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Altman Z-Score

Altman Z-Score 모델을 사용하여 회사의 파산 위험을 평가합니다 — 5가지 재무 비율을 결합하여 재정 곤란을 예측합니다.

Working capital
$
Total assets
$
Retained earnings
$
EBIT
$
Sales revenue
$
Market value of equity
$
Total liabilities
$
A (WC/TA)0
B (RE/TA)0
C (EBIT/TA)0
D (MVE/TL)0
E (Sales/TA)0
Altman Z-Score
—
—
1.2A0
1.4B0
3.3C0
0.6D0
1.0E0
PNG · 브라우저에서 생성, 업로드 없음
Industry use cases
Credit Risk Assessment Banks evaluate loan applicants' bankruptcy risk before approving credit facilities and setting appropriate interest rates.
M&A Due Diligence Acquisition teams assess target companies' financial stability to identify hidden distress risks before committing to deals.
Supplier Risk Monitoring Supply chain managers track key vendors' financial health to prevent supply disruptions from supplier bankruptcies.
Corporate Financial Health CFOs monitor their own company's financial metrics against bankruptcy thresholds for early risk detection and intervention.
Frequently asked questions
What is the Altman Z-Score used for?
It's a formula that combines five financial ratios from a company's balance sheet and income statement to estimate its likelihood of going bankrupt within the next two years.
What is a good Altman Z-Score?
A score above 2.99 is considered 'safe' (low bankruptcy risk), 1.81 to 2.99 is a 'grey zone' of moderate risk, and below 1.81 signals high distress risk.
What does a low Altman Z-Score mean?
A score below 1.81 suggests a company is in the 'distress zone' and has a relatively high statistical probability of filing for bankruptcy within two years.
Can the Altman Z-Score be negative?
Yes. Heavy losses, negative working capital, or negative retained earnings can push the score below zero, indicating severe financial distress.
Is the Altman Z-Score reliable for all companies?
Not equally. The original model was built for manufacturing firms, and modified versions exist for private companies, non-manufacturers, and emerging markets, so results should be interpreted alongside other financial analysis.
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