The stability of a spheromak with an energetic ion ring, carrying a current comparable to the plasma current, to the tilt mode is considered. For small departures from sphericity a perturbative approach is applied to an appropriate energy principle in order to calculate the lowest nontrivial kinetic contribution of the ion ring. An analytic stability criterion is obtained. It is seen that the prolate configuration becomes more stable while the oblate one is less stable than in the absence of the ring. The prolomak becomes stable when the ring kinetic energy exceeds the magnetic energy within the separatrix.