If you have no compression in the cylinder, there's no need to "guess" what might be wrong. Remove the valve cover and if the valve is stuck open, back off the rocker arm - if it's still open, the valve is bent.
With the valves closed, put air pressure into the cylinder - if it leaks out of the crankcase, the piston or rings are defective - out the intake, the intake valve isn't sealing and, likewise, if it leaks out the exhaust, the exhaust valve isn't sealing.