{"product_id":"altman-z-score","title":"Altman Z-Score Calculator","description":"\u003cstyle\u003e\n.azs-calculator {\n  --ink: #0f172a;\n  --muted: #475569;\n  --border: #e2e8f0;\n  --surface: #ffffff;\n  --tint: #f8fafc;\n  --primary: #1d4ed8;\n  --accent: #c2410c;\n  --accent-hover: #9a3412;\n  --chart-1: #1e40af;\n  --chart-2: #0d9488;\n  --chart-3: #7c3aed;\n  --chart-4: #be185d;\n  --chart-5: #334155;\n  width: 100%;\n  max-width: 1200px;\n  container-type: inline-size;\n  container-name: azs;\n  margin: 0 auto;\n  color: var(--ink);\n  background: var(--tint);\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  padding: 24px;\n  font-family: Inter, ui-sans-serif, system-ui, -apple-system, BlinkMacSystemFont, \"Segoe UI\", sans-serif;\n  font-size: 15px;\n  line-height: 1.55;\n}\n.azs-calculator,\n.azs-calculator *,\n.azs-calculator *::before,\n.azs-calculator *::after {\n  box-sizing: border-box;\n  min-width: 0;\n}\n.azs-calculator h2,\n.azs-calculator h3,\n.azs-calculator p {\n  margin-top: 0;\n}\n.azs-calculator h2 {\n  margin-bottom: 8px;\n  font-size: 24px;\n  line-height: 1.25;\n  font-weight: 700;\n  letter-spacing: -0.02em;\n}\n.azs-calculator h3 {\n  margin-bottom: 12px;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.azs-calculator a {\n  color: var(--primary);\n  text-decoration-thickness: 1px;\n  text-underline-offset: 2px;\n}\n.azs-calculator a:hover {\n  text-decoration-thickness: 2px;\n}\n.azs-calculator button,\n.azs-calculator input,\n.azs-calculator select {\n  font: inherit;\n}\n.azs-calculator button,\n.azs-calculator summary,\n.azs-calculator input[type=\"checkbox\"] {\n  cursor: pointer;\n}\n.azs-calculator :focus-visible {\n  outline: 3px solid rgba(29, 78, 216, 0.34);\n  outline-offset: 2px;\n}\n.azs-header {\n  display: grid;\n  gap: 16px;\n  margin-bottom: 16px;\n}\n.azs-subtitle {\n  max-width: 760px;\n  margin-bottom: 0;\n  color: var(--muted);\n}\n.azs-pills {\n  display: flex;\n  flex-wrap: wrap;\n  gap: 8px;\n}\n.azs-pill {\n  display: inline-flex;\n  align-items: center;\n  gap: 6px;\n  min-height: 32px;\n  padding: 5px 10px;\n  border: 1px solid var(--border);\n  border-radius: 999px;\n  background: var(--surface);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n  font-variant-numeric: tabular-nums;\n}\n.azs-pill strong {\n  color: var(--ink);\n}\n.azs-toolbar {\n  display: flex;\n  flex-wrap: wrap;\n  align-items: center;\n  gap: 8px;\n  margin-bottom: 16px;\n}\n.azs-btn {\n  display: inline-flex;\n  align-items: center;\n  justify-content: center;\n  gap: 10px;\n  min-height: 44px;\n  border-radius: 6px;\n  padding: 11px 18px;\n  border: 1px solid transparent;\n  font-size: 15px;\n  font-weight: 700;\n  line-height: 1.2;\n  white-space: nowrap;\n  box-shadow: 0 1px 2px rgba(15, 23, 42, 0.06);\n  transition: background-color 140ms ease, border-color 140ms ease, box-shadow 140ms ease, transform 140ms ease;\n}\n.azs-btn:hover {\n  box-shadow: 0 3px 8px rgba(15, 23, 42, 0.12);\n}\n.azs-btn:active {\n  transform: translateY(1px);\n}\n.azs-download {\n  color: #ffffff;\n  background: var(--accent);\n  border-color: var(--accent);\n}\n.azs-download:hover,\n.azs-download:active {\n  color: #ffffff;\n  background: var(--accent-hover);\n  border-color: var(--accent-hover);\n}\n.azs-download svg {\n  flex: 0 0 auto;\n  width: 18px;\n  height: 18px;\n  fill: currentColor;\n}\n.azs-reset {\n  color: var(--ink);\n  background: var(--surface);\n  border-color: #64748b;\n}\n.azs-reset:hover {\n  background: #f1f5f9;\n  border-color: #94a3b8;\n}\n.azs-workspace {\n  display: grid;\n  grid-template-columns: minmax(0, 1.12fr) minmax(320px, 0.88fr);\n  gap: 16px;\n  align-items: start;\n}\n.azs-panel,\n.azs-section,\n.azs-advanced,\n.azs-education {\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n  box-shadow: 0 1px 2px rgba(15, 23, 42, 0.06);\n}\n.azs-panel,\n.azs-section,\n.azs-education {\n  padding: 20px;\n}\n.azs-panel-intro,\n.azs-section-intro {\n  margin-bottom: 16px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.azs-input-grid {\n  display: grid;\n  grid-template-columns: repeat(auto-fit, minmax(210px, 1fr));\n  gap: 16px;\n}\n.azs-field {\n  display: flex;\n  flex-direction: column;\n  gap: 6px;\n}\n.azs-label {\n  display: block;\n  color: var(--ink);\n  font-size: 14px;\n  font-weight: 600;\n}\n.azs-control-wrap {\n  position: relative;\n}\n.azs-input,\n.azs-select {\n  width: 100%;\n  min-height: 44px;\n  border: 1px solid #64748b;\n  border-radius: 6px;\n  padding: 10px 12px;\n  color: var(--ink);\n  background: var(--surface);\n  font-size: 15px;\n  line-height: 1.35;\n  font-variant-numeric: tabular-nums;\n}\n.azs-input:hover,\n.azs-select:hover {\n  border-color: #475569;\n}\n.azs-input[readonly] {\n  color: #334155;\n  background: #f1f5f9;\n  border-color: var(--border);\n}\n.azs-input[aria-invalid=\"true\"],\n.azs-select[aria-invalid=\"true\"] {\n  border-color: #b91c1c;\n  box-shadow: 0 0 0 1px #b91c1c;\n}\n.azs-helper {\n  min-height: 40px;\n  margin: 0;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.45;\n}\n.azs-error {\n  min-height: 19px;\n  margin: 0;\n  color: #991b1b;\n  font-size: 13px;\n  font-weight: 600;\n  line-height: 1.4;\n}\n.azs-results {\n  display: grid;\n  gap: 16px;\n}\n.azs-primary-result {\n  padding: 20px;\n  border: 1px solid #bfdbfe;\n  border-radius: 8px;\n  background: #eff6ff;\n}\n.azs-eyebrow {\n  margin-bottom: 4px;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 700;\n  text-transform: uppercase;\n  letter-spacing: 0.06em;\n}\n.azs-score-row {\n  display: flex;\n  flex-wrap: wrap;\n  align-items: baseline;\n  gap: 12px;\n}\n.azs-score {\n  color: var(--ink);\n  font-size: 30px;\n  line-height: 1.15;\n  font-weight: 700;\n  font-variant-numeric: tabular-nums;\n}\n.azs-zone {\n  display: inline-flex;\n  align-items: center;\n  min-height: 30px;\n  padding: 4px 10px;\n  border-radius: 999px;\n  font-size: 13px;\n  font-weight: 700;\n}\n.azs-zone[data-zone=\"distress\"] {\n  color: #7f1d1d;\n  background: #fee2e2;\n  border: 1px solid #fecaca;\n}\n.azs-zone[data-zone=\"gray\"] {\n  color: #713f12;\n  background: #fef3c7;\n  border: 1px solid #fde68a;\n}\n.azs-zone[data-zone=\"safe\"] {\n  color: #14532d;\n  background: #dcfce7;\n  border: 1px solid #bbf7d0;\n}\n.azs-zone[data-zone=\"empty\"] {\n  color: var(--muted);\n  background: #f1f5f9;\n  border: 1px solid var(--border);\n}\n.azs-result-copy {\n  margin: 10px 0 0;\n  color: #334155;\n}\n.azs-result-grid {\n  display: grid;\n  grid-template-columns: repeat(2, minmax(0, 1fr));\n  gap: 12px;\n}\n.azs-result-card {\n  padding: 14px;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n}\n.azs-result-label {\n  margin-bottom: 4px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n}\n.azs-result-value {\n  color: var(--ink);\n  font-size: 20px;\n  line-height: 1.25;\n  font-weight: 700;\n  font-variant-numeric: tabular-nums;\n  overflow-wrap: anywhere;\n}\n.azs-result-detail {\n  margin-top: 4px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.azs-risk-card {\n  padding: 16px;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n}\n.azs-risk-heading {\n  display: flex;\n  flex-wrap: wrap;\n  align-items: baseline;\n  gap: 8px;\n  margin-bottom: 12px;\n}\n.azs-risk-heading strong {\n  font-size: 14px;\n}\n.azs-risk-heading span {\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.azs-risk-scale {\n  position: relative;\n  display: grid;\n  grid-template-columns: 36.2fr 23.8fr 40fr;\n  height: 16px;\n  border-radius: 999px;\n  overflow: visible;\n  background: #e2e8f0;\n}\n.azs-risk-band {\n  height: 16px;\n}\n.azs-risk-band:first-child {\n  border-radius: 999px 0 0 999px;\n  background: #dc2626;\n}\n.azs-risk-band:nth-child(2) {\n  background: #d97706;\n}\n.azs-risk-band:nth-child(3) {\n  border-radius: 0 999px 999px 0;\n  background: #15803d;\n}\n.azs-risk-marker {\n  position: absolute;\n  top: -6px;\n  width: 4px;\n  height: 28px;\n  border-radius: 2px;\n  background: var(--ink);\n  box-shadow: 0 0 0 2px #ffffff;\n  transform: translateX(-2px);\n}\n.azs-risk-labels {\n  display: grid;\n  grid-template-columns: 36.2fr 23.8fr 40fr;\n  gap: 4px;\n  margin-top: 8px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n}\n.azs-risk-labels span:nth-child(2) {\n  text-align: center;\n}\n.azs-risk-labels span:nth-child(3) {\n  text-align: right;\n}\n.azs-section {\n  margin-top: 16px;\n}\n.azs-chart-cluster {\n  display: grid;\n  grid-template-columns: minmax(340px, 1.3fr) minmax(240px, auto);\n  align-items: center;\n  justify-content: center;\n  gap: 24px;\n  max-width: 940px;\n  margin: 0 auto;\n}\n.azs-plot-wrap {\n  display: grid;\n  place-items: center;\n  width: 100%;\n}\n.azs-chart-svg {\n  display: block;\n  width: 100%;\n  height: 300px;\n  overflow: visible;\n}\n.azs-legend {\n  display: grid;\n  gap: 10px;\n  align-content: center;\n}\n.azs-legend-row {\n  display: grid;\n  grid-template-columns: 12px minmax(130px, auto) max-content;\n  align-items: center;\n  justify-content: start;\n  gap: 10px;\n  color: var(--ink);\n  font-size: 13px;\n  font-weight: 600;\n}\n.azs-swatch {\n  width: 12px;\n  height: 12px;\n  border-radius: 3px;\n}\n.azs-legend-value {\n  font-variant-numeric: tabular-nums;\n  white-space: nowrap;\n}\n.azs-chart-caption,\n.azs-table-note {\n  margin-top: 16px;\n  padding: 10px 12px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.azs-empty-state {\n  display: none;\n  max-width: 620px;\n  margin: 0 auto;\n  padding: 14px 16px;\n  border: 1px dashed #94a3b8;\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  text-align: center;\n  font-size: 13px;\n  font-weight: 600;\n}\n.azs-safe-stack .azs-chart-cluster {\n  grid-template-columns: minmax(0, 1fr);\n  gap: 16px;\n  max-width: 720px;\n}\n.azs-safe-stack .azs-legend {\n  justify-content: center;\n}\n.azs-safe-stack .azs-chart-caption {\n  margin-top: 20px;\n}\n.azs-table-overflow {\n  width: 100%;\n  overflow-x: auto;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--surface);\n}\n.azs-table {\n  width: 100%;\n  min-width: 720px;\n  border-collapse: collapse;\n  font-variant-numeric: tabular-nums;\n}\n.azs-table th,\n.azs-table td {\n  padding: 11px 12px;\n  border-bottom: 1px solid var(--border);\n  text-align: left;\n  vertical-align: middle;\n}\n.azs-table th {\n  color: #ffffff;\n  background: var(--ink);\n  font-size: 13px;\n  font-weight: 700;\n}\n.azs-table td {\n  color: var(--ink);\n  font-size: 14px;\n}\n.azs-table