FJ Next Holdings CoTSE:8935 +0.86%93 Altman Z2-Score is 10.38 as of Jul. 03, 2026, which is 7% above its 10-year median of 9.69. GuruFocus rates TSE:8935 with a GF Score™ of 93/100 and a GF Value™ of 円1,817.52 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,769 Real Estate companies, FJ Next Holdings Co ranks better than 91.24% 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:
FJ Next Holdings Co has a Altman Z2-Score of 10.38, 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 FJ Next Holdings Co's Altman Z2-Score or its related term are showing as below:
TSE:8935'
s Altman Z2-Score Range Over the Past 10 Years
Min: 8.46 Med: 9.69 Max: 10.38
Current: 10.38
During the past 13 years, FJ Next Holdings Co's highest Altman Z2-Score was 10.38. The lowest was 8.46. And the median was 9.69.
FJ Next Holdings Co (TSE:8935) 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.
FJ Next Holdings Co Altman Z2-Score Related Terms
FJ Next Holdings Co Altman Z2-Score Historical Data
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The historical data trend for FJ Next Holdings Co'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.
FJ Next Holdings Co Altman Z2-Score Competitor Comparison
For the Real Estate - Diversified subindustry, FJ Next Holdings Co'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.
FJ Next Holdings Co Altman Z2-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, FJ Next Holdings Co's Altman Z2-Score distribution charts can be found below:
* The bar in red indicates where FJ Next Holdings Co'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.
FJ Next Holdings Co'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
*
0.7222
+
3.26
*
0.6691
+
6.72
*
0.1274
+
1.05
*
2.4776
=
10.38
* 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.
FJ Next Holdings Co (TSE:8935) has a Altman Z2-Score of 10.38 as of Jul. 03, 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 FJ Next Holdings Co and its competitors. This is near median its historical median of 9.69. Over the past decade, FJ Next Holdings Co's Altman Z2-Score has ranged from 8.46 to 10.38. According to the industry distribution chart, FJ Next Holdings Co ranks #155 out of 1769 companies in the Real Estate industry, placing it in the top 8.8%.
Is FJ Next Holdings Co's Altman Z2-Score too high?
FJ Next Holdings Co's current Altman Z2-Score of 10.38 is near median its 10-year median of 9.69. Over the past 10 years, this metric has ranged from a low of 8.46 to a high of 10.38. The Real Estate industry median Altman Z2-Score is 3.02. FJ Next Holdings Co's value of 10.38 is 243.7% above this industry median. Based on the distribution chart, FJ Next Holdings Co ranks #155 out of 1769 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, FJ Next Holdings Co has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does FJ Next Holdings Co's Altman Z2-Score compare to competitors?
According to the Real Estate industry distribution chart, FJ Next Holdings Co ranks #155 out of 1769 companies for Altman Z2-Score. This places FJ Next Holdings Co in the top 9% of its industry — outperforming the majority of peers. The industry median Altman Z2-Score is 3.02. FJ Next Holdings Co's value of 10.38 is 243.7% above this benchmark. Historically, FJ Next Holdings Co's own Altman Z2-Score has ranged from 8.46 to 10.38 over the past decade. While the company's 10-year median is 9.69 vs. the industry median of 3.02, FJ Next Holdings Co 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 Real Estate company?
The median Altman Z2-Score among Real Estate companies is 3.02, based on 1,769 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. FJ Next Holdings Co's current Altman Z2-Score of 10.38 is 243.7% 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 FJ Next Holdings Co and its competitors. For the Real Estate industry, the median Altman Z2-Score is 3.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FJ Next Holdings Co's current Altman Z2-Score is 10.38, which is near median its own 10-year median of 9.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FJ Next Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, FJ Next Holdings Co (TSE:8935) is currently considered Fairly Valued. The stock's GF Value™ is 円1,817.52, compared to a current price of 円1,768.00 — trading 2.7% below its estimated fair value. The current Altman Z2-Score is 10.38, which is near median its 10-year median of 9.69 and 243.7% above the Real Estate industry median of 3.02. FJ Next Holdings Co's overall GF Score™ is 93/100 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 FJ Next Holdings Co (TSE:8935), the current Altman Z2-Score is 10.38 as of Jul. 03, 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 FJ Next Holdings Co (TSE:8935) Overvalued in 2026?
Based on GuruFocus' analysis, FJ Next Holdings Co stock appears to be undervalued.
The current stock price of 円1,768.00 is trading 2.7% below its estimated GF Value™ of 円1,817.52.
GuruFocus considers FJ Next Holdings Co to be Fairly Valued.
Key valuation signals for TSE:8935:
Altman Z2-Score: 10.38 (near median its 10-year median of 9.69)
GF Value™: 円1,817.52 vs. price of 円1,768.00 (2.7% below fair value)
Industry Position: 243.7% above the Real Estate median (#155 of 1769)
No single metric tells the full story. See the TSE:8935 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FJ Next Holdings Co Ltd operates in the real estate sector in Japan. Along with its subsidiaries, the company operates in the following reportable segments: Real Estate Development, Real Estate Management, Construction, Hotel, and others. The majority of its revenue is generated from the Real Estate Development business, which is engaged in the development, sales, and marketing of studio apartments, resort properties, and family apartments (Gala Mansion Series and Gala Residencies) mainly in the Tokyo metropolitan area. In addition, this segment also offers rental recruitment and real estate brokerage services.
93GF Score
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