Leonardo SpAFINMF -5.67%84 Altman Z2-Score is 0.73 as of Jun. 25, 2026, which is 92% above its 10-year median of 0.38. GuruFocus rates FINMF with a GF Score™ of 84/100 and a GF Value™ of $34.91 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 346 Aerospace & Defense companies, Leonardo SpA ranks worse than 289017.05% 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:
Leonardo SpA has a Altman Z2-Score of 0.73, 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 Leonardo SpA's Altman Z2-Score or its related term are showing as below:
During the past 13 years, Leonardo SpA's highest Altman Z2-Score was 0.72. The lowest was -0.04. And the median was 0.38.
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.
Leonardo SpA Altman Z2-Score Related Terms
Leonardo SpA Altman Z2-Score Historical Data
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The historical data trend for Leonardo SpA'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 Aerospace & Defense subindustry, Leonardo SpA'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.
Leonardo SpA Altman Z2-Score vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Leonardo SpA's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Leonardo SpA'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.
Leonardo SpA'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
*
-0.0142
+
3.26
*
0
+
6.72
*
0.0602
+
1.05
*
0.4022
=
0.73
* 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.
Leonardo SpA (FINMF) has a Altman Z2-Score of 0.73 as of Jun. 25, 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 Leonardo SpA and its competitors. This is 92% above median its historical median of 0.38. According to the industry distribution chart, Leonardo SpA ranks #999999 out of 346 companies in the Aerospace & Defense industry.
Is Leonardo SpA's Altman Z2-Score too high?
Leonardo SpA's current Altman Z2-Score of 0.73 is 92% above median its 10-year median of 0.38. The Aerospace & Defense industry median Altman Z2-Score is 3.20. Leonardo SpA's value of 0.73 is 77.2% below this industry median. Based on the distribution chart, Leonardo SpA ranks #999999 out of 346 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Leonardo SpA has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Leonardo SpA's Altman Z2-Score compare to GE and RTX?
According to the Aerospace & Defense industry distribution chart, Leonardo SpA ranks #999999 out of 346 companies for Altman Z2-Score. This places Leonardo SpA in the lower half of its industry. The industry median Altman Z2-Score is 3.20. Leonardo SpA's value of 0.73 is 77.2% below this benchmark. While the company's 10-year median is 0.38 vs. the industry median of 3.20, Leonardo SpA 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 an Aerospace & Defense company?
The median Altman Z2-Score among Aerospace & Defense companies is 3.20, based on 346 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. Leonardo SpA's current Altman Z2-Score of 0.73 is 77.2% 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 Leonardo SpA and its competitors. For the Aerospace & Defense 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. Leonardo SpA's current Altman Z2-Score is 0.73, which is 92% above median its own 10-year median of 0.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Leonardo SpA stock overvalued right now?
Based on GuruFocus' analysis, Leonardo SpA (FINMF) is currently considered Significantly Overvalued. The stock's GF Value™ is $34.91, compared to a current price of $55.36 — trading 58.6% above its estimated fair value. The current Altman Z2-Score is 0.73, which is 92% above median its 10-year median of 0.38 and 77.2% below the Aerospace & Defense industry median of 3.20. Leonardo SpA's overall GF Score™ is 84/100 with 1 warning sign 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 Leonardo SpA (FINMF), the current Altman Z2-Score is 0.73 as of Jun. 25, 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 Leonardo SpA (FINMF) Overvalued in 2026?
Based on GuruFocus' analysis, Leonardo SpA stock appears to be overvalued.
The current stock price of $55.36 is trading 58.6% above its estimated GF Value™ of $34.91.
GuruFocus considers Leonardo SpA to be Significantly Overvalued.
Key valuation signals for FINMF:
Altman Z2-Score: 0.73 (92% above median its 10-year median of 0.38)
GF Value™: $34.91 vs. price of $55.36 (58.6% above fair value)
Industry Position: 77.2% below the Aerospace & Defense median (#999999 of 346)
No single metric tells the full story. See the FINMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Leonardo is a leading European security firm, with 30.2% of shares owned by the Italian government. Divisions include helicopters, defence electronics & security, aeronautics, cyber & security solutions, and space.The helicopter division serves both military and civil markets. Defence electronics & security accesses the US market through the Leonardo DRS subsidiary. Aeronautics integrates aircraft and aerostructures, participating in major programs like Eurofighter, F-35, and the Global Combat Air Programme, or GCAP. It also supplies large structural components to major commercial aircraft programs. Leonardo is currently evolving from a defense firm into a data-driven global security company.
84GF Score
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