Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Ichigo Office REIT Investment has a Altman Z2-Score of 1.25, indicating it is in Grey Zones. This implies that Ichigo Office REIT Investment is in some kind of financial stress. If it is below 1.1, the company may face bankrupcy risk.
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 Ichigo Office REIT Investment's Altman Z2-Score or its related term are showing as below:
FCRQF'
s Altman Z2-Score Range Over the Past 10 Years
Min: 1.15 Med: 1.28 Max: 1.73
Current: 1.25
During the past 13 years, Ichigo Office REIT Investment's highest Altman Z2-Score was 1.73. The lowest was 1.15. And the median was 1.28.
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.
FCRQF vs BXP, ARE, VNO: Altman Z2-Score Comparison
For the REIT - Office subindustry, Ichigo Office REIT Investment'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.
Ichigo Office REIT Investment Altman Z2-Score vs REITs Industry
For the REITs industry and Real Estate sector, Ichigo Office REIT Investment's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Ichigo Office REIT Investment'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.
Ichigo Office REIT Investment (FCRQF) has a Altman Z2-Score of 1.25 as of Aug. 29, 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 Ichigo Office REIT Investment and its competitors. This is near median its historical median of 1.28. Over the past decade, Ichigo Office REIT Investment's Altman Z2-Score has ranged from 1.15 to 1.73. According to the industry distribution chart, Ichigo Office REIT Investment ranks #455 out of 724 companies in the REITs industry, placing it in the top 62.8%.
Is Ichigo Office REIT Investment's Altman Z2-Score too high?
Ichigo Office REIT Investment's current Altman Z2-Score of 1.25 is near median its 10-year median of 1.28. Over the past 10 years, this metric has ranged from a low of 1.15 to a high of 1.73. The REITs industry median Altman Z2-Score is 1.75. Ichigo Office REIT Investment's value of 1.25 is 28.6% below this industry median. Based on the distribution chart, Ichigo Office REIT Investment ranks #455 out of 724 companies in the REITs industry, which is below the industry midpoint. Overall, Ichigo Office REIT Investment has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.
How does Ichigo Office REIT Investment's Altman Z2-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Ichigo Office REIT Investment ranks #455 out of 724 companies for Altman Z2-Score. This places Ichigo Office REIT Investment in the lower half of its industry. The industry median Altman Z2-Score is 1.75. Ichigo Office REIT Investment's value of 1.25 is 28.6% below this benchmark. Historically, Ichigo Office REIT Investment's own Altman Z2-Score has ranged from 1.15 to 1.73 over the past decade. While the company's 10-year median is 1.28 vs. the industry median of 1.75, Ichigo Office REIT Investment has consistently been below 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 REITs company?
The median Altman Z2-Score among REITs companies is 1.75, based on 724 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. Ichigo Office REIT Investment's current Altman Z2-Score of 1.25 is 28.6% below 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 Ichigo Office REIT Investment and its competitors. For the REITs industry, the median Altman Z2-Score is 1.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ichigo Office REIT Investment's current Altman Z2-Score is 1.25, which is near median its own 10-year median of 1.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ichigo Office REIT Investment stock overvalued right now?
Ichigo Office REIT Investment (FCRQF) has a current Altman Z2-Score of 1.25. The stock's GF Value™ is $547.59, compared to a current price of $585.00 — trading 6.8% above its estimated fair value. The current Altman Z2-Score is 1.25, which is near median its 10-year median of 1.28 and 28.6% below the REITs industry median of 1.75. Ichigo Office REIT Investment's overall GF Score™ is 67/100 with 11 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 Ichigo Office REIT Investment (FCRQF), the current Altman Z2-Score is 1.25 as of Aug. 29, 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 Ichigo Office REIT Investment (FCRQF) Overvalued in 2026?
Based on GuruFocus' analysis, Ichigo Office REIT Investment stock appears to be overvalued.
The current stock price of $585.00 is trading 6.8% above its estimated GF Value™ of $547.59.
Key valuation signals for FCRQF:
Altman Z2-Score: 1.25 (near median its 10-year median of 1.28)
GF Value™: $547.59 vs. price of $585.00 (6.8% above fair value)
Industry Position: 28.6% below the REITs median (#455 of 724)
No single metric tells the full story. See the FCRQF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ichigo Office REIT Investment Corp is investment company operating in Japan. Its investment strategy is focused on mid-size offices which offer return stability and upside potential. The company seeks to drive higher earnings and sustainable growth for its shareholders by increasing the value of its assets through a wide array of value-add activities, including tailored tenant services, structural building improvements, and targeted tenant leasing. It provides stable cash flows, supporting stable dividends and upside for shareholders through rental income earned in mid-size offices.
67GF Score
Get the complete analysis for FCRQF
Altman Z2-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FCRQF has been successfully added to your 
