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Risk & Weakness

Altman Z: Distress Zone

3 Findings · last calculated September 18, 2026 Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Methodology & criteria

Altman's bankruptcy early warning in its purest form: the Z″-Score is in the distress zone (< 1.1) in both the most recent AND every available quarter, plus weak interest coverage (< 3). Unlike the stricter Going Concern scanner (which additionally requires negative operating cash flow), this scanner shows every stock that trades permanently in the red zone. Fundamentally healthy stocks (Piotroski ≥ 5 or Fundamental Rating ≥ 55 out of 100) are excluded via the global short filters. Source: fundamental data.

Global filters: market cap of $50B or less (mega caps are cut from every scanner); 10- and 30-day ADR must be ≥ 1% (too little movement gets cut); fundamentally healthy names (Piotroski ≥ 5 or Fundamental Rating ≥ 55 out of 100) are excluded.

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Terms in This Scanner Explained

(17)
ADR (Average Daily Range)
The average daily swing of a stock in percent - measured over 10 or 30 trading days (columns "ADR 10D/30D"). An ADR of 5% means: on a normal day the gap between the intraday low and high runs about 5%. Traders look for movement - that is why stocks with an ADR under 1% are filtered out globally. Scanners that run without the global filters still include them; that is noted below their hit list. Not to be confused with ADR meaning "American Depositary Receipt" (a US certificate for foreign shares) - here ADR always means the daily swing.
AI Classification
Our company-by-company assessment of the AI boom based on SEC filings (the last four quarterly 10-Q reports and two annual 10-K reports): "Sells AI" (AI is a revenue source), "Threatened" (AI is a concrete business risk), "Uses AI" (operational use), or "Neutral" (no material AI exposure). Every classification requires at least two direct quote citations - otherwise the column shows "-". Not a quality judgment or a buy recommendation; the full file is on the stock page, methodology at /stocks/ai-rating-methodology.
Altman Z-Score
A bankruptcy early-warning system developed by Edward Altman: several balance-sheet ratios are combined into one score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. Values from 2.6 up are considered a safe zone, values below 1.1 a distress zone with elevated bankruptcy risk; in between lies a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks.
Analysis (Full Company Analysis)
If the Analysis column shows "Read," there is an in-depth TickerGuard company analysis for this stock: business model, scanner findings, quarterly results, evidence from SEC filings, plus opportunities and risks. One click opens it directly.
Avg/Yr 3Y (Average Annual Return)
The stock's average annual return over the past 3 years. Shows at a glance whether a stock delivers over the long run or just had a short hot streak.
Earnings Date
The date of the next quarterly earnings report. Price gaps in either direction are common around this date - that is why we color it red when it is 7 days away or less, and yellow when it is 14 days away or less: elevated risk for fresh positions.
EPS (Earnings per Share)
Quarterly earnings divided by the number of shares outstanding. The most important growth metric: if EPS rises strongly over several quarters, the company is earning more money per share.
Free Cash Flow (FCF)
Operating cash flow minus capital expenditures - the money left over for everything else (debt paydown, acquisitions, or buybacks). Consistently positive free cash flow is one of the most honest signs of a healthy business model.
Funda Rating (Fundamental Rating A+ to F)
Our proprietary fundamental rating from 0 to 100 points with a school-grade rank from A+ to F. 50 points is the average across the universe, 100 the best possible score. Every stock is scored against all others by percentile: growth in earnings and revenue, earnings surprises, analyst estimates, and quality criteria such as margins, cash flow, and balance-sheet strength. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below — A/A+ are the fundamentally strongest stocks in the universe.
Going Concern
The assumption in a company's annual report that it can continue operating. If auditors raise "substantial doubt" about this, it is one of the sharpest warnings there is - the company could run out of cash.
Long / Short
Long = betting on rising prices (buying the stock). Short = betting on falling prices (selling borrowed shares to buy them back cheaper later). Our short scanners are warning or watch lists - not buy candidates.
Market Capitalization (Mkt Cap)
The market value of the company: share price x total shares outstanding, shown here in billions of dollars. Micro caps (< $0.3B) are small and volatile, mega caps (> $200B) are heavyweights. Our scanner universe is deliberately capped at $50B - we look for stocks with room to run. The cap does not apply to scanners that run without the global filters; that is noted below their hit list.
Net Margin
How much of revenue is left as profit? Net income divided by revenue, in percent. A 20% margin means: out of every dollar of revenue, 20 cents is left as profit. Rising margins are a strong quality signal.
Operating Cash Flow (OCF)
The cash that actually flows into the company from day-to-day operations - without accounting effects such as depreciation. A company can report book profits while still burning cash; operating cash flow reveals that.
Piotroski F-Score
A balance-sheet health check developed by Joseph Piotroski: 9 yes/no criteria covering earnings, cash flow, leverage, and efficiency produce a score from 0 to 9. Scores of 7 or higher are considered financially very solid, scores under 3 a warning sign.
Sector & Industry
Two levels of industry classification: sector is broad (e.g., Technology), industry is narrow (e.g., Semiconductors). Many strategies watch industry strength, because strong stocks are almost always found in strong industries.
Stage (Weinstein Stages 1-4)
Stan Weinstein divides every price chart into four stages: Stage 1 = basing (sideways after a downtrend), Stage 2 = uptrend (the only buying stage), Stage 3 = topping, Stage 4 = downtrend (avoid, or short candidate). Measured against the 30-week line (150-day moving average) and its slope.

View all terms in the Scanner Glossary

Hit List

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Rating (traffic light)

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Funda Rating

Piotroski

Columns

This scanner's columns

Extra columns

Tip: clicking a column header sorts the table by that column; a second click flips the direction.

Altman Z: Distress Zone
Symbol Earnings Avg/Y 3Y Volatility Stage Funda Rating Piotroski MktCap Industry AI Rating Deep Dive Deep-Dive Report Sector Price YTD 6 Mo. 1 Year Off High Price Target RS EPS Rating ADR 10D ADR 30D Beta P/E P/E (f) P/S P/B P/FCF PEG EV/EBITDA EBIT Margin Gross Margin Net Margin ROE ROA Debt/Eq Equity Ratio Sales +/Y Growth Score Div. Yield Payout Ratio Altman Z Inst. % Short % Analysts
NG NovaGold Resources Inc — +19 % 80 % Stage 4 D 33 4 of 9 3.2 $ Gold – — — Basic Materials 7.40 $ -22.5 % -39.5 % +5.5 % −57.3 % +79.0 % 40 42 8.2 % 6.7 % 2.26 — 4.9 — — — 1.34 -40.4 0.0 % — 0.0 % -52.0 % -4.4 % — 70.3 % -100.0 % 1 0.0 % 0.0 % -2.2 79.3 % 9.0 % 4.4 (8)
CRGO Freightos Limited 08/17 -20 % ⚠ Wildest 10% 86 % Stage 4 C 54 3 of 9 0.1 $ Integrated Freight & Logistics Uses AI
Read
— Industrials 1.10 $ -36.8 % -40.7 % -65.4 % −67.9 % +154.5 % 9 42 6.7 % 7.6 % 1.20 — 0.0 1.8 1.6 — — -1.1 — 66.9 % -56.2 % -43.8 % -17.9 % 0.06 — +23.9 % 6 0.0 % 0.0 % -8.5 26.0 % 0.2 % 5.0 (3)
MDXH MDxHealth SA 08/13 -33 % ⚠ Wildest 10% 112 % Stage 4 C 47 4 of 9 0.0 $ Diagnostics & Research – — — Healthcare 0.6717 $ -85.6 % -88.5 % -81.8 % −91.5 % +164.4 % 1 42 9.1 % 10.9 % -501,643.70 — 27.7 0.2 36.6 — — 17.6 — 62.9 % -32.7 % -2,440.4 % -9.8 % -7.86 — +19.8 % 4 0.0 % 0.0 % -6.8 48.5 % 1.9 % 4.8 (6)

Price Chart

Quarterly Figures

No quarterly data available.

Frequently Asked Questions

Altman's bankruptcy early warning in its purest form: the Z″-Score is in the distress zone (< 1.1) in both the most recent AND every available quarter, plus weak interest coverage (< 3). Unlike the stricter Going Concern scanner (which additionally requires negative operating cash flow), this scanner shows every stock that trades permanently in the red zone.

All scanners are recalculated daily across the entire stock universe — most recently on September 18, 2026. The data basis is fundamental data and SEC filings (10-K annual reports and 10-Q quarterly reports).

Currently, 3 stocks pass this scanner's criteria (as of September 18, 2026).

Global filters: market cap of $50B or less (mega caps are cut from every scanner); 10- and 30-day ADR must be ≥ 1% (too little movement gets cut); fundamentally healthy names (Piotroski ≥ 5 or Fundamental Rating ≥ 55 out of 100) are excluded.

This scanner deliberately hunts for red flags — a hit is a finding, not a recommendation: like a smoke detector that beeps so you look in time. A hit is also not a bankruptcy verdict; most companies save themselves (say, through a capital raise, which dilutes existing shareholders). Portfolio owners use the list as an early-warning system, bargain hunters as an anti-shopping list, experienced traders as a watch list — it is never a buy or short recommendation.

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Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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