Top 20 Korean stocks by Altman Z-Score (bankruptcy risk) — as of 2026-09-03

We screened 375 Korean stocks by Altman Z-Score (bankruptcy risk) and publish the top 20. As of 2026-09-03, market median 2.33. Formula and limitations included.

Universe: 375
Market median: 2.33
Top decile cutoff: 7.8

Rank	Stock	Z-Score	F-Score	ROIC
1	수산인더스트리126720.KS	19.95	5 / 9	8.6%
2	영화테크265560.KQ	19.62	7 / 9	19.5%
3	광전자017900.KS	19.02	6 / 9	1.8%
4	제룡전기033100.KQ	18.84	5 / 9	24.5%
5	양지사030960.KQ	17.61	3 / 9	-0.7%
6	지아이이노베이션358570.KQ	16.42	4 / 9	4.6%
7	에이치엔에스하이텍044990.KQ	15.18	5 / 9	6.3%
8	SK하이닉스000660.KS	15.08	7 / 9	30.6%
9	파인디지털038950.KQ	14.16	3 / 9	-1.3%
10	KT나스미디어089600.KQ	13.49	6 / 9	6.6%
11	삼성바이오로직스207940.KS	12.88	9 / 9	19.6%
12	태광023160.KQ	12.27	5 / 9	10.6%
13	유니셈036200.KQ	12.19	3 / 9	3.7%
14	중앙에너비스000440.KQ	12.13	5 / 9	-2.1%
15	강원랜드035250.KS	11.23	5 / 9	8.1%
16	한국쉘석유002960.KS	10.93	8 / 9	34.4%
17	티케이지휴켐스069260.KS	10.51	7 / 9	6.7%
18	비아이매트릭스413640.KQ	10.35	3 / 9	3.6%
19	보성파워텍006910.KQ	10.34	7 / 9	18.4%
20	삼천당제약000250.KQ	10.02	5 / 9	3.8%

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.

Other screens

Korean · F-Score Korean · ROIC Korean · FCF yield Korean · Gross profitability Korean · Accruals ratio Korean · 12-1 momentum Korean · 60-day volatility Japanese · Z-Score

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Top 20 Korean stocks by Altman Z-Score (bankruptcy risk) — as of 2026-09-03 — Market median 2.33, Universe 375. Margin Call, https://margincall.online/screener/financial-safety-kr

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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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