Toa (Electric Appliances)TSE:6809 +2.17%82 Altman Z2-Score is 9.75 as of Jul. 04, 2026, which is 9% above its 10-year median of 8.96. GuruFocus rates TSE:6809 with a GF Score™ of 82/100 and a GF Value™ of 円1,277.88 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 1,077 Business Services companies, Toa (Electric Appliances) ranks better than 87.37% 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:
Toa (Electric Appliances) has a Altman Z2-Score of 9.75, 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 Toa (Electric Appliances)'s Altman Z2-Score or its related term are showing as below:
TSE:6809'
s Altman Z2-Score Range Over the Past 10 Years
Min: 8.52 Med: 8.96 Max: 9.75
Current: 9.75
During the past 13 years, Toa (Electric Appliances)'s highest Altman Z2-Score was 9.75. The lowest was 8.52. And the median was 8.96.
Toa (Electric Appliances) (TSE:6809) 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.
TSE:6809 vs ALLE, MSA, ADT: Altman Z2-Score Comparison
For the Security & Protection Services subindustry, Toa (Electric Appliances)'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.
Toa (Electric Appliances) Altman Z2-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Toa (Electric Appliances)'s Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where Toa (Electric Appliances)'s Altman Z2-Score falls into.
Toa (Electric Appliances) 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.
Toa (Electric Appliances) (TSE:6809) has a Altman Z2-Score of 9.75 as of Jul. 04, 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 Toa (Electric Appliances) and its competitors. This is near median its historical median of 8.96. Over the past decade, Toa (Electric Appliances)'s Altman Z2-Score has ranged from 8.52 to 9.75. According to the industry distribution chart, Toa (Electric Appliances) ranks #136 out of 1077 companies in the Business Services industry, placing it in the top 12.6%.
Is Toa (Electric Appliances)'s Altman Z2-Score too high?
Toa (Electric Appliances)'s current Altman Z2-Score of 9.75 is near median its 10-year median of 8.96. Over the past 10 years, this metric has ranged from a low of 8.52 to a high of 9.75. The Business Services industry median Altman Z2-Score is 3.61. Toa (Electric Appliances)'s value of 9.75 is 170.1% above this industry median. Based on the distribution chart, Toa (Electric Appliances) ranks #136 out of 1077 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, Toa (Electric Appliances) has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Toa (Electric Appliances)'s Altman Z2-Score compare to ALLE and MSA?
According to the Business Services industry distribution chart, Toa (Electric Appliances) ranks #136 out of 1077 companies for Altman Z2-Score. This places Toa (Electric Appliances) in the top 13% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 3.61. Toa (Electric Appliances)'s value of 9.75 is 170.1% above this benchmark. Historically, Toa (Electric Appliances)'s own Altman Z2-Score has ranged from 8.52 to 9.75 over the past decade. While the company's 10-year median is 8.96 vs. the industry median of 3.61, Toa (Electric Appliances) 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 Business Services company?
The median Altman Z2-Score among Business Services companies is 3.61, based on 1,077 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. Toa (Electric Appliances)'s current Altman Z2-Score of 9.75 is 170.1% 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 Toa (Electric Appliances) and its competitors. For the Business Services industry, the median Altman Z2-Score is 3.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Toa (Electric Appliances)'s current Altman Z2-Score is 9.75, which is near median its own 10-year median of 8.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toa (Electric Appliances) stock overvalued right now?
Based on GuruFocus' analysis, Toa (Electric Appliances) (TSE:6809) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,277.88, compared to a current price of 円1,600.00 — trading 25.2% above its estimated fair value. The current Altman Z2-Score is 9.75, which is near median its 10-year median of 8.96 and 170.1% above the Business Services industry median of 3.61. Toa (Electric Appliances)'s overall GF Score™ is 82/100 with 1 warning sign 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 Toa (Electric Appliances) (TSE:6809), the current Altman Z2-Score is 9.75 as of Jul. 04, 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 Toa (Electric Appliances) (TSE:6809) Overvalued in 2026?
Based on GuruFocus' analysis, Toa (Electric Appliances) stock appears to be overvalued.
The current stock price of 円1,600.00 is trading 25.2% above its estimated GF Value™ of 円1,277.88.
GuruFocus considers Toa (Electric Appliances) to be Modestly Overvalued.
Key valuation signals for TSE:6809:
Altman Z2-Score: 9.75 (near median its 10-year median of 8.96)
GF Value™: 円1,277.88 vs. price of 円1,600.00 (25.2% above fair value)
Industry Position: 170.1% above the Business Services median (#136 of 1077)
No single metric tells the full story. See the TSE:6809 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toa Corporation (Electric Appliances) is mainly engaged in the manufacture and sale of loudspeaker broadcasting and communication equipment. It operates in three business divisions including Acoustic equipment business, Security equipment business and other. Acoustic equipment business manufactures loudspeaker broadcasting equipment, Professional sound equipment, and communication equipment. Security equipment business manufactures video equipment. Other business segment includes Leasing of equipment and management hall. Its product offerings include microphone, amplifier, speaker, megaphone, professional sound system, digital mixing system, Intercom system, telephone application system, wireless microphone system, contact wireless system, among others.
82GF Score
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