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The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 1.86 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
Dana has a Altman Z-Score of 1.81, indicating it is in Grey Zones. This implies that Dana is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Dana's Altman Z-Score or its related term are showing as below:
During the past 13 years, Dana's highest Altman Z-Score was 2.50. The lowest was 1.56. And the median was 2.01.
The historical data trend for Dana's Altman Z-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Dana Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Altman Z-Score | Get a 7-Day Free Trial | 1.98 | 1.65 | 2.04 | 1.91 | 1.95 |
Dana Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Altman Z-Score | Get a 7-Day Free Trial | 2.00 | 1.95 | 1.96 | 1.91 | - |
For the Auto Parts subindustry, Dana's Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Vehicles & Parts industry and Consumer Cyclical sector, Dana's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Dana's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Dana's Altman Z-Score for today is calculated with this formula:
Z | = | 1.2 | * | X1 | + | 1.4 | * | X2 | + | 3.3 | * | X3 | + | 0.6 | * | X4 | + | 1.0 | * | X5 |
= | 1.2 | * | 0.1703 | + | 1.4 | * | 0.036 | + | 3.3 | * | 0.0364 | + | 0.6 | * | 0.182 | + | 1.0 | * | 1.3288 | |
= | 1.81 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Trailing Twelve Months (TTM) ended in Sep. 2024:
Total Assets was $7,859 Mil.
Total Current Assets was $4,054 Mil.
Total Current Liabilities was $2,716 Mil.
Retained Earnings was $283 Mil.
Pre-Tax Income was 52 + 67 + 35 + -26 = $128 Mil.
Interest Expense was -40 + -39 + -39 + -40 = $-158 Mil.
Revenue was 2476 + 2738 + 2735 + 2494 = $10,443 Mil.
Market Cap (Today) was $1,112 Mil.
Total Liabilities was $6,111 Mil.
* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.
X1 | = | Working Capital | / | Total Assets |
= | (Total Current Assets - Total Current Liabilities) | / | Total Assets | |
= | (4054 - 2716) | / | 7859 | |
= | 0.1703 |
X2 | = | Retained Earnings | / | Total Assets |
= | 283 | / | 7859 | |
= | 0.036 |
X3 | = | Earnings Before Interest and Taxes | / | Total Assets |
= | (Pre-Tax Income - Interest Expense) | / | Total Assets | |
= | (128 - -158) | / | 7859 | |
= | 0.0364 |
X4 | = | Market Value Equity | / | Book Value of Total Liabilities |
= | Market Cap | / | Total Liabilities | |
= | 1111.988 | / | 6111 | |
= | 0.182 |
X5 | = | Revenue | / | Total Assets |
= | 10443 | / | 7859 | |
= | 1.3288 |
The zones of discrimination were as such:
Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones
Dana has a Altman Z-Score of 1.81 indicating it is in Grey Zones.
Study by Altman found that companies that are in Distress Zone have more than 80% of chances of bankruptcy in two years.
Dana (NYSE:DAN) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Read more about Altman Z-Score and the original research.
Be Aware
Altman Z-Score does not apply to financial companies.
Thank you for viewing the detailed overview of Dana's Altman Z-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
James D Kellett | officer: VP & Chief Accounting Officer | 3946 WRENS NEST BLVD, MAUMEE OH 43537 |
Jeroen Decleer | officer: SVP & Pres Off-Highway Drive | GEMENEWEIDEWEG-NOORD 18, BRUGGE C9 8310 |
Aziz Aghili | officer: Pres Off-Hwy Technologies & AP | 5706 KIRKRIDGE TRAIL, ROCHESTER HILLS MI 48306 |
James Kevin Kamsickas | director, officer: President & CEO | 44011 CYPRESS POINT DRIVE, NORTHVILLE MI 48168 |
Byron S Foster | officer: Pres, Light Veh Drive Systems | 30 ISABELLA ST., PITTSBURGH PA 15212 |
Brett Icahn | director | C/O ICAHN ENTERPRISES L.P., 16690 COLLINS AVE., PH, SUNNY ISLES FL 33160 |
Gaoxiang Hu | director | 16690 COLLINS AVE., SUITE PH-1, SUNNY ISLES BEACH FL 33160 |
Ernesto M Hernandez | director | C/O CONSTELLATION BRANDS, INC., 207 HIGH POINT DRIVE, BLDG. 100, VICTOR NY 14564 |
Timothy R Kraus | officer: SVP & Chief Financial Officer | 812, PILGRAM AVENUE, BIRMINGHAM MI 48009 |
Robert D Pyle | officer: Pres, Light Vehicle Driveline | 3939 TECHNOLOGY DRIVE, MAUMEE OH 43537 |
Jonathan Mark Collins | officer: SVP & Chief Financial Officer | 50196 VENICE COURT, NORTHVILLE MI 48168 |
Ryan Laskey | officer: SVP - Commercial Veh Drive | 9332 CRISTAL MARIE CT, TEMPERANCE MI 48182 |
Antonio Valencia | officer: Pres. Power Technologies Group | 3939 TECHNOLOGY DRIVE, MAUMEE OH 43537 |
Keith E Wandell | director | |
Bridget E Karlin | director | 3 TALL TREE LANE, PLEASANTVILLE NY 10570 |
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