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Cascade Fitness · CSFT
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $1.1B | Σ tranche principal (face value) | debt=1150.0 |
| Net debt | $1.1B | Total debt − cash | debt=1150.0 · cash=90.0 |
| Gross leverage (Debt / EBITDA) | 5.81x | Total debt ÷ EBITDA | debt=1150.0 · ebitda=198.0 |
| Secured leverage | 3.54x | Secured debt ÷ EBITDA | secured=700.0 · ebitda=198.0 |
| Net leverage | 5.35x | Net debt ÷ EBITDA | netDebt=1060.0 · ebitda=198.0 |
| Interest coverage (EBIT / interest) | 1.37x | EBIT ÷ interest expense | ebit=135.0 · interest=98.6 |
| EBITDA / interest | 2.01x | EBITDA ÷ interest expense | ebitda=198.0 · interest=98.6 |
| FCF / debt | 3.1% | Free cash flow ÷ total debt | fcf=35.5 · debt=1150.0 |
| Debt service coverage | 1.28x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=198.0 · capex=54.0 · taxes=9.1 · interest=98.6 · amort=7.0 |
| Cash conversion | 72.7% | (EBITDA − capex) ÷ EBITDA | ebitda=198.0 · capex=54.0 |
| Liquidity ratio | 0.85x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=90.0 · stObl=105.6 |
| Current ratio | 0.76x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=160.0 · curLiab=210.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=90.0 |
Credit scorecard — deterministic, auditable
Score 46.9 / 100 · Elevated| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 5.35 | 2 | 7 | 4.9 | 15 | 6.4 | 1.7 | 0.0 |
| Coverage | LTM EBITDA / interest expense | 2.01 | 5 | 1 | 3.8 | 15 | 4.2 | 1.9 | 0.0 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 0.85 | 2 | 0.5 | 2.3 | 10 | 4.5 | 2.3 | 0.0 |
| Free cash flow | LTM FCF / total debt | 0.03 | 0.12 | -0.02 | 3.6 | 10 | 4.0 | 1.8 | 0.0 |
| Maturity risk | Share of debt maturing within 3 periods | 0.00 | 0 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.00 | 0.01 | 0.05 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Revenue stability | Std-dev of annual revenue growth | 0.03 | 0.03 | 0.15 | 7.7 | 8 | 7.7 | 7.7 | 7.7 |
| Asset coverage | Asset base / total debt | 0.52 | 2 | 0.6 | 0.0 | 12 | 0.0 | 0.0 | 0.0 |
| Industry risk | Sector factor (config.ts) | 0.45 | 1 | 0 | 4.5 | 10 | 4.5 | 4.5 | 4.5 |
| Total | 46.9 | 100 | 51.5 | 40.0 | 32.2 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 46.4 → 46.9
- ▲ Net leverage fell from 5.6x to 5.4x (+0.7 pts, positive)
- • Interest coverage broadly stable at 2.0x
- ▼ Liquidity ratio fell from 0.9x to 0.9x (-0.3 pts, negative)
- • FCF / debt broadly stable at 3.1%
- • Near-term maturity share unchanged at 0%
- • Margin volatility unchanged at 0.4 pts
- • Revenue volatility unchanged at 3.4 pts
- • Asset coverage unchanged at 0.52x
- • Industry risk factor unchanged at 0.45
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: no breachDownside: 2 failed tests; first breach FY2027ESevere Downside: 5 failed tests; first breach FY2026E
Maximum net leverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
| FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
|---|---|---|---|---|---|
| Current metric | 9.52x | 12.90x | 12.88x | 12.41x | 11.80x |
| Covenant | ≤ 6.50x | ≤ 6.50x | ≤ 6.50x | ≤ 6.50x | ≤ 6.50x |
| Headroom | −3.02x (-46%) | −6.40x (-98%) | −6.38x (-98%) | −5.91x (-91%) | −5.30x (-82%) |
| Status | BREACH | BREACH | BREACH | BREACH | BREACH |
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 4.9x | 4.3x | 3.8x | 3.2x | 2.7x |
| EBITDA / cash interest | 2.1x | 2.3x | 2.6x | 2.7x | 3.0x | |
| DSCR | 1.3x | 1.4x | 1.6x | 1.7x | 1.8x | |
| Liquidity ($M) | $125M | $170M | $226M | $292M | $0M | |
| Downside | Net debt / EBITDA | 6.4x | 7.0x | 6.6x | 6.3x | 5.9x |
| EBITDA / cash interest | 1.5x | 1.4x | 1.5x | 1.6x | 1.7x | |
| DSCR | 1.0x | 0.9x | 1.0x | 1.1x | 1.1x | |
| Liquidity ($M) | $89M | $79M | $77M | $81M | $0M | |
| Severe Downside | Net debt / EBITDA | 9.5x | 12.9x | 12.9x | 12.4x | 11.8x |
| EBITDA / cash interest | 1.0x | 0.8x | 0.8x | 0.9x | 1.0x | |
| DSCR | 0.6x | 0.5x | 0.5x | 0.6x | 0.7x | |
| Liquidity ($M) | $43M | $0M | $0M | $0M | $0M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Cascade Fitness — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Cascade Fitness — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |