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CREDIT SCREEN / ORIGINAL PUBLIC-MANUFACTURER MODEL

Altman Z-Score Calculator

Combine five accounting ratios using the original Altman public-manufacturer coefficients.

  • 01 Calculated in this tab
  • 02 Values stay in this browser tab
  • 03 Use boundary

Conversion input

Known value

Filter by unit name, symbol, or code. Your current selections remain available.

Scenario inputs

Preparing the calculator...

METHOD / WORKED EXAMPLE

See exactly what drives the original Z-score

This calculator exposes every weighted component of Altman's original five-factor model so a reviewer can trace the result back to statement values instead of copying an unexplained score.

WORKED DEFAULT

Check the calculation with the default inputs

With $200,000 working capital, $300,000 retained earnings, $150,000 EBIT, $600,000 market equity, $400,000 liabilities, $1 million sales, and $800,000 assets, Z equals 3.5938.

  1. Build profitability terms1.4(0.375) + 3.3(0.1875) = 1.1438
  2. Build other terms1.2(0.25) + 0.6(1.5) + 1.25 = 2.4500
  3. Add contributions1.1438 + 2.4500 = 3.5938

READ THE RESULT

Interpret the output in context

Compare the component contributions before interpreting the total. A high sales-to-assets term can offset weak liquidity, while negative retained earnings or EBIT can pull the score down.

ASSUMPTIONS AND LIMITS

Know where the model stops

  • The original coefficients are used without recalibration.
  • Statement definitions and periods are consistent.
  • Market equity is aligned reasonably with the statement date.

This educational screen is not a default probability, credit opinion, or substitute for current statements and qualified credit analysis.

NYU archive: original Altman model components

COMMON QUESTIONS

Altman Z-Score Calculator FAQs

Which Altman Z-score version does this use?

It uses the original five-factor coefficients associated with publicly traded manufacturing companies: 1.2, 1.4, 3.3, 0.6, and 1.0. Later Z-prime and Z-double-prime variants use different variables, coefficients, and intended populations. Confirm the entity type and model source before comparing this result with any published interpretation range.

Is the result a probability of bankruptcy?

No. The result is a discriminant score produced by a historical statistical model, not a direct probability and not a present-day credit rating. Its usefulness depends on population, period, accounting quality, model calibration, and input definitions. Review liquidity, refinancing, cash flow, covenants, market conditions, and newer evidence rather than making a decision from one score.

Why can two websites report different Z-scores?

They may use different Altman variants, substitute book equity for market equity, classify liabilities differently, or pull data from different dates. Some also round component ratios before weighting them. Match the displayed formula and each input definition first; only compare outputs when the model version, statement period, currency scale, and source data are consistent.

Use boundary

Calculation path

Build the original five ratios from matching-period statements, apply Altman's published coefficients, and add the weighted components.

Calculation path

Z = 1.2(WC/assets) + 1.4(retained earnings/assets) + 3.3(EBIT/assets) + 0.6(market equity/liabilities) + sales/assets.