td:not(:first-child),\n.azs-table th:not(:first-child) {\n  text-align: right;\n}\n.azs-table tbody tr:last-child td {\n  border-bottom: 0;\n}\n.azs-table tbody tr:hover td {\n  background: #f8fafc;\n}\n.azs-safe-table-stack .azs-table-note {\n  margin-top: 20px;\n}\n.azs-advanced {\n  margin-top: 16px;\n  overflow: visible;\n}\n.azs-advanced summary {\n  padding: 16px 20px;\n  color: var(--ink);\n  font-size: 16px;\n  font-weight: 700;\n  list-style-position: inside;\n}\n.azs-advanced[open] summary {\n  border-bottom: 1px solid var(--border);\n}\n.azs-advanced-content {\n  padding: 20px;\n}\n.azs-mode-grid {\n  display: grid;\n  grid-template-columns: repeat(auto-fit, minmax(250px, 1fr));\n  gap: 16px;\n  margin-bottom: 16px;\n}\n.azs-mode-card {\n  padding: 14px;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--tint);\n}\n.azs-check-row {\n  display: flex;\n  align-items: flex-start;\n  gap: 10px;\n}\n.azs-check-row input {\n  flex: 0 0 auto;\n  width: 18px;\n  height: 18px;\n  margin: 2px 0 0;\n  accent-color: var(--primary);\n}\n.azs-check-copy {\n  color: var(--ink);\n  font-size: 14px;\n  font-weight: 700;\n}\n.azs-check-copy small {\n  display: block;\n  margin-top: 4px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.45;\n}\n.azs-education {\n  margin-top: 16px;\n}\n.azs-education-content {\n  max-width: 920px;\n}\n.azs-education h3 {\n  margin-top: 24px;\n}\n.azs-education p,\n.azs-education li {\n  color: #334155;\n}\n.azs-education ul {\n  padding-left: 22px;\n}\n.azs-formula {\n  padding: 12px 14px;\n  border-left: 4px solid var(--primary);\n  border-radius: 0 6px 6px 0;\n  background: #eff6ff;\n  color: #172554;\n  font-size: 14px;\n  font-weight: 700;\n  overflow-wrap: anywhere;\n}\n.azs-sr-only {\n  position: absolute;\n  width: 1px;\n  height: 1px;\n  padding: 0;\n  margin: -1px;\n  overflow: hidden;\n  clip: rect(0, 0, 0, 0);\n  white-space: nowrap;\n  border: 0;\n}\n@media (max-width: 899px) {\n  .azs-workspace {\n    grid-template-columns: minmax(0, 1fr);\n  }\n}\n@media (max-width: 639px) {\n  .azs-calculator {\n    padding: 16px;\n  }\n  .azs-panel,\n  .azs-section,\n  .azs-education {\n    padding: 16px;\n  }\n  .azs-toolbar {\n    align-items: stretch;\n  }\n  .azs-btn {\n    flex: 1 1 auto;\n  }\n  .azs-download {\n    flex-basis: 100%;\n  }\n  .azs-result-grid {\n    grid-template-columns: minmax(0, 1fr);\n  }\n  .azs-chart-cluster {\n    grid-template-columns: minmax(0, 1fr);\n    gap: 16px;\n  }\n  .azs-chart-svg {\n    height: 290px;\n  }\n  .azs-legend {\n    justify-content: center;\n  }\n  .azs-chart-caption,\n  .azs-table-note {\n    margin-top: 16px;\n  }\n  .azs-advanced summary,\n  .azs-advanced-content {\n    padding-left: 16px;\n    padding-right: 16px;\n  }\n}\n@media (max-width: 380px) {\n  .azs-calculator {\n    padding: 12px;\n  }\n  .azs-panel,\n  .azs-section,\n  .azs-education {\n    padding: 14px;\n  }\n  .azs-input-grid,\n  .azs-mode-grid {\n    grid-template-columns: minmax(0, 1fr);\n  }\n  .azs-legend-row {\n    grid-template-columns: 12px minmax(112px, auto) max-content;\n    gap: 8px;\n  }\n}\n\n@container azs (max-width: 899px) {\n  .azs-workspace {\n    grid-template-columns: minmax(0, 1fr);\n  }\n}\n@container azs (max-width: 639px) {\n  .azs-panel,\n  .azs-section,\n  .azs-education {\n    padding: 16px;\n  }\n  .azs-toolbar {\n    align-items: stretch;\n  }\n  .azs-btn {\n    flex: 1 1 auto;\n  }\n  .azs-download {\n    flex-basis: 100%;\n  }\n  .azs-result-grid {\n    grid-template-columns: minmax(0, 1fr);\n  }\n  .azs-chart-cluster {\n    grid-template-columns: minmax(0, 1fr);\n    gap: 16px;\n  }\n  .azs-chart-svg {\n    height: 290px;\n  }\n  .azs-legend {\n    justify-content: center;\n  }\n  .azs-chart-caption,\n  .azs-table-note {\n    margin-top: 16px;\n  }\n  .azs-advanced summary,\n  .azs-advanced-content {\n    padding-left: 16px;\n    padding-right: 16px;\n  }\n}\n@container azs (max-width: 380px) {\n  .azs-panel,\n  .azs-section,\n  .azs-education {\n    padding: 14px;\n  }\n  .azs-input-grid,\n  .azs-mode-grid {\n    grid-template-columns: minmax(0, 1fr);\n  }\n  .azs-legend-row {\n    grid-template-columns: 12px minmax(105px, auto) max-content;\n    gap: 8px;\n  }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"azs-calculator\" data-calculator-root\u003e\n  \u003cheader class=\"azs-header\"\u003e\n    \u003cdiv class=\"azs-header-copy\"\u003e\n      \u003ch2\u003eAltman Z-Score Calculator\u003c\/h2\u003e\n      \u003cp class=\"azs-subtitle\"\u003eAssess financial-distress risk for a publicly traded manufacturing company and see exactly which liquidity, profitability, leverage, and efficiency factors drive the score.\u003c\/p\u003e\n    \u003c\/div\u003e\n    \u003cdiv class=\"azs-pills\" aria-label=\"Live calculation summary\"\u003e\n      \u003cspan class=\"azs-pill\"\u003eScore \u003cstrong data-pill-score\u003e—\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"azs-pill\"\u003eZone \u003cstrong data-pill-zone\u003e—\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"azs-pill\"\u003eLargest driver \u003cstrong data-pill-driver\u003e—\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"azs-pill\"\u003eModel \u003cstrong\u003ePublic manufacturing\u003c\/strong\u003e\u003c\/span\u003e\n    \u003c\/div\u003e\n  \u003c\/header\u003e\n\n  \u003cdiv class=\"azs-toolbar\" aria-label=\"Calculator actions\"\u003e\n    \u003cbutton class=\"azs-btn azs-download\" type=\"button\" data-action=\"download\"\u003e\n      \u003csvg viewbox=\"0 0 24 24\" aria-hidden=\"true\"\u003e\u003cpath d=\"M5 20h14v-2H5v2Zm14-9h-4V3H9v8H5l7 7 7-7Z\"\u003e\u003c\/path\u003e\u003c\/svg\u003e\n      \u003cspan\u003eDownload Excel\u003c\/span\u003e\n    \u003c\/button\u003e\n    \u003cbutton class=\"azs-btn azs-reset\" type=\"button\" data-action=\"reset\"\u003eReset\u003c\/button\u003e\n  \u003c\/div\u003e\n\n  \u003cdiv class=\"azs-workspace\"\u003e\n    \u003csection class=\"azs-panel\" aria-labelledby=\"azs-inputs-heading\"\u003e\n      \u003ch3 id=\"azs-inputs-heading\"\u003eFinancial inputs\u003c\/h3\u003e\n      \u003cp class=\"azs-panel-intro\"\u003eUse values from the same reporting period. Enter negative EBIT, working capital, or retained earnings when the company reports a loss or deficit.\u003c\/p\u003e\n      \u003cdiv class=\"azs-input-grid\"\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-sales\"\u003eSales\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-sales\" data-field=\"sales\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$10,000,000.00\" aria-describedby=\"azs-sales-help azs-sales-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-sales-help\"\u003eNet revenue for the period. Used in the asset-turnover component.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-sales-error\" data-error=\"sales\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-ebit\"\u003eEarnings before interest and tax (EBIT)\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-ebit\" data-field=\"ebit\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$4,000,000.00\" aria-describedby=\"azs-ebit-help azs-ebit-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-ebit-help\"\u003eOperating earnings before financing costs and income taxes.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-ebit-error\" data-error=\"ebit\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-total-assets\"\u003eTotal assets\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-total-assets\" data-field=\"totalAssets\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$50,000,000.00\" aria-describedby=\"azs-total-assets-help azs-total-assets-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-total-assets-help\"\u003eBalance-sheet total used as the denominator for four of the five ratios.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-total-assets-error\" data-error=\"totalAssets\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-total-liabilities\"\u003eTotal liabilities\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-total-liabilities\" data-field=\"totalLiabilities\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$20,000,000.00\" aria-describedby=\"azs-total-liabilities-help azs-total-liabilities-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-total-liabilities-help\"\u003eBook value of all liabilities. Must be greater than zero.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-total-liabilities-error\" data-error=\"totalLiabilities\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-working-capital\"\u003eNet working capital\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-working-capital\" data-field=\"workingCapital\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$400,000.00\" aria-describedby=\"azs-working-capital-help azs-working-capital-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-working-capital-help\"\u003eCurrent assets minus current liabilities. The optional helper can calculate it.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-working-capital-error\" data-error=\"workingCapital\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-market-equity\"\u003eMarket value of equity\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-market-equity\" data-field=\"marketEquity\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$20,000,000.00\" aria-describedby=\"azs-market-equity-help azs-market-equity-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-market-equity-help\"\u003eShare price multiplied by diluted shares outstanding.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-market-equity-error\" data-error=\"marketEquity\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-retained-earnings\"\u003eRetained earnings\u003c\/label\u003e\n          \u003cdiv class=\"azs-control-wrap\"\u003e\u003cinput class=\"azs-input\" id=\"azs-retained-earnings\" data-field=\"retainedEarnings\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$500,000.00\" aria-describedby=\"azs-retained-earnings-help azs-retained-earnings-error\"\u003e\u003c\/div\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-retained-earnings-help\"\u003eAccumulated earnings kept in the business after distributions.