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.
Nomura Real Estate Master Fund has a Altman Z2-Score of 1.15, indicating it is in Grey Zones. This implies that Nomura Real Estate Master Fund 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 Nomura Real Estate Master Fund's Altman Z2-Score or its related term are showing as below:
NMMRF'
s Altman Z2-Score Range Over the Past 10 Years
Min: 1.15 Med: 1.29 Max: 1.37
Current: 1.15
During the past 11 years, Nomura Real Estate Master Fund's highest Altman Z2-Score was 1.37. The lowest was 1.15. And the median was 1.29.
Nomura Real Estate Master Fund (OTCPK:NMMRF) 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.
* 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.
Nomura Real Estate Master Fund Altman Z2-Score Chart
For the REIT - Retail subindustry, Nomura Real Estate Master Fund'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.
Nomura Real Estate Master Fund Altman Z2-Score vs REITs Industry
For the REITs industry and Real Estate sector, Nomura Real Estate Master Fund's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Nomura Real Estate Master Fund's Altman Z2-Score falls into.
Nomura Real Estate Master Fund Altman Z2-Score Calculation
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.
Nomura Real Estate Master Fund (NMMRF) has a Altman Z2-Score of 1.15 as of Jun. 30, 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 Nomura Real Estate Master Fund and its competitors. This is 11% below median its historical median of 1.29. Over the past decade, Nomura Real Estate Master Fund's Altman Z2-Score has ranged from 1.15 to 1.37. According to the industry distribution chart, Nomura Real Estate Master Fund ranks #493 out of 743 companies in the REITs industry, placing it in the top 66.4%.
Is Nomura Real Estate Master Fund's Altman Z2-Score too high?
Nomura Real Estate Master Fund's current Altman Z2-Score of 1.15 is 11% below median its 10-year median of 1.29. Over the past 10 years, this metric has ranged from a low of 1.15 to a high of 1.37. The REITs industry median Altman Z2-Score is 1.77. Nomura Real Estate Master Fund's value of 1.15 is 35% below this industry median. Based on the distribution chart, Nomura Real Estate Master Fund ranks #493 out of 743 companies in the REITs industry, which is below the industry midpoint. Overall, Nomura Real Estate Master Fund has a GF Score™ of 57/100, reflecting its overall financial health beyond just this single metric.
How does Nomura Real Estate Master Fund's Altman Z2-Score compare to SPG and O?
According to the REITs industry distribution chart, Nomura Real Estate Master Fund ranks #493 out of 743 companies for Altman Z2-Score. This places Nomura Real Estate Master Fund in the lower half of its industry. The industry median Altman Z2-Score is 1.77. Nomura Real Estate Master Fund's value of 1.15 is 35% below this benchmark. Historically, Nomura Real Estate Master Fund's own Altman Z2-Score has ranged from 1.15 to 1.37 over the past decade. While the company's 10-year median is 1.29 vs. the industry median of 1.77, Nomura Real Estate Master Fund 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 a REITs company?
The median Altman Z2-Score among REITs companies is 1.77, based on 743 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. Nomura Real Estate Master Fund's current Altman Z2-Score of 1.15 is 35% 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 Nomura Real Estate Master Fund and its competitors. For the REITs industry, the median Altman Z2-Score is 1.77 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nomura Real Estate Master Fund's current Altman Z2-Score is 1.15, which is 11% below median its own 10-year median of 1.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Real Estate Master Fund stock overvalued right now?
Nomura Real Estate Master Fund (NMMRF) has a current Altman Z2-Score of 1.15. The stock's GF Value™ is $1,050.09, compared to a current price of $1,008.35 — trading 4% below its estimated fair value. The current Altman Z2-Score is 1.15, which is 11% below median its 10-year median of 1.29 and 35% below the REITs industry median of 1.77. Nomura Real Estate Master Fund's overall GF Score™ is 57/100 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 Nomura Real Estate Master Fund (NMMRF), the current Altman Z2-Score is 1.15 as of Jun. 30, 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 Nomura Real Estate Master Fund (NMMRF) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Real Estate Master Fund stock appears to be undervalued.
The current stock price of $1,008.35 is trading 4% below its estimated GF Value™ of $1,050.09.
Key valuation signals for NMMRF:
Altman Z2-Score: 1.15 (11% below median its 10-year median of 1.29)
GF Value™: $1,050.09 vs. price of $1,008.35 (4% below fair value)
Industry Position: 35% below the REITs median (#493 of 743)
No single metric tells the full story. See the NMMRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Real Estate Master Fund Business Description
Nomura Real Estate Master Fund Inc is a Japanese based company operates as a real estate investment trust. It is implementing medium- to long-term management Strategy, to achieve securing stable income over the medium to long term period, also ensures the steady growth of assets under management. The company invests in logistic facilities and commercial facilities in the Tokyo metropolitan area. It is managed by the fund manager Nomura Real Estate Asset Management Co Ltd.
57GF Score
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