Teekay Corporation Ltd.
Teekay Corporation Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $949.5 million, down 22.2% from fiscal 2024. In the quarter to June 2026, revenue fell 24.4%, EPS fell 23.7% and free cash flow grew 211.7%, each against the same quarter a year earlier.
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Teekay Corporation Ltd. (TK) Altman Z-score
Teekay Corporation Ltd.'s Altman Z-score for fiscal 2025 is 3.63, 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 | 3.63 | 0.43 |
| FY2024 | 3.20 | 0.44 |
| FY2023 | 2.76 | 1.42 |
| FY2022 | 1.35 | 1.07 |
| FY2021 | 0.28 | 0.19 |
| FY2020 | 0.08 | (0.20) |
| FY2019 | 0.28 | (0.01) |
| FY2018 | 0.30 | (0.04) |
| FY2017 | 0.34 | 0.04 |
| FY2016 | 0.29 | (0.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.45 | — | 0.54 | |
| Retained earnings / total assets | (0.07) | — | −0.09 | |
| EBIT / total assets | 0.13 | — | 0.42 | |
| Market value of equity / total liabilities | 3.93 | — | 2.36 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Safe zone | 3.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 15.10 | ||
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 |
|---|---|
| TK Teekay Corporation Ltd. | 3.6× |
| NAT Nordic American Tankers Limited compare | 1.6× |
| NVGS Navigator Holdings Ltd. compare | 1.4× |
| TEN Tsakos Energy Navigation Ltd compare | 0.9× |
| FLNG Flex LNG Ltd. compare | 0.8× |
| SBR Sabine Royalty Trust compare | — |
| GLP Global Partners LP compare | — |
| GEL Genesis Energy, L.P. compare | — |
| PBT Permian Basin Royalty 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