Speb AdhesivesNSE:SPEB +2.29%21 Altman Z2-Score is 31.87 as of Jun. 28, 2026, which is 17% above its 10-year median of 27.16. GuruFocus rates NSE:SPEB with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 1,591 Chemicals companies, Speb Adhesives ranks better than 98.99% 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:
Speb Adhesives has a Altman Z2-Score of 31.87, 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 Speb Adhesives's Altman Z2-Score or its related term are showing as below:
NSE:SPEB'
s Altman Z2-Score Range Over the Past 10 Years
Min: 22.48 Med: 27.16 Max: 56.13
Current: 31.87
During the past 5 years, Speb Adhesives's highest Altman Z2-Score was 56.13. The lowest was 22.48. And the median was 27.16.
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.
Speb Adhesives Altman Z2-Score Related Terms
Speb Adhesives Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for Speb Adhesives'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.
NSE:SPEB vs LIN, SHW, ECL: Altman Z2-Score Comparison
For the Specialty Chemicals subindustry, Speb Adhesives'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.
Speb Adhesives Altman Z2-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Speb Adhesives's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Speb Adhesives'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.
Speb Adhesives'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
*
0.6765
+
3.26
*
0
+
6.72
*
0.1603
+
1.05
*
25.1014
=
31.87
* 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.
Speb Adhesives (NSE:SPEB) has a Altman Z2-Score of 31.87 as of Jun. 28, 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 Speb Adhesives and its competitors. This is 17% above median its historical median of 27.16. Over the past decade, Speb Adhesives' Altman Z2-Score has ranged from 22.48 to 56.13. According to the industry distribution chart, Speb Adhesives ranks #16 out of 1591 companies in the Chemicals industry, placing it in the top 1%.
Is Speb Adhesives' Altman Z2-Score too high?
Speb Adhesives' current Altman Z2-Score of 31.87 is 17% above median its 10-year median of 27.16. Over the past 10 years, this metric has ranged from a low of 22.48 to a high of 56.13. The Chemicals industry median Altman Z2-Score is 3.94. Speb Adhesives' value of 31.87 is 708.9% above this industry median. Based on the distribution chart, Speb Adhesives ranks #16 out of 1591 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Speb Adhesives has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Speb Adhesives' Altman Z2-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Speb Adhesives ranks #16 out of 1591 companies for Altman Z2-Score. This places Speb Adhesives in the top 1% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 3.94. Speb Adhesives' value of 31.87 is 708.9% above this benchmark. Historically, Speb Adhesives' own Altman Z2-Score has ranged from 22.48 to 56.13 over the past decade. While the company's 10-year median is 27.16 vs. the industry median of 3.94, Speb Adhesives 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 Chemicals company?
The median Altman Z2-Score among Chemicals companies is 3.94, based on 1,591 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. Speb Adhesives's current Altman Z2-Score of 31.87 is 708.9% 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 Speb Adhesives and its competitors. For the Chemicals industry, the median Altman Z2-Score is 3.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Speb Adhesives's current Altman Z2-Score is 31.87, which is 17% above median its own 10-year median of 27.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Speb Adhesives stock overvalued right now?
Speb Adhesives (NSE:SPEB) has a current Altman Z2-Score of 31.87. The current Altman Z2-Score is 31.87, which is 17% above median its 10-year median of 27.16 and 708.9% above the Chemicals industry median of 3.94. Speb Adhesives' overall GF Score™ is 21/100 with 4 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 Speb Adhesives (NSE:SPEB), the current Altman Z2-Score is 31.87 as of Jun. 28, 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.
Speb Adhesives Ltd is engaged in the manufacturing of solvent-based synthetic rubber adhesives and offers water-based adhesives. The company focuses on in-house manufacturing of solvent-based adhesives, with water-based adhesives being produced on a contractual manufacturing basis. Its product portfolio includes various products customized for industrial and retail applications, such as multi-purpose adhesives, spray-grade adhesives, premium bonding adhesives, Ducting and Insulation adhesives, woodworking adhesives, footwear-grade adhesives, and adhesives used in Generator Sets. The company operates a B2B model through three business channels: dealer-distribution network, industrial sales, and government supply contracts. It generates the majority of its revenue from overseas markets.
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