Alliance NickelASX:AXN -3.23% Altman Z2-Score is 6.33 as of Jun. 24, 2026, which is 91% below its 10-year median of 73.62. The stock has 3 warning signs investors should review. Among 2,618 Metals & Mining companies, Alliance Nickel ranks better than 66.73% on this metric.
Altman Z2-Score, also known as Z"-Score, is used to predict the likelihood that a non-manufacturing company (excluding property/financial company) will face bankruptcy within a two-year period.
Good Sign:
Alliance Nickel has a Altman Z2-Score of 6.33, indicating it is in Safe Zones. This implies the Altman Z2-Score is strong.
The zones of discrimination were as such:
When Altman Z2-Score <= 1.1, it is in Distress Zones.
When Altman Z2-Score >= 2.6, it is in Safe Zones.
When Altman Z2-Score is between 1.1 and 2.6, it is in Grey Zones.
The historical rank and industry rank for Alliance Nickel's Altman Z2-Score or its related term are showing as below:
ASX:AXN'
s Altman Z2-Score Range Over the Past 10 Years
Min: 6.33 Med: 73.62 Max: 329.61
Current: 6.33
During the past 13 years, Alliance Nickel's highest Altman Z2-Score was 329.61. The lowest was 6.33. And the median was 73.62.
The original Z-Score model was based on publicly traded manufacturing companies while the Z2-Score, also known as Z"-score can be used for any type of company excluding property/financial companies. Both Z-Score and Z2-Score describes the financial health of a company, and its likelihood of financial distress.
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.
Altman Z2-Score does not apply to financial companies.
Alliance Nickel Altman Z2-Score Related Terms
Alliance Nickel Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for Alliance Nickel's Altman Z2-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.
For the Other Industrial Metals & Mining subindustry, Alliance Nickel's Altman Z2-Score, along with its competitors' market caps and Altman Z2-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.
Alliance Nickel Altman Z2-Score vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Alliance Nickel's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Alliance Nickel's Altman Z2-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.
Z2-Score, also known as Z"-Score is the Z-Score for non-manufacturing companies excluding property/financial companies.
Alliance Nickel's Altman Z2-Score for today is calculated with this formula:
Z
=
6.56
*
X1
+
3.26
*
X2
+
6.72
*
X3
+
1.05
*
X4_2
=
6.56
*
-0.0749
+
3.26
*
-0.5935
+
6.72
*
-0.029
+
1.05
*
8.5248
=
6.33
* 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 Z2-Score when X4_2 value is 0.
Alliance Nickel (ASX:AXN) has a Altman Z2-Score of 6.33 as of Jun. 24, 2026. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on Alliance Nickel and its competitors. This is 91% below median its historical median of 73.62. Over the past decade, Alliance Nickel's Altman Z2-Score has ranged from 6.33 to 329.61. According to the industry distribution chart, Alliance Nickel ranks #871 out of 2618 companies in the Metals & Mining industry, placing it in the top 33.3%.
Is Alliance Nickel's Altman Z2-Score too high?
Alliance Nickel's current Altman Z2-Score of 6.33 is 91% below median its 10-year median of 73.62. Over the past 10 years, this metric has ranged from a low of 6.33 to a high of 329.61. The Metals & Mining industry median Altman Z2-Score is 2.14. Alliance Nickel's value of 6.33 is 196.5% above this industry median. Based on the distribution chart, Alliance Nickel ranks #871 out of 2618 companies in the Metals & Mining industry, which is above the industry midpoint.
How does Alliance Nickel's Altman Z2-Score compare to competitors?
According to the Metals & Mining industry distribution chart, Alliance Nickel ranks #871 out of 2618 companies for Altman Z2-Score. This puts Alliance Nickel in the upper half of its industry. The industry median Altman Z2-Score is 2.14. Alliance Nickel's value of 6.33 is 196.5% above this benchmark. Historically, Alliance Nickel's own Altman Z2-Score has ranged from 6.33 to 329.61 over the past decade. While the company's 10-year median is 73.62 vs. the industry median of 2.14, Alliance Nickel has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z2-Score for a Metals & Mining company?
The median Altman Z2-Score among Metals & Mining companies is 2.14, based on 2,618 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z2-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z2-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Alliance Nickel's current Altman Z2-Score of 6.33 is 196.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z2-Score mean?
A high Altman Z2-Score can signal that a stock is expensive relative to its fundamentals. Z2-Score is the Z-Score for non-manufacturing companies excluding property/financial companies, which measures a company's bankruptcy risk. View historical data on Alliance Nickel and its competitors. For the Metals & Mining industry, the median Altman Z2-Score is 2.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Alliance Nickel's current Altman Z2-Score is 6.33, which is 91% below median its own 10-year median of 73.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alliance Nickel stock overvalued right now?
Alliance Nickel (ASX:AXN) has a current Altman Z2-Score of 6.33. The current Altman Z2-Score is 6.33, which is 91% below median its 10-year median of 73.62 and 196.5% above the Metals & Mining industry median of 2.14. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z2-Score calculated?
Altman Z2-Score is calculated from a company's financial statements. For Alliance Nickel (ASX:AXN), the current Altman Z2-Score is 6.33 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Alliance Nickel Ltd is an exploration and development company with nickel, cobalt, and gold interests in Western Australia. Alliance's principal asset is its wholly owned NiWest Nickel Cobalt Project situated adjacent to Glencore's Murrin Murrin Operations. The company has completed a Pre-Feasibility Study, which has confirmed the technical and economic viability of a heap leach and direct solvent extraction operation at undeveloped nickel/cobalt deposits in Australia.
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