Gulermak Agirnayi Insaat Ve Taahhut AS (IST:GLRMK) Altman Z-Score: 2.77 (As of Jun. 27, 2026) — Near Median


IST:GLRMK Gulermak Agir Sanayi Insaat Ve Taahhut AS IST:GLRMK
20 GF Score
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What is Gulermak Agirnayi Insaat Ve Taahhut AS Altman Z-Score?

Gulermak Agirnayi Insaat Ve Taahhut AS IST:GLRMK -3.32% 20 Altman Z-Score is 2.77 as of Jun. 27, 2026, which is 1% below its 10-year median of 2.81. GuruFocus rates IST:GLRMK with a GF Score™ of 20/100. The stock has 2 warning signs investors should review. Among 1,758 Construction companies, Gulermak Agirnayi Insaat Ve Taahhut AS ranks better than 60.13% 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.

Warning Sign:

Altman Z-score of 2.8 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.

Gulermak Agirnayi Insaat Ve Taahhut AS has a Altman Z-Score of 2.77, indicating it is in Grey Zones. This implies that Gulermak Agirnayi Insaat Ve Taahhut AS is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.

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 Gulermak Agirnayi Insaat Ve Taahhut AS's Altman Z-Score or its related term are showing as below:

IST