY2018 | 0.08 | (0.03) |
| FY2017 | 0.10 | 0.77 |
| FY2016 | −0.67 | 0.13 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | (0.50) | — | −0.70 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 3.33 | — | 2.00 | |
| Sales / total assets | 0.30 | — | 0.30 | |
| Altman Z-score | Distress zone | 1.68 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.70 | ||
Z and Z″ put Genco Shipping & Trading Limited 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 |
|---|---|
| ASC Ardmore Shipping Corporation compare | 2.7× |
| GSL Global Ship Lease, Inc. compare | 2.2× |
| PANL Pangaea Logistics Solutions Ltd. compare | 1.8× |
| CMRE Costamare Inc. compare | 1.7× |
| GNK Genco Shipping & Trading Limited | 1.7× |
| SB Safe Bulkers, Inc compare | 1.5× |
| HSHP Himalaya Shipping Ltd. compare | 0.8× |
| CCEC Capital Clean Energy Carriers Corp. compare | 0.7× |
| SFL SFL Corporation Ltd. compare | 0.4× |
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