Thai Polycons PCLBKK:TPOLY Altman Z2-Score is -1.77 as of Jul. 09, 2026. The stock has 4 warning signs investors should review. Among 1,765 Construction companies, Thai Polycons PCL ranks worse than 92.69% 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.
Warning Sign:
Thai Polycons PCL has a Altman Z2-Score of -1.77, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
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 Thai Polycons PCL's Altman Z2-Score or its related term are showing as below:
BKK:TPOLY'
s Altman Z2-Score Range Over the Past 10 Years
Min: -1.77 Med: 0.11 Max: 1.17
Current: -1.77
During the past 13 years, Thai Polycons PCL's highest Altman Z2-Score was 1.17. The lowest was -1.77. And the median was 0.11.
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.
Thai Polycons PCL Altman Z2-Score Related Terms
Thai Polycons PCL Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for Thai Polycons PCL'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.
BKK:TPOLY vs PWR, FIX, EME: Altman Z2-Score Comparison
For the Engineering & Construction subindustry, Thai Polycons PCL'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.
Thai Polycons PCL Altman Z2-Score vs Construction Industry
For the Construction industry and Industrials sector, Thai Polycons PCL's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Thai Polycons PCL'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.
Thai Polycons PCL'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
*
-0.1477
+
3.26
*
-0.222
+
6.72
*
-0.0157
+
1.05
*
0.025
=
-1.77
* 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.
Thai Polycons PCL (BKK:TPOLY) has a Altman Z2-Score of -1.77 as of Jul. 09, 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 Thai Polycons PCL and its competitors. According to the industry distribution chart, Thai Polycons PCL ranks #1636 out of 1765 companies in the Construction industry, placing it in the top 92.7%.
Is Thai Polycons PCL's Altman Z2-Score too high?
Thai Polycons PCL's current Altman Z2-Score is -1.77. Based on the distribution chart, Thai Polycons PCL ranks #1636 out of 1765 companies in the Construction industry, which is in the bottom quartile relative to peers.
How does Thai Polycons PCL's Altman Z2-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Thai Polycons PCL ranks #1636 out of 1765 companies for Altman Z2-Score. This places Thai Polycons PCL in the lower half of its industry. The industry median Altman Z2-Score is 3.20. 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 Construction company?
The median Altman Z2-Score among Construction companies is 3.20, based on 1,765 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. 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 Thai Polycons PCL and its competitors. For the Construction industry, the median Altman Z2-Score is 3.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Polycons PCL's current Altman Z2-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Polycons PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Polycons PCL (BKK:TPOLY) is currently considered Possible Value Trap. The stock's GF Value™ is ฿0.44, compared to a current price of ฿0.10 — trading 77.3% below its estimated fair value. The current Altman Z2-Score is -1.77. 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 Thai Polycons PCL (BKK:TPOLY), the current Altman Z2-Score is -1.77 as of Jul. 09, 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.
Thai Polycons PCL is engaged in construction contractor business. The company's segments include Construction contractor; Electricity current selling; Sale of biogas; Real estate Selling; and Sales and service. The majority of the revenue is derived from Construction contractor segment.
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