Mechel PAO
MTL Basic Materials Steel
Revenue growth for five consecutive years, operating cash flow growth for five.
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Mechel PAO (MTL) Altman Z-score
Mechel PAO's Altman Z-score for fiscal 2021 cannot be worked out: no share price in the week to the fiscal year end.
Altman Z-score, annual
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|
How fiscal 2021’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (1.05) | — | −1.26 | |
| Retained earnings / total assets | (0.81) | — | −1.14 | |
| EBIT / total assets | 0.43 | — | 1.43 | |
| Market value of equity / total liabilities | — | — | n/a | — |
| Sales / total assets | 1.69 | — | 1.69 | |
| Altman Z-score | n/a — no share price in the week to the fiscal year end | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.01 | ||
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.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MSB Mesabi Trust compare | 70.4× |
| SIM Grupo Simec, S.A. de C.V. compare | 6.7× |
| NWPX NWPX Infrastructure, Inc. compare | 4.2× |
| FRD Friedman Industries Inc. compare | 3.7× |
| WS Worthington Steel, Inc. compare | 3.0× |
| MTUS Metallus Inc. compare | 2.1× |
| SID National Steel Company compare | 0.7× |
| ASTL Algoma Steel Group Inc. compare | −1.0× |
| MTL Mechel PAO | — |
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