Maruwa CoMAWAF 92 Altman Z2-Score is 17.18 as of Jun. 26, 2026, which is 38% above its 10-year median of 12.48. GuruFocus rates MAWAF with a GF Score™ of 92/100 and a GF Value™ of $174.82. The stock has 7 warning signs investors should review. Among 2,479 Hardware companies, Maruwa Co ranks better than 96.89% 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:
Maruwa Co has a Altman Z2-Score of 17.18, 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 Maruwa Co's Altman Z2-Score or its related term are showing as below:
MAWAF'
s Altman Z2-Score Range Over the Past 10 Years
Min: 11.72 Med: 12.48 Max: 17.13
Current: 17.13
During the past 13 years, Maruwa Co's highest Altman Z2-Score was 17.13. The lowest was 11.72. And the median was 12.48.
Maruwa Co (OTCPK:MAWAF) Altman Z2-Score Explanation
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.
Maruwa Co Altman Z2-Score Related Terms
Maruwa Co Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for Maruwa Co'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.
MAWAF vs APH, GLW, TEL: Altman Z2-Score Comparison
For the Electronic Components subindustry, Maruwa Co'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.
Maruwa Co Altman Z2-Score vs Hardware Industry
For the Hardware industry and Technology sector, Maruwa Co's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Maruwa Co'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.
Maruwa Co'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
*
0.5429
+
3.26
*
0.7539
+
6.72
*
0.169
+
1.05
*
9.5438
=
17.18
* 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.
Maruwa Co (MAWAF) has a Altman Z2-Score of 17.18 as of Jun. 26, 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 Maruwa Co and its competitors. This is 38% above median its historical median of 12.48. Over the past decade, Maruwa Co's Altman Z2-Score has ranged from 11.72 to 17.13. According to the industry distribution chart, Maruwa Co ranks #77 out of 2479 companies in the Hardware industry, placing it in the top 3.1%.
Is Maruwa Co's Altman Z2-Score too high?
Maruwa Co's current Altman Z2-Score of 17.18 is 38% above median its 10-year median of 12.48. Over the past 10 years, this metric has ranged from a low of 11.72 to a high of 17.13. The Hardware industry median Altman Z2-Score is 4.09. Maruwa Co's value of 17.18 is 320% above this industry median. Based on the distribution chart, Maruwa Co ranks #77 out of 2479 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Maruwa Co has a GF Score™ of 92/100, reflecting its overall financial health beyond just this single metric.
How does Maruwa Co's Altman Z2-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Maruwa Co ranks #77 out of 2479 companies for Altman Z2-Score. This places Maruwa Co in the top 3% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 4.09. Maruwa Co's value of 17.18 is 320% above this benchmark. Historically, Maruwa Co's own Altman Z2-Score has ranged from 11.72 to 17.13 over the past decade. While the company's 10-year median is 12.48 vs. the industry median of 4.09, Maruwa Co 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 Hardware company?
The median Altman Z2-Score among Hardware companies is 4.09, based on 2,479 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. Maruwa Co's current Altman Z2-Score of 17.18 is 320% 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 Maruwa Co and its competitors. For the Hardware industry, the median Altman Z2-Score is 4.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Maruwa Co's current Altman Z2-Score is 17.18, which is 38% above median its own 10-year median of 12.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maruwa Co stock overvalued right now?
Maruwa Co (MAWAF) has a current Altman Z2-Score of 17.18. The stock's GF Value™ is $174.82, compared to a current price of $274.00 — trading 56.7% above its estimated fair value. The current Altman Z2-Score is 17.18, which is 38% above median its 10-year median of 12.48 and 320% above the Hardware industry median of 4.09. Maruwa Co's overall GF Score™ is 92/100 with 7 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 Maruwa Co (MAWAF), the current Altman Z2-Score is 17.18 as of Jun. 26, 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 Maruwa Co (MAWAF) Overvalued in 2026?
Based on GuruFocus' analysis, Maruwa Co stock appears to be overvalued.
The current stock price of $274.00 is trading 56.7% above its estimated GF Value™ of $174.82.
Key valuation signals for MAWAF:
Altman Z2-Score: 17.18 (38% above median its 10-year median of 12.48)
GF Value™: $174.82 vs. price of $274.00 (56.7% above fair value)
Industry Position: 320% above the Hardware median (#77 of 2479)
No single metric tells the full story. See the MAWAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Maruwa Co Ltd engages in the production and sale of ceramics and electronics parts. The company operates in two business divisions, namely the Ceramic parts business and the Lighting equipment business. The Ceramic Parts business segment manufactures and sells electronic components, ceramic substrates, and semiconductor manufacturing equipment. The Lighting Equipment business segment produces and markets LED lighting products alongside conventional lighting equipment. It generates the majority of its revenue from the Ceramic parts business segment.
92GF Score
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