Tata Steel Thailand PCLBKK:TSTH -1.10%55 Altman Z2-Score is 10.01 as of Jul. 07, 2026, which is 44% above its 10-year median of 6.94. GuruFocus rates BKK:TSTH with a GF Score™ of 55/100 and a GF Value™ of ฿0.75 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 629 Steel companies, Tata Steel Thailand PCL ranks better than 86.49% 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:
Tata Steel Thailand PCL has a Altman Z2-Score of 10.01, 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 Tata Steel Thailand PCL's Altman Z2-Score or its related term are showing as below:
BKK:TSTH'
s Altman Z2-Score Range Over the Past 10 Years
Min: 2.45 Med: 6.94 Max: 10.01
Current: 10.01
During the past 13 years, Tata Steel Thailand PCL's highest Altman Z2-Score was 10.01. The lowest was 2.45. And the median was 6.94.
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.
* 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:TSTH vs NUE, STLD, RS: Altman Z2-Score Comparison
For the Steel subindustry, Tata Steel Thailand 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.
Tata Steel Thailand PCL Altman Z2-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Tata Steel Thailand PCL's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Tata Steel Thailand 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.
* 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.
Tata Steel Thailand PCL (BKK:TSTH) has a Altman Z2-Score of 10.01 as of Jul. 07, 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 Tata Steel Thailand PCL and its competitors. This is 44% above median its historical median of 6.94. Over the past decade, Tata Steel Thailand PCL's Altman Z2-Score has ranged from 2.45 to 10.01. According to the industry distribution chart, Tata Steel Thailand PCL ranks #85 out of 629 companies in the Steel industry, placing it in the top 13.5%.
Is Tata Steel Thailand PCL's Altman Z2-Score too high?
Tata Steel Thailand PCL's current Altman Z2-Score of 10.01 is 44% above median its 10-year median of 6.94. Over the past 10 years, this metric has ranged from a low of 2.45 to a high of 10.01. The Steel industry median Altman Z2-Score is 3.45. Tata Steel Thailand PCL's value of 10.01 is 190.1% above this industry median. Based on the distribution chart, Tata Steel Thailand PCL ranks #85 out of 629 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Tata Steel Thailand PCL has a GF Score™ of 55/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tata Steel Thailand PCL's Altman Z2-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Tata Steel Thailand PCL ranks #85 out of 629 companies for Altman Z2-Score. This places Tata Steel Thailand PCL in the top 14% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 3.45. Tata Steel Thailand PCL's value of 10.01 is 190.1% above this benchmark. Historically, Tata Steel Thailand PCL's own Altman Z2-Score has ranged from 2.45 to 10.01 over the past decade. While the company's 10-year median is 6.94 vs. the industry median of 3.45, Tata Steel Thailand PCL 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 Steel company?
The median Altman Z2-Score among Steel companies is 3.45, based on 629 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. Tata Steel Thailand PCL's current Altman Z2-Score of 10.01 is 190.1% 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 Tata Steel Thailand PCL and its competitors. For the Steel industry, the median Altman Z2-Score is 3.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tata Steel Thailand PCL's current Altman Z2-Score is 10.01, which is 44% above median its own 10-year median of 6.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tata Steel Thailand PCL stock overvalued right now?
Based on GuruFocus' analysis, Tata Steel Thailand PCL (BKK:TSTH) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿0.75, compared to a current price of ฿0.90 — trading 20% above its estimated fair value. The current Altman Z2-Score is 10.01, which is 44% above median its 10-year median of 6.94 and 190.1% above the Steel industry median of 3.45. Tata Steel Thailand PCL's overall GF Score™ is 55/100 with 5 warning signs to review. 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 Tata Steel Thailand PCL (BKK:TSTH), the current Altman Z2-Score is 10.01 as of Jul. 07, 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.
Is Tata Steel Thailand PCL (BKK:TSTH) Overvalued in 2026?
Based on GuruFocus' analysis, Tata Steel Thailand PCL stock appears to be overvalued.
The current stock price of ฿0.90 is trading 20% above its estimated GF Value™ of ฿0.75.
GuruFocus considers Tata Steel Thailand PCL to be Modestly Overvalued.
Key valuation signals for BKK:TSTH:
Altman Z2-Score: 10.01 (44% above median its 10-year median of 6.94)
GF Value™: ฿0.75 vs. price of ฿0.90 (20% above fair value)
Industry Position: 190.1% above the Steel median (#85 of 629)
No single metric tells the full story. See the BKK:TSTH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tata Steel Thailand PCL is a Thailand-based holding company that is engaged in investing in other companies and providing management services. The company is engaged in manufacturing, rendering manufacturing services, distributing, and trading of steel bars, wire rods, and small-section products through its subsidiaries. The company operates in a single segment, being the Manufacturing and distribution of long steel products. Its product line includes rebar, deformed bar, round bar, cut and bend bars, wire rods, including high carbon wire rods and low carbon, special wire rods, and others.
55GF Score
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