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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 3.12 is strong.
Heidelberg Materials Bangladesh has a Altman Z-Score of 3.11, 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 Heidelberg Materials Bangladesh's Altman Z-Score or its related term are showing as below:
DHA:HEIDELBCEM'
s Altman Z-Score Range Over the Past 10 Years
Min: 2.18 Med: 3.38 Max: 7.41
Current: 3.12
During the past 13 years, Heidelberg Materials Bangladesh's highest Altman Z-Score was 7.41. The lowest was 2.18. And the median was 3.38.
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.
* 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.
DHA:HEIDELBCEM vs CRH, MLM, VMC: Altman Z-Score Comparison
For the Building Materials subindustry, Heidelberg Materials Bangladesh'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.
Heidelberg Materials Bangladesh Altman Z-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Heidelberg Materials Bangladesh's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Heidelberg Materials Bangladesh'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.
* 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.
Heidelberg Materials Bangladesh (DHA:HEIDELBCEM) has a Altman Z-Score of 3.11 as of Sep. 02, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Heidelberg Materials Bangladesh and its competitors. This is near median its historical median of 3.38. Over the past decade, Heidelberg Materials Bangladesh's Altman Z-Score has ranged from 2.18 to 7.41. According to the industry distribution chart, Heidelberg Materials Bangladesh ranks #130 out of 405 companies in the Building Materials industry, placing it in the top 32.1%.
Is Heidelberg Materials Bangladesh's Altman Z-Score too high?
Heidelberg Materials Bangladesh's current Altman Z-Score of 3.11 is near median its 10-year median of 3.38. Over the past 10 years, this metric has ranged from a low of 2.18 to a high of 7.41. The Building Materials industry median Altman Z-Score is 2.28. Heidelberg Materials Bangladesh's value of 3.11 is 36.4% above this industry median. Based on the distribution chart, Heidelberg Materials Bangladesh ranks #130 out of 405 companies in the Building Materials industry, which is above the industry midpoint. Overall, Heidelberg Materials Bangladesh has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Heidelberg Materials Bangladesh's Altman Z-Score compare to CRH and MLM?
According to the Building Materials industry distribution chart, Heidelberg Materials Bangladesh ranks #130 out of 405 companies for Altman Z-Score. This puts Heidelberg Materials Bangladesh in the upper half of its industry. The industry median Altman Z-Score is 2.28. Heidelberg Materials Bangladesh's value of 3.11 is 36.4% above this benchmark. Historically, Heidelberg Materials Bangladesh's own Altman Z-Score has ranged from 2.18 to 7.41 over the past decade. While the company's 10-year median is 3.38 vs. the industry median of 2.28, Heidelberg Materials Bangladesh 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 Building Materials company?
The median Altman Z-Score among Building Materials companies is 2.28, based on 405 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. Heidelberg Materials Bangladesh's current Altman Z-Score of 3.11 is 36.4% 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 Heidelberg Materials Bangladesh and its competitors. For the Building Materials industry, the median Altman Z-Score is 2.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heidelberg Materials Bangladesh's current Altman Z-Score is 3.11, which is near median its own 10-year median of 3.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heidelberg Materials Bangladesh stock overvalued right now?
Based on GuruFocus' analysis, Heidelberg Materials Bangladesh (DHA:HEIDELBCEM) is currently considered Fairly Valued. The stock's GF Value™ is BDT201.84, compared to a current price of BDT212.40 — trading 5.2% above its estimated fair value. The current Altman Z-Score is 3.11, which is near median its 10-year median of 3.38 and 36.4% above the Building Materials industry median of 2.28. Heidelberg Materials Bangladesh's overall GF Score™ is 71/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Heidelberg Materials Bangladesh (DHA:HEIDELBCEM), the current Altman Z-Score is 3.11 as of Sep. 02, 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 Heidelberg Materials Bangladesh (DHA:HEIDELBCEM) Overvalued in 2026?
Based on GuruFocus' analysis, Heidelberg Materials Bangladesh stock appears to be overvalued.
The current stock price of BDT212.40 is trading 5.2% above its estimated GF Value™ of BDT201.84.
GuruFocus considers Heidelberg Materials Bangladesh to be Fairly Valued.
Key valuation signals for DHA:HEIDELBCEM:
Altman Z-Score: 3.11 (near median its 10-year median of 3.38)
GF Value™: BDT201.84 vs. price of BDT212.40 (5.2% above fair value)
Industry Position: 36.4% above the Building Materials median (#130 of 405)
No single metric tells the full story. See the DHA:HEIDELBCEM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heidelberg Materials Bangladesh PLC offers a diverse and sustainable range of cement solutions. Its product portfolio comprises Ordinary Portland Cement (OPC), Portland Composite Cement (PCC), Blast Furnace/Composite Cement (Multi-Purpose Cement), evoBuild, and Sulphate Resistant Cement (SRC), marketed under the Company's two brands, ScanCement and RubyCement. The Company is engaged in projects such as Bijoy Sarani, Mohakhali Flyover, Lalon Shah (Pakshi) Bridge, Shah Amanat International Airport, Third Karnaphuli Bridge, Summit Meghnaghat Power Plant, North-South University, Chittagong Port Flyover, Dhaka Chattogram Four-Lane Highway, and many others.
71GF Score
Get the complete analysis for DHA:HEIDELBCEM
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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