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:
PT Mandiri Herindo Adiperkasa Tbk has a Altman Z2-Score of 4.96, 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 PT Mandiri Herindo Adiperkasa Tbk's Altman Z2-Score or its related term are showing as below:
ISX:MAHA'
s Altman Z2-Score Range Over the Past 10 Years
Min: 3.57 Med: 4.96 Max: 7.54
Current: 4.96
During the past 6 years, PT Mandiri Herindo Adiperkasa Tbk's highest Altman Z2-Score was 7.54. The lowest was 3.57. And the median was 4.96.
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.
ISX:MAHA vs ODFL, XPO, KNX: Altman Z2-Score Comparison
For the Trucking subindustry, PT Mandiri Herindo Adiperkasa Tbk'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.
PT Mandiri Herindo Adiperkasa Tbk Altman Z2-Score vs Transportation Industry
For the Transportation industry and Industrials sector, PT Mandiri Herindo Adiperkasa Tbk's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where PT Mandiri Herindo Adiperkasa Tbk'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.
PT Mandiri Herindo Adiperkasa Tbk (ISX:MAHA) has a Altman Z2-Score of 4.96 as of Jul. 01, 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 PT Mandiri Herindo Adiperkasa Tbk and its competitors. This is near median its historical median of 4.96. Over the past decade, PT Mandiri Herindo Adiperkasa Tbk's Altman Z2-Score has ranged from 3.57 to 7.54. According to the industry distribution chart, PT Mandiri Herindo Adiperkasa Tbk ranks #266 out of 998 companies in the Transportation industry, placing it in the top 26.7%.
Is PT Mandiri Herindo Adiperkasa Tbk's Altman Z2-Score too high?
PT Mandiri Herindo Adiperkasa Tbk's current Altman Z2-Score of 4.96 is near median its 10-year median of 4.96. Over the past 10 years, this metric has ranged from a low of 3.57 to a high of 7.54. The Transportation industry median Altman Z2-Score is 2.93. PT Mandiri Herindo Adiperkasa Tbk's value of 4.96 is 69.6% above this industry median. Based on the distribution chart, PT Mandiri Herindo Adiperkasa Tbk ranks #266 out of 998 companies in the Transportation industry, which is above the industry midpoint. Overall, PT Mandiri Herindo Adiperkasa Tbk has a GF Score™ of 67/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Mandiri Herindo Adiperkasa Tbk's Altman Z2-Score compare to ODFL and XPO?
According to the Transportation industry distribution chart, PT Mandiri Herindo Adiperkasa Tbk ranks #266 out of 998 companies for Altman Z2-Score. This puts PT Mandiri Herindo Adiperkasa Tbk in the upper half of its industry. The industry median Altman Z2-Score is 2.93. PT Mandiri Herindo Adiperkasa Tbk's value of 4.96 is 69.6% above this benchmark. Historically, PT Mandiri Herindo Adiperkasa Tbk's own Altman Z2-Score has ranged from 3.57 to 7.54 over the past decade. While the company's 10-year median is 4.96 vs. the industry median of 2.93, PT Mandiri Herindo Adiperkasa Tbk 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 Transportation company?
The median Altman Z2-Score among Transportation companies is 2.93, based on 998 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. PT Mandiri Herindo Adiperkasa Tbk's current Altman Z2-Score of 4.96 is 69.6% 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 PT Mandiri Herindo Adiperkasa Tbk and its competitors. For the Transportation industry, the median Altman Z2-Score is 2.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Mandiri Herindo Adiperkasa Tbk's current Altman Z2-Score is 4.96, which is near median its own 10-year median of 4.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Mandiri Herindo Adiperkasa Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Mandiri Herindo Adiperkasa Tbk (ISX:MAHA) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp230.06, compared to a current price of Rp131.00 — trading 43.1% below its estimated fair value. The current Altman Z2-Score is 4.96, which is near median its 10-year median of 4.96 and 69.6% above the Transportation industry median of 2.93. PT Mandiri Herindo Adiperkasa Tbk's overall GF Score™ is 67/100 with 3 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 PT Mandiri Herindo Adiperkasa Tbk (ISX:MAHA), the current Altman Z2-Score is 4.96 as of Jul. 01, 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 PT Mandiri Herindo Adiperkasa Tbk (ISX:MAHA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Mandiri Herindo Adiperkasa Tbk stock appears to be undervalued.
The current stock price of Rp131.00 is trading 43.1% below its estimated GF Value™ of Rp230.06.
GuruFocus considers PT Mandiri Herindo Adiperkasa Tbk to be Significantly Undervalued.
Key valuation signals for ISX:MAHA:
Altman Z2-Score: 4.96 (near median its 10-year median of 4.96)
GF Value™: Rp230.06 vs. price of Rp131.00 (43.1% below fair value)
Industry Position: 69.6% above the Transportation median (#266 of 998)
No single metric tells the full story. See the ISX:MAHA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Mandiri Herindo Adiperkasa Tbk Business Description
PT Mandiri Herindo Adiperkasa Tbk is one of the mineral and coal transportation service providers, supported by resources and professional personnel with integrity. The company focuses on coal hauling service activities after overburden removal activities are carried out by contractors. The Company also has several types of units in the implementation of coal transportation services, namely single trailers, double trailers, and dump trucks, with variations in payload capacity and equipment specifications according to the needs of the employer. The company classifies its business into three geographical segments, which are North Kalimantan, East Kalimantan, and Central Kalimantan. The company generates the majority of its revenue from the East Kalimantan segment.
67GF Score
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