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HeartseedTSE:219A -4.41%11 Altman Z2-Score is 20.27 as of Jul. 21, 2026, which is 1% above its 10-year median of 20.08. GuruFocus rates TSE:219A with a GF Score™ of 11/100. Among 1,390 Biotechnology companies, Heartseed ranks better than 93.31% 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:
Heartseed has a Altman Z2-Score of 20.27, 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 Heartseed's Altman Z2-Score or its related term are showing as below:
TSE:219A'
s Altman Z2-Score Range Over the Past 10 Years
Min: 14.38 Med: 20.08 Max: 27.26
Current: 20.2
During the past 4 years, Heartseed's highest Altman Z2-Score was 27.26. The lowest was 14.38. And the median was 20.08.
Heartseed (TSE:219A) 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.
Heartseed Altman Z2-Score Related Terms
Heartseed Altman Z2-Score Historical Data
* Premium members only.
The historical data trend for Heartseed'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.
TSE:219A vs VRTX, REGN, ALNY: Altman Z2-Score Comparison
For the Biotechnology subindustry, Heartseed'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.
Heartseed Altman Z2-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Heartseed's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Heartseed'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.
Heartseed'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
*
0.8914
+
3.26
*
-0.3464
+
6.72
*
-0.0805
+
1.05
*
15.3244
=
20.27
* 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.
Heartseed (TSE:219A) has a Altman Z2-Score of 20.27 as of Jul. 21, 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 Heartseed and its competitors. This is near median its historical median of 20.08. Over the past decade, Heartseed's Altman Z2-Score has ranged from 14.38 to 27.26. According to the industry distribution chart, Heartseed ranks #93 out of 1390 companies in the Biotechnology industry, placing it in the top 6.7%.
Is Heartseed's Altman Z2-Score too high?
Heartseed's current Altman Z2-Score of 20.27 is near median its 10-year median of 20.08. Over the past 10 years, this metric has ranged from a low of 14.38 to a high of 27.26. Based on the distribution chart, Heartseed ranks #93 out of 1390 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Heartseed has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Heartseed's Altman Z2-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Heartseed ranks #93 out of 1390 companies for Altman Z2-Score. This places Heartseed in the top 7% of its industry — outperforming the majority of peers. Historically, Heartseed's own Altman Z2-Score has ranged from 14.38 to 27.26 over the past decade. 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 Biotechnology company?
A good Altman Z2-Score depends on the Biotechnology industry context. However, Altman Z2-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. 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 Heartseed and its competitors. Heartseed's current Altman Z2-Score is 20.27, which is near median its own 10-year median of 20.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heartseed stock overvalued right now?
Heartseed (TSE:219A) has a current Altman Z2-Score of 20.27. The current Altman Z2-Score is 20.27, which is near median its 10-year median of 20.08. Heartseed's overall GF Score™ is 11/100. 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 Heartseed (TSE:219A), the current Altman Z2-Score is 20.27 as of Jul. 21, 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.
Heartseed Inc is a Japanese biotechnology company focused on developing and commercializing regenerative medicine treatments for severe heart failure. The company's product candidate, HS-001, involves transplanting clusters of purified heart muscle cells derived from iPSCs to the patient's heart to treat heart failure, especially Heart Failure with reduced Left Ventricular Ejection Fraction (HFrEF), including conditions such as Dilated Cardiomyopathy, Old Myocardial Infarction, and Dilated phase of Hypertrophic Cardiomyopathy.
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