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-retained-earnings-error\" data-error=\"retainedEarnings\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/section\u003e\n\n    \u003caside class=\"azs-results\" aria-labelledby=\"azs-results-heading\"\u003e\n      \u003cdiv class=\"azs-primary-result\"\u003e\n        \u003cp class=\"azs-eyebrow\" id=\"azs-results-heading\"\u003eAltman Z-Score\u003c\/p\u003e\n        \u003cdiv class=\"azs-score-row\"\u003e\n          \u003cdiv class=\"azs-score\" data-score\u003e—\u003c\/div\u003e\n          \u003cspan class=\"azs-zone\" data-zone\u003eIncomplete\u003c\/span\u003e\n        \u003c\/div\u003e\n        \u003cp class=\"azs-result-copy\" data-interpretation\u003eEnter positive total assets and total liabilities to calculate the score.\u003c\/p\u003e\n        \u003cdiv class=\"azs-sr-only\" aria-live=\"polite\" aria-atomic=\"true\" data-live-summary\u003e\u003c\/div\u003e\n      \u003c\/div\u003e\n\n      \u003cdiv class=\"azs-result-grid\"\u003e\n        \u003cdiv class=\"azs-result-card\"\u003e\n          \u003cdiv class=\"azs-result-label\"\u003eLiquidity ratio (X1)\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-value\" data-result=\"x1\"\u003e—\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-detail\"\u003eWorking capital ÷ assets\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-result-card\"\u003e\n          \u003cdiv class=\"azs-result-label\"\u003eAccumulated profit (X2)\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-value\" data-result=\"x2\"\u003e—\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-detail\"\u003eRetained earnings ÷ assets\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-result-card\"\u003e\n          \u003cdiv class=\"azs-result-label\"\u003eOperating return (X3)\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-value\" data-result=\"x3\"\u003e—\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-detail\"\u003eEBIT ÷ assets\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-result-card\"\u003e\n          \u003cdiv class=\"azs-result-label\"\u003eEquity cushion (X4)\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-value\" data-result=\"x4\"\u003e—\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-detail\"\u003eMarket equity ÷ liabilities\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-result-card\"\u003e\n          \u003cdiv class=\"azs-result-label\"\u003eAsset turnover (X5)\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-value\" data-result=\"x5\"\u003e—\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-detail\"\u003eSales ÷ assets\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-result-card\"\u003e\n          \u003cdiv class=\"azs-result-label\"\u003eLargest score driver\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-value\" data-result=\"largest\"\u003e—\u003c\/div\u003e\n          \u003cdiv class=\"azs-result-detail\" data-result=\"largest-detail\"\u003eWeighted contribution\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n\n      \u003cdiv class=\"azs-risk-card\"\u003e\n        \u003cdiv class=\"azs-risk-heading\"\u003e\n\u003cstrong\u003eRisk-zone scale\u003c\/strong\u003e\u003cspan data-risk-position\u003eAwaiting valid inputs\u003c\/span\u003e\n\u003c\/div\u003e\n        \u003cdiv class=\"azs-risk-scale\" role=\"img\" aria-label=\"Altman Z-Score zones: distress below 1.81, gray from 1.81 through 3, and safe above 3\"\u003e\n          \u003cspan class=\"azs-risk-band\"\u003e\u003c\/span\u003e\u003cspan class=\"azs-risk-band\"\u003e\u003c\/span\u003e\u003cspan class=\"azs-risk-band\"\u003e\u003c\/span\u003e\n          \u003cspan class=\"azs-risk-marker\" data-risk-marker hidden\u003e\u003c\/span\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-risk-labels\"\u003e\n\u003cspan\u003eDistress \u0026lt; 1.81\u003c\/span\u003e\u003cspan\u003eGray\u003c\/span\u003e\u003cspan\u003eSafe \u0026gt; 3.00\u003c\/span\u003e\n\u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/aside\u003e\n  \u003c\/div\u003e\n\n  \u003csection class=\"azs-section azs-chart-card\" aria-labelledby=\"azs-chart-heading\" data-chart-card\u003e\n    \u003ch3 id=\"azs-chart-heading\"\u003eWeighted score contribution\u003c\/h3\u003e\n    \u003cp class=\"azs-section-intro\"\u003eEach bar shows the exact amount that one weighted ratio adds to or subtracts from the final Z-Score.\u003c\/p\u003e\n    \u003cdiv class=\"azs-empty-state\" data-chart-empty\u003eEnter valid financial values to see the contribution breakdown.\u003c\/div\u003e\n    \u003cdiv class=\"azs-chart-cluster\" data-chart-cluster\u003e\n      \u003cdiv class=\"azs-plot-wrap\" data-plot-wrap\u003e\n        \u003csvg class=\"azs-chart-svg\" data-chart-svg role=\"img\" aria-labelledby=\"azs-chart-svg-title azs-chart-svg-desc\"\u003e\u003c\/svg\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"azs-legend\" data-chart-legend aria-label=\"Contribution chart legend\"\u003e\u003c\/div\u003e\n    \u003c\/div\u003e\n    \u003cdiv class=\"azs-chart-caption\" data-chart-caption\u003ePositive bars increase the score; negative bars reduce it. The five contributions sum exactly to the displayed Z-Score.\u003c\/div\u003e\n    \u003cdiv class=\"azs-sr-only\" data-chart-summary\u003e\u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003csection class=\"azs-section azs-table-card\" aria-labelledby=\"azs-table-heading\" data-table-card\u003e\n    \u003ch3 id=\"azs-table-heading\"\u003eFormula audit table\u003c\/h3\u003e\n    \u003cp class=\"azs-section-intro\"\u003eTrace every ratio, coefficient, and weighted contribution used in the calculation.