Top 20 Japanese stocks by Altman Z-Score (bankruptcy risk) — as of 2026-09-03
We screened 90 Japanese stocks by Altman Z-Score (bankruptcy risk) and publish the top 20. As of 2026-09-03, market median 5.14. Formula and limitations included.
- Universe
- 90
- Market median
- 5.14
- Top decile cutoff
- 11.86
| Rank | Stock | Z-Score |
|---|---|---|
| 1 | いい生活3796.T | 18.41 |
| 2 | デンヨー6517.T | 17.99 |
| 3 | 太平製作所6342.T | 15.15 |
| 4 | オプティム3694.T | 14.59 |
| 5 | ベステラ1433.T | 14.07 |
| 6 | 日本毛織3201.T | 14.06 |
| 7 | ＣＳＳホールディングス2304.T | 13.48 |
| 8 | アース製薬4985.T | 12.48 |
| 9 | シスメックス6869.T | 12.42 |
| 10 | 全保連5845.T | 11.8 |
| 11 | サイゼリヤ7581.T | 11.4 |
| 12 | クロスプラス3320.T | 11.22 |
| 13 | ＴＯＴＯ5332.T | 11.13 |
| 14 | Ｓｈｉｎｗａ Ｗｉｓｅ Ｈｏｌｄｉｎｇｓ2437.T | 11.1 |
| 15 | 丸大食品2288.T | 9.99 |
| 16 | 特殊電極3437.T | 9.85 |
| 17 | 堺化学工業4078.T | 8.68 |
| 18 | サインド4256.T | 8.28 |
| 19 | アイ・ケイ・ケイホールディングス2198.T | 8.26 |
| 20 | ニトリホールディングス9843.T | 8.16 |
As of 2026-09-03
What this metric measures
The Altman Z-Score summarises bankruptcy risk in a single number. Edward Altman of NYU introduced it in 1968, weighting five ratios covering working capital, retained earnings, operating income and equity structure. For manufacturers, 2.99 and above is the safe zone and below 1.81 is the distress zone.
How we calculate it
We apply the original Z formula to manufacturers and the Z″ variant to non-manufacturers. The X4 term uses **total liabilities** in the denominator, as in Altman's original paper, not interest-bearing debt. Companies missing required line items are excluded.
Limitations of this list
The Z-Score was fitted on manufacturing samples and does not apply to banks, insurers or REITs. Debt-free companies produce extreme values, so anything above 20 is displayed as '20+'. As a 1968 model it also reads conservatively for modern intangible-heavy businesses.
Frequently asked questions
What Altman Z-Score is considered safe?
For manufacturers, 2.99 and above is the safe zone, 1.81 to 2.99 the grey zone, and below 1.81 the distress zone. Non-manufacturers use the Z″ variant with thresholds of 2.6 and 1.1.
Does a high Z-Score make it a good stock?
It means low bankruptcy risk, not high profitability. A company sitting on cash and doing little business also scores well. Pair it with profitability metrics.
Does it work for financial stocks?
No. For banks and insurers, liabilities are operating assets, so the formula's assumptions break down. Treat values for financial companies in this list as reference only.
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Top 20 Japanese stocks by Altman Z-Score (bankruptcy risk) — as of 2026-09-03 — Market median 5.14, Universe 90. Margin Call, https://margincall.online/screener/financial-safety-jp
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This list is the output of a financial-metric calculation, not investment advice. No single metric supports a buy or sell decision, and past financial data does not guarantee future returns.
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