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.
Calamos Asset Management has a Altman Z-Score of 1.75, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
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 Calamos Asset Management's Altman Z-Score or its related term are showing as below:
Calamos Asset Management Altman Z-Score Historical Data
The historical data trend for Calamos Asset Management'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.
* Premium members only.
Calamos Asset Management Annual Data
Trend
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Altman Z-Score
2.99
2.72
2.38
2.45
2.08
Calamos Asset Management Quarterly Data
Dec11
Mar12
Jun12
Sep12
Dec12
Mar13
Jun13
Sep13
Dec13
Mar14
Jun14
Sep14
Dec14
Mar15
Jun15
Sep15
Dec15
Mar16
Jun16
Sep16
Altman Z-Score
2.19
2.08
1.66
1.56
1.66
Competitive Comparison
For the Asset Management subindustry, Calamos Asset Management'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.
Calamos Asset Management Altman Z-Score Distribution
For the Asset Management industry and Financial Services sector, Calamos Asset Management's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Calamos Asset Management'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.
Calamos Asset Management'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
*
0.8489
+
1.4
*
0.0925
+
3.3
*
0.0426
+
0.6
*
0.3613
+
1.0
*
0.2438
=
1.75
* 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.
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.
Altman Z-Score does not apply to financial companies.
Calamos Asset Management Altman Z-Score Related Terms
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Calamos Asset Management (Calamos Asset Management) Business Description
Calamos Asset Management Inc is a Delaware corporation, incorporated on July 23, 2004. It is an asset management firm that offers strategies to fulfill a range of asset allocation goals through a multi-team platform. The Company together with its subsidiaries provides investment advisory services to individuals and institutional investors through open-end funds, closed-end funds, separate accounts, offshore funds and partnerships. The company applies an investment philosophy and proprietary process centered on risk management across a range of investment strategies, including equity, balanced, convertible, high yield, alternative, fixed income and money market investments. The Company currently offers four types of investment products that fall into the categories of mutual funds and separate accounts. Funds include its open-end and closed-end funds as well as its Offshore Funds. The Company includes the Offshore Funds in open-end funds for reporting purposes. Separate accounts are individual portfolios of securities managed to meet clients specific needs and include institutional accounts and managed accounts. The Company competes in all aspects of its business with a large number of investment management firms, commercial banks, broker-dealers and insurance companies. In the United States and other countries in which it does business, it is subject to regulations and laws at both a federal and state level, including U.S. federal, state and local tax laws as well as similar foreign jurisdiction tax laws.
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