altman z-score
We backtested the Altman Z-Score on NSE stocks from 2000 to 2025. Safe-zone stocks returned 11.0% CAGR vs the Sensex at 11.5%. Distress-zone stocks returned just 3.2%. The +7.8% spread is the widest across any exchange tested. In India, distress destroys capital.
altman z-score
We tested the Altman Z-Score across 13 exchanges with local benchmarks. India +7.8% spread, South Africa +4.0%. UK +4.8% vs FTSE, Switzerland +4.6% vs SMI. The pattern maps onto where distress destroys equity value and where local benchmarks are weak enough that safe stocks outperform.
altman z-score
We backtested the Altman Z-Score on US stocks from 2000 to 2025. Safe-zone companies (Z > 2.99) returned 5.6% annually vs 7.3% for the S&P 500. Distress-zone stocks actually outperformed safe ones. The Z-Score predicts bankruptcy, not stock returns.