NEL ASANLLSY 79 Altman Z2-Score is 2.56 as of Jun. 27, 2026, which is 55% below its 10-year median of 5.70. GuruFocus rates NLLSY with a GF Score™ of 79/100 and a GF Value™ of $8.22 (Fairly Valued). The stock has 5 warning signs investors should review. Among 3,043 Industrial Products companies, NEL ASA ranks worse than 71.51% 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.
NEL ASA has a Altman Z2-Score of 2.56, indicating it is in Grey Zones. This implies that NEL ASA 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 NEL ASA's Altman Z2-Score or its related term are showing as below:
NLLSY'
s Altman Z2-Score Range Over the Past 10 Years
Min: 2.3 Med: 5.7 Max: 14.96
Current: 2.49
During the past 13 years, NEL ASA's highest Altman Z2-Score was 14.96. The lowest was 2.30. And the median was 5.70.
NEL ASA (OTCPK:NLLSY) 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.
NEL ASA Altman Z2-Score Related Terms
NEL ASA Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for NEL ASA'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 Specialty Industrial Machinery subindustry, NEL ASA'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.
NEL ASA Altman Z2-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, NEL ASA's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where NEL ASA'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.
NEL ASA'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
*
0.4572
+
3.26
*
-0.9841
+
6.72
*
-0.2551
+
1.05
*
4.2716
=
2.56
* 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.
NEL ASA (NLLSY) has a Altman Z2-Score of 2.56 as of Jun. 27, 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 NEL ASA and its competitors. This is 55% below median its historical median of 5.70. Over the past decade, NEL ASA's Altman Z2-Score has ranged from 2.30 to 14.96. According to the industry distribution chart, NEL ASA ranks #2176 out of 3043 companies in the Industrial Products industry, placing it in the top 71.5%.
Is NEL ASA's Altman Z2-Score too high?
NEL ASA's current Altman Z2-Score of 2.56 is 55% below median its 10-year median of 5.70. Over the past 10 years, this metric has ranged from a low of 2.30 to a high of 14.96. The Industrial Products industry median Altman Z2-Score is 4.28. NEL ASA's value of 2.56 is 40.2% below this industry median. Based on the distribution chart, NEL ASA ranks #2176 out of 3043 companies in the Industrial Products industry, which is below the industry midpoint. Overall, NEL ASA has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NEL ASA's Altman Z2-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, NEL ASA ranks #2176 out of 3043 companies for Altman Z2-Score. This places NEL ASA in the lower half of its industry. The industry median Altman Z2-Score is 4.28. NEL ASA's value of 2.56 is 40.2% below this benchmark. Historically, NEL ASA's own Altman Z2-Score has ranged from 2.30 to 14.96 over the past decade. While the company's 10-year median is 5.70 vs. the industry median of 4.28, NEL ASA 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 Industrial Products company?
The median Altman Z2-Score among Industrial Products companies is 4.28, based on 3,043 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. NEL ASA's current Altman Z2-Score of 2.56 is 40.2% 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 NEL ASA 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. NEL ASA's current Altman Z2-Score is 2.56, which is 55% below median its own 10-year median of 5.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NEL ASA stock overvalued right now?
Based on GuruFocus' analysis, NEL ASA (NLLSY) is currently considered Fairly Valued. The stock's GF Value™ is $8.22, compared to a current price of $7.76 — trading 5.6% below its estimated fair value. The current Altman Z2-Score is 2.56, which is 55% below median its 10-year median of 5.70 and 40.2% below the Industrial Products industry median of 4.28. NEL ASA's overall GF Score™ is 79/100 with 5 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 NEL ASA (NLLSY), the current Altman Z2-Score is 2.56 as of Jun. 27, 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 NEL ASA (NLLSY) Overvalued in 2026?
Based on GuruFocus' analysis, NEL ASA stock appears to be undervalued.
The current stock price of $7.76 is trading 5.6% below its estimated GF Value™ of $8.22.
GuruFocus considers NEL ASA to be Fairly Valued.
Key valuation signals for NLLSY:
Altman Z2-Score: 2.56 (55% below median its 10-year median of 5.70)
GF Value™: $8.22 vs. price of $7.76 (5.6% below fair value)
Industry Position: 40.2% below the Industrial Products median (#2176 of 3043)
No single metric tells the full story. See the NLLSY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NEL ASA is a hydrogen company delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. It serves industries, energy, and gas companies with hydrogen technology. The company's hydrogen solutions cover the entire value chain from hydrogen production technologies to the manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles. The company's segments include Nel Alkaline Electrolyser and Nel PEM Electrolyser. It generates maximum revenue from the Nel Alkaline Electrolyser. Nel Alkaline Electrolyser is a supplier of hydrogen production equipment based on alkaline water electrolysis technology.
79GF Score
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