\u003c\/p\u003e\n    \u003cdiv class=\"azs-table-overflow\" data-table-overflow\u003e\n      \u003ctable class=\"azs-table\"\u003e\n        \u003cthead\u003e\u003ctr\u003e\n\u003cth scope=\"col\"\u003eComponent\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eNumerator\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eDenominator\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eRatio\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eCoefficient\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eContribution\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n        \u003ctbody data-table-body\u003e\u003c\/tbody\u003e\n      \u003c\/table\u003e\n    \u003c\/div\u003e\n    \u003cdiv class=\"azs-table-note\" data-table-note\u003eThe model shown here is the original Altman Z-Score for publicly traded manufacturing companies. Other company types require different coefficients and, in some versions, different equity definitions.\u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003cdetails class=\"azs-advanced\"\u003e\n    \u003csummary\u003eOptional component calculations\u003c\/summary\u003e\n    \u003cdiv class=\"azs-advanced-content\"\u003e\n      \u003cp class=\"azs-panel-intro\"\u003eEnable a helper to derive the corresponding core input. The calculated amount will appear in the main financial-input field and will update live.\u003c\/p\u003e\n      \u003cdiv class=\"azs-mode-grid\"\u003e\n        \u003cdiv class=\"azs-mode-card\"\u003e\n          \u003clabel class=\"azs-check-row\" for=\"azs-use-working-capital-helper\"\u003e\n            \u003cinput id=\"azs-use-working-capital-helper\" data-toggle=\"useWorkingCapitalHelper\" type=\"checkbox\"\u003e\n            \u003cspan class=\"azs-check-copy\"\u003eCalculate net working capital\u003csmall\u003eAccounts receivable + inventory − accounts payable.\u003c\/small\u003e\u003c\/span\u003e\n          \u003c\/label\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-mode-card\"\u003e\n          \u003clabel class=\"azs-check-row\" for=\"azs-use-market-equity-helper\"\u003e\n            \u003cinput id=\"azs-use-market-equity-helper\" data-toggle=\"useMarketEquityHelper\" type=\"checkbox\"\u003e\n            \u003cspan class=\"azs-check-copy\"\u003eCalculate market value of equity\u003csmall\u003eShare price × shares outstanding.\u003c\/small\u003e\u003c\/span\u003e\n          \u003c\/label\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-mode-card\"\u003e\n          \u003clabel class=\"azs-check-row\" for=\"azs-use-retained-earnings-helper\"\u003e\n            \u003cinput id=\"azs-use-retained-earnings-helper\" data-toggle=\"useRetainedEarningsHelper\" type=\"checkbox\"\u003e\n            \u003cspan class=\"azs-check-copy\"\u003eEstimate retained earnings\u003csmall\u003eNet income − dividends per share × shares outstanding.\u003c\/small\u003e\u003c\/span\u003e\n          \u003c\/label\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"azs-input-grid\"\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-accounts-receivable\"\u003eAccounts receivable\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-accounts-receivable\" data-field=\"accountsReceivable\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$200,000.00\" aria-describedby=\"azs-accounts-receivable-help azs-accounts-receivable-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-accounts-receivable-help\"\u003eShort-term customer balances included in the working-capital helper.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-accounts-receivable-error\" data-error=\"accountsReceivable\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-inventory\"\u003eInventory\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-inventory\" data-field=\"inventory\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$300,000.00\" aria-describedby=\"azs-inventory-help azs-inventory-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-inventory-help\"\u003eInventory recognized as a current asset for this simplified helper.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-inventory-error\" data-error=\"inventory\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-accounts-payable\"\u003eAccounts payable\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-accounts-payable\" data-field=\"accountsPayable\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$100,000.00\" aria-describedby=\"azs-accounts-payable-help azs-accounts-payable-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-accounts-payable-help\"\u003eSupplier balances subtracted in the simplified working-capital helper.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-accounts-payable-error\" data-error=\"accountsPayable\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-share-price\"\u003eShare price\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-share-price\" data-field=\"sharePrice\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$20.00\" aria-describedby=\"azs-share-price-help azs-share-price-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-share-price-help\"\u003eCurrent market price per common share.