Altman Z-Score (Insolvency Risk)
Estimate insolvency risk with the Altman Z-Score, combining working capital, retained earnings, EBIT, book equity and total assets/liabilities into a single distress indicator.
Données vérifiées · juillet 2026
Does a Z-Score in the distress zone mean the company will fail?
No — it flags a statistically elevated risk of insolvency within two years based on historical patterns, not a certainty. It should trigger closer review, not an automatic conclusion.
Source : Altman, E.I. (1968), Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, Journal of Finance; ACCA Advanced Financial Management (AFM), corporate failure prediction models. · mise à jour 2026
Vous aimez ce calculateur ?
Créez un compte gratuit pour sauvegarder vos calculs, accéder à l'historique et exporter en PDF. Passez au Pro pour les 319 calculateurs.
Une question sur ce résultat ?
Posez-la à Solva, le conseiller financier IA d'ActioFin — réponses sourcées sur les textes officiels.
5 questions gratuites par jour avec un compte gratuit
Tout savoir sur Altman Z-Score (Insolvency Risk)
📋Présentation+
The Altman Z-Score combines five weighted financial ratios — working capital to total assets, retained earnings to total assets, EBIT to total assets, book value of equity to total liabilities, and (in some variants) sales to total assets — into a single score. Scores above roughly 2.99 indicate a 'safe' zone, between 1.81 and 2.99 a 'grey' zone of elevated risk, and below 1.81 a 'distress' zone historically associated with a high probability of insolvency within two years.
💡 Bonnes pratiques
- The Z-Score was developed on US manufacturing data — treat the exact thresholds as directional for UK service businesses, not a precise cutoff.
- A single low reading can be distorted by an unusual one-off item (asset write-down, exceptional cost) — check the trend across several periods.
- Combine the Z-Score with qualitative signals (customer concentration, covenant headroom, cash runway) rather than relying on it alone.
🔢 Exemple concret
£100,000 working capital, £150,000 retained earnings, £80,000 EBIT on £600,000 total assets, £300,000 total liabilities and £250,000 book equity: a Z-Score comfortably in the safe zone.
📖Guide d'utilisation+
Comment utiliser ce calculateur
- 1
Enter working capital (current assets minus current liabilities) and total assets.
- 2
Enter retained earnings and EBIT (earnings before interest and tax).
- 3
Enter total liabilities and the book value of equity.
- 4
Read the Z-Score and which zone (safe, grey, distress) it falls into.
📚Glossaire+
- Z-Score
- A weighted combination of balance sheet and income statement ratios developed by Edward Altman to predict the probability of corporate insolvency within two years.
- Grey zone
- The Z-Score band (roughly 1.81 to 2.99) where insolvency risk is elevated but not conclusively predicted — warranting closer monitoring rather than immediate alarm.
ℹ️Sources & MAJ+
Dernière mise à jour des données
7 juillet 2026
Sources et références
Altman, E.I. (1968), Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, Journal of Finance; ACCA Advanced Financial Management (AFM), corporate failure prediction models.
Les données de ce calculateur sont mises à jour régulièrement pour refléter les derniers barèmes officiels. En cas de doute, consultez les sources officielles mentionnées ci-dessus.
FAQ — Altman Z-Score (Insolvency Risk)
Does a Z-Score in the distress zone mean the company will fail?+
No — it flags a statistically elevated risk of insolvency within two years based on historical patterns, not a certainty. It should trigger closer review, not an automatic conclusion.
Can the Z-Score be used for any company size?+
The original model was calibrated on listed manufacturers; smaller and private companies, and services businesses, are better assessed with adapted variants — treat results here as an indicative screening tool.