GMT Research is an accounting research firm which develops proprietary methodologies to detect financial anomalies, or traits similar to past accounting shenanigans, at publicly listed companies. It is based in Hong Kong, focused on Asia and regulated by Hong Kong’s Securities and Futures Commission. The firm advises investment institutions around the world. For more information please visit our Terms of Use or About Us pages.
Altman Z-Score
The Altman Z-score is a formula designed in 1968 by Edward I. Altman to determine if a company is headed for bankruptcy. It takes into account profitability, leverage, liquidity, efficiency and solvency ratios. As advised by Altman in later literature, we have updated the Z-scores using bond market equivalent ratings. We have made additional enhancements to account for recent accounting changes that might distort the original thesis. Our analysis suggests that just 3.7% of listed companies globally with a market capitalisation exceeding US$1bn are in the "danger zone".
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