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-share-price-error\" data-error=\"sharePrice\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-shares\"\u003eShares outstanding\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-shares\" data-field=\"shares\" data-mask=\"integer\" type=\"text\" inputmode=\"numeric\" value=\"1,000,000\" aria-describedby=\"azs-shares-help azs-shares-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-shares-help\"\u003eUse diluted shares when that better reflects current equity exposure.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-shares-error\" data-error=\"shares\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-net-income\"\u003eNet income\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-net-income\" data-field=\"netIncome\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$1,000,000.00\" aria-describedby=\"azs-net-income-help azs-net-income-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-net-income-help\"\u003ePeriod earnings after interest and tax; may be negative.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-net-income-error\" data-error=\"netIncome\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"azs-field\"\u003e\n          \u003clabel class=\"azs-label\" for=\"azs-dividend-per-share\"\u003eDividend per share\u003c\/label\u003e\n          \u003cinput class=\"azs-input\" id=\"azs-dividend-per-share\" data-field=\"dividendPerShare\" data-mask=\"currency\" type=\"text\" inputmode=\"decimal\" value=\"$0.50\" aria-describedby=\"azs-dividend-per-share-help azs-dividend-per-share-error\"\u003e\n          \u003cp class=\"azs-helper\" id=\"azs-dividend-per-share-help\"\u003eCash dividend declared per share for the same period.\u003c\/p\u003e\n          \u003cp class=\"azs-error\" id=\"azs-dividend-per-share-error\" data-error=\"dividendPerShare\" aria-live=\"polite\"\u003e\u003c\/p\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/details\u003e\n\n  \u003csection class=\"azs-education\" aria-labelledby=\"azs-education-heading\"\u003e\n    \u003cdiv class=\"azs-education-content\"\u003e\n      \u003ch2 id=\"azs-education-heading\"\u003eHow to use and interpret the Altman Z-Score\u003c\/h2\u003e\n      \u003cp\u003eThis calculator estimates financial-distress risk with the original five-factor Altman model. It was designed for publicly traded manufacturing companies, so the result is best treated as a screening signal rather than a universal bankruptcy forecast. A higher score generally indicates a stronger combination of liquidity, accumulated profitability, operating performance, market-value support, and asset efficiency. A lower score flags a need for deeper review of cash flow, debt maturities, covenant headroom, industry conditions, and accounting quality.\u003c\/p\u003e\n\n      \u003ch3\u003eEnter consistent financial data\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eSales\u003c\/strong\u003e should be net revenue for the same annual or trailing-twelve-month period as EBIT. Higher sales increase the asset-turnover component, but unusually high turnover can reflect a low asset base or industry structure rather than superior credit quality. Do not mix quarterly sales with year-end assets unless you annualize the income-statemen\nt figures consistently.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eEBIT\u003c\/strong\u003e measures operating earnings before interest and income tax. Higher EBIT increases the score more strongly than the other asset-based ratios because its coefficient is 3.3. Negative EBIT is valid and reduces the score. Use a recurring operating figure when possible; one-time gains, restructuring charges, or unusual impairments can distort the signal.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eTotal assets\u003c\/strong\u003e is the balance-sheet total and must be greater than zero. It is the denominator for working capital, retained earnings, EBIT, and sales. Because four components use this denominator, an incorrect asset figure affects most of the model. \u003cstrong\u003eTotal liabilities\u003c\/strong\u003e is the book value of all liabilities and must also be positive. It is used only in the market-equity ratio, where higher liabilities reduce the equity cushion.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eNet working capital\u003c\/strong\u003e is normally current assets minus current liabilities. Positive working capital raises the score; negative working capital lowers it. The optional helper uses accounts receivable plus inventory minus accounts payable, mirroring a simplified operating working-capital approach. For a complete balance-sheet calculation, include all relevant current assets and current liabilities rather than relying on only those three accounts.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eMarket value of equity\u003c\/strong\u003e is the current market capitalization, typically share price multiplied by diluted shares outstanding. A larger market value relative to liabilities increases the score. The optional helper performs that multiplication. Use a share price close to the financial-statement measurement date, and account for stock splits or major issuance so price and share count are on a compatible basis.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eRetained earnings\u003c\/strong\u003e is the cumulative balance reported within shareholders’ equity, not simply the current year’s net income. A positive accumulated balance raises the score, while an accumulated deficit reduces it. The optional helper estimates retained earnings as net income minus dividends for the period; it is useful for a simplified example but is not a substitute for the actual balance-sheet retained-earnings account when that figure is available.\u003c\/p\u003e\n\n      \u003ch3\u003eFormula and score components\u003c\/h3\u003e\n      \u003cp class=\"azs-formula\"\u003eZ = 1.2 × (working capital ÷ total assets) + 1.4 × (retained earnings ÷ total assets) + 3.3 × (EBIT ÷ total assets) + 0.6 × (market value of equity ÷ total liabilities) + 1.0 × (sales ÷ total assets)\u003c\/p\u003e\n      \u003cp\u003eThe result cards label these five ratios X1 through X5. X1 is a short-term liquidity measure. X2 captures accumulated profitability and indirectly reflects business maturity. X3 measures operating return on the asset base. X4 compares the market’s equity valuation with the book value of liabilities. X5 measures how efficiently assets generate revenue. The formula audit table shows each numerator, denominator, raw ratio, coefficient, and contribution, so you can reproduce the total independently.\u003c\/p\u003e\n\n      \u003ch3\u003eReading the risk zones and contribution chart\u003c\/h3\u003e\n      \u003cp\u003eA score below 1.81 falls in the distress zone under the original interpretation. A score from 1.81 through 3.00 is the gray zone, where the model does not provide a clear low-risk signal. A score above 3.00 is the safe zone. These thresholds are classification boundaries, not literal probabilities. A company at 3.01 is not fundamentally transformed compared with one at 2.99, and a trend over several reporting periods is often more informative than a single observation.\u003c\/p\u003e\n      \u003cp\u003eThe contribution chart decomposes the final score into five weighted bars. Positive bars add to the score and negative bars subtract from it. The largest bar identifies the ratio currently doing the most work in the model. This is useful for sensitivity analysis: improving EBIT usually has a strong effect because of its 3.3 coefficient, while reducing liabilities can improve the market-equity ratio. However, mechanically increasing one ratio should never be confused with creating economic value; asset sales, debt refinancing, equity issuance, and working-capital changes can have multiple effects across the financial statements.\u003c\/p\u003e\n\n      \u003ch3\u003ePractical checks, limitations, and common mistakes\u003c\/h3\u003e\n      \u003cul\u003e\n        \u003cli\u003eUse figures from the same reporting date and period, and keep units consistent. Entering some amounts in thousands and others in full dollars will make the score meaningless.\u003c\/li\u003e\n        \u003cli\u003ePrefer audited or filed financial statements. Public-company data can be checked through the \u003ca href=\"https:\/\/www.sec.gov\/search-filings\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eSEC EDGAR filing search\u003c\/a\u003e.\u003c\/li\u003e\n        \u003cli\u003eConfirm whether the original public-manufacturing model is appropriate. Private manufacturers and non-manufacturing firms use alternative Altman specifications.\u003c\/li\u003e\n        \u003cli\u003eDo not treat the score as investment, lending, legal, or insolvency advice. Combine it with cash-flow forecasts, debt-service coverage, liquidity runway, covenant analysis, and qualitative business risk.\u003c\/li\u003e\n        \u003cli\u003eInvestigate sudden score changes. A market-price movement can shift X4 even when accounting fundamentals are unchanged, while acquisitions can expand assets before expected earnings appear.\u003c\/li\u003e\n      \u003c\/ul\u003e\n      \u003cp\u003eFor further context, review Edward Altman’s credit-risk discussion hosted by \u003ca href=\"https:\/\/web-docs.stern.nyu.edu\/salomon\/docs\/S-02-11.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eNYU Stern\u003c\/a\u003e, the \u003ca href=\"https:\/\/www.investopedia.com\/terms\/a\/altman.asp\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eAltman Z-Score overview at Investopedia\u003c\/a\u003e, and the SEC’s guide to \u003ca href=\"https:\/\/www.sec.gov\/search-filings\/edgar-search-assistance\/using-edgar-research-investments\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eusing EDGAR for company research\u003c\/a\u003e. The workbook export preserves the current assumptions, result, ratio breakdown, and methodology notes so the analysis can be reviewed or incorporated into a broader credit file.\u003c\/p\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909486747891,"sku":"altman-z-score","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/altman-z-score.webp?v=1783935504","url":"https:\/\/financialmodelslab.com\/products\/altman-z-score","provider":"Financial Models Lab","version":"1.0","type":"link"}