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.
LightAir ABNGM:LAIR 34 Altman Z2-Score is 2.95 as of Jul. 15, 2026. GuruFocus rates NGM:LAIR with a GF Score™ of 34/100 and a GF Value™ of kr0.28 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 3,038 Industrial Products companies, LightAir AB ranks worse than 65.73% 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:
LightAir AB has a Altman Z2-Score of 2.95, 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 LightAir AB's Altman Z2-Score or its related term are showing as below:
NGM:LAIR'
s Altman Z2-Score Range Over the Past 10 Years
Min: -11.34 Med: -4.27 Max: 5.56
Current: 2.95
During the past 13 years, LightAir AB's highest Altman Z2-Score was 5.56. The lowest was -11.34. And the median was -4.27.
LightAir AB (NGM:LAIR) 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.
LightAir AB Altman Z2-Score Related Terms
LightAir AB Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for LightAir AB'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.
NGM:LAIR vs VLTO, ZWS, CECO: Altman Z2-Score Comparison
For the Pollution & Treatment Controls subindustry, LightAir AB'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.
LightAir AB Altman Z2-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, LightAir AB's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where LightAir AB'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.
LightAir AB'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
*
0.5862
+
3.26
*
-0.1897
+
6.72
*
-0.188
+
1.05
*
0.9372
=
2.95
* 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.
LightAir AB (NGM:LAIR) has a Altman Z2-Score of 2.95 as of Jul. 15, 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 LightAir AB and its competitors. According to the industry distribution chart, LightAir AB ranks #1997 out of 3038 companies in the Industrial Products industry, placing it in the top 65.7%.
Is LightAir AB's Altman Z2-Score too high?
LightAir AB's current Altman Z2-Score is 2.95. The Industrial Products industry median Altman Z2-Score is 4.28. LightAir AB's value of 2.95 is 31.1% below this industry median. Based on the distribution chart, LightAir AB ranks #1997 out of 3038 companies in the Industrial Products industry, which is below the industry midpoint. Overall, LightAir AB has a GF Score™ of 34/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does LightAir AB's Altman Z2-Score compare to VLTO and ZWS?
According to the Industrial Products industry distribution chart, LightAir AB ranks #1997 out of 3038 companies for Altman Z2-Score. This places LightAir AB in the lower half of its industry. The industry median Altman Z2-Score is 4.28. LightAir AB's value of 2.95 is 31.1% below this benchmark. 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 Industrial Products company?
The median Altman Z2-Score among Industrial Products companies is 4.28, based on 3,038 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. LightAir AB's current Altman Z2-Score of 2.95 is 31.1% 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 LightAir AB and its competitors. For the Industrial Products industry, the median Altman Z2-Score is 4.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. LightAir AB's current Altman Z2-Score is 2.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is LightAir AB stock overvalued right now?
Based on GuruFocus' analysis, LightAir AB (NGM:LAIR) is currently considered Significantly Overvalued. The stock's GF Value™ is kr0.28, compared to a current price of kr0.69 — trading 146.4% above its estimated fair value. The current Altman Z2-Score is 2.95 and 31.1% below the Industrial Products industry median of 4.28. LightAir AB's overall GF Score™ is 34/100 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 LightAir AB (NGM:LAIR), the current Altman Z2-Score is 2.95 as of Jul. 15, 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 LightAir AB (NGM:LAIR) Overvalued in 2026?
Based on GuruFocus' analysis, LightAir AB stock appears to be overvalued.
The current stock price of kr0.69 is trading 146.4% above its estimated GF Value™ of kr0.28.
GuruFocus considers LightAir AB to be Significantly Overvalued.
Key valuation signals for NGM:LAIR:
Altman Z2-Score: 2.95
GF Value™: kr0.28 vs. price of kr0.69 (146.4% above fair value)
Industry Position: 31.1% below the Industrial Products median (#1997 of 3038)
No single metric tells the full story. See the NGM:LAIR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
LightAir AB is engaged in manufacturing and selling of air purifiers used for different industrial purposes such as traffic pollution, pet allergen, industrial pollution, smoke, and others. Its Air purifiers products include IonFlow Signature, IonFlow Evolution, IonFlow Style, IonFlow Surface, and others. The company distributes its products in Europe, Asia, and North America.
34GF Score
Get the complete analysis for NGM:LAIR
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
NGM:LAIR has been successfully added to your 
