Ajinomoto Co.
AJNMY
Ajinomoto Co.’s revenue for fiscal 2026 (year ended March 2026) was $10.5 billion, up 3.47% from fiscal 2025. In the quarter to June 2026, revenue grew 4.84%, EPS grew 20.0% and free cash flow fell 187.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Ajinomoto Co. (AJNMY) Altman Z-score
Ajinomoto Co.'s Altman Z-score for fiscal 2026 is 4.44, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.44 | 0.63 |
| FY2025 | 3.81 | 0.17 |
| FY2024 | 3.63 | (0.63) |
| FY2023 | 4.26 | 0.94 |
| FY2022 | 3.33 | 0.59 |
| FY2021 | 2.73 | 0.13 |
| FY2020 | 2.61 | (0.13) |
| FY2019 | 2.74 | (0.14) |
| FY2018 | 2.87 | (0.21) |
| FY2017 | 3.08 | (0.79) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | 0.32 | — | 0.45 | |
| EBIT / total assets | 0.11 | — | 0.36 | |
| Market value of equity / total liabilities | 4.30 | — | 2.58 | |
| Sales / total assets | 0.87 | — | 0.87 | |
| Altman Z-score | Safe zone | 4.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.64 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets