Netbay PCLBKK:NETBAY +1.03%78 Altman Z-Score is 9.58 as of Jun. 24, 2026, which is 58% below its 10-year median of 22.63. GuruFocus rates BKK:NETBAY with a GF Score™ of 78/100 and a GF Value™ of ฿21.57 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,763 Software companies, Netbay PCL ranks better than 86.9% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 9.68 is strong.
Netbay PCL has a Altman Z-Score of 9.58, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Netbay PCL's Altman Z-Score or its related term are showing as below:
BKK:NETBAY'
s Altman Z-Score Range Over the Past 10 Years
Min: 9.68 Med: 22.63 Max: 55.53
Current: 9.68
During the past 11 years, Netbay PCL's highest Altman Z-Score was 55.53. The lowest was 9.68. And the median was 22.63.
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.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
Netbay PCL Altman Z-Score Related Terms
Netbay PCL Altman Z-Score Historical Data
* Premium members only.
The historical data trend for Netbay PCL's Altman Z-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.
BKK:NETBAY vs CRM, SHOP, UBER: Altman Z-Score Comparison
For the Software - Application subindustry, Netbay PCL's Altman Z-Score, along with its competitors' market caps and Altman Z-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.
Netbay PCL Altman Z-Score vs Software Industry
For the Software industry and Technology sector, Netbay PCL's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Netbay PCL's Altman Z-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.
Netbay PCL's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
0.5633
+
1.4
*
0.3759
+
3.3
*
0.3928
+
0.6
*
10.2452
+
1.0
*
0.9381
=
9.58
* 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 Z-Score when X4 or X5 value is 0.
Netbay PCL (BKK:NETBAY) has a Altman Z-Score of 9.58 as of Jun. 24, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Netbay PCL and its competitors. This is 58% below median its historical median of 22.63. Over the past decade, Netbay PCL's Altman Z-Score has ranged from 9.68 to 55.53. According to the industry distribution chart, Netbay PCL ranks #362 out of 2763 companies in the Software industry, placing it in the top 13.1%.
Is Netbay PCL's Altman Z-Score too high?
Netbay PCL's current Altman Z-Score of 9.58 is 58% below median its 10-year median of 22.63. Over the past 10 years, this metric has ranged from a low of 9.68 to a high of 55.53. The Software industry median Altman Z-Score is 3.13. Netbay PCL's value of 9.58 is 206.1% above this industry median. Based on the distribution chart, Netbay PCL ranks #362 out of 2763 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Netbay PCL has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Netbay PCL's Altman Z-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Netbay PCL ranks #362 out of 2763 companies for Altman Z-Score. This places Netbay PCL in the top 13% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 3.13. Netbay PCL's value of 9.58 is 206.1% above this benchmark. Historically, Netbay PCL's own Altman Z-Score has ranged from 9.68 to 55.53 over the past decade. While the company's 10-year median is 22.63 vs. the industry median of 3.13, Netbay PCL 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 Z-Score for a Software company?
The median Altman Z-Score among Software companies is 3.13, based on 2,763 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Netbay PCL's current Altman Z-Score of 9.58 is 206.1% 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 Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Netbay PCL and its competitors. For the Software industry, the median Altman Z-Score is 3.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Netbay PCL's current Altman Z-Score is 9.58, which is 58% below median its own 10-year median of 22.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Netbay PCL stock overvalued right now?
Based on GuruFocus' analysis, Netbay PCL (BKK:NETBAY) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿21.57, compared to a current price of ฿9.85 — trading 54.3% below its estimated fair value. The current Altman Z-Score is 9.58, which is 58% below median its 10-year median of 22.63 and 206.1% above the Software industry median of 3.13. Netbay PCL's overall GF Score™ is 78/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Netbay PCL (BKK:NETBAY), the current Altman Z-Score is 9.58 as of Jun. 24, 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 Netbay PCL (BKK:NETBAY) Overvalued in 2026?
Based on GuruFocus' analysis, Netbay PCL stock appears to be undervalued.
The current stock price of ฿9.85 is trading 54.3% below its estimated GF Value™ of ฿21.57.
GuruFocus considers Netbay PCL to be Significantly Undervalued.
Key valuation signals for BKK:NETBAY:
Altman Z-Score: 9.58 (58% below median its 10-year median of 22.63)
GF Value™: ฿21.57 vs. price of ฿9.85 (54.3% below fair value)
Industry Position: 206.1% above the Software median (#362 of 2763)
No single metric tells the full story. See the BKK:NETBAY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Netbay PCL is a Thailand-based company engaged in the provision and development of computer software used in the transmission of information electronically. The company creates, designs, and develops a digital business technology platform and omnichannel connectivity gateway. It operates in two segments: The e-Business segment, which develops an e-Business product in the form of services (SaaS: Software As A Service), and the e-Service segment, which rendered an e-Business service for the Business segment to Government (B2G) transaction, and Business segment to Business segment (B2B) transaction. The company operates only in Thailand and generates the majority of its revenue from the e-Business segment.
78GF Score
Get the complete analysis for BKK:NETBAY
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BKK:NETBAY has been successfully added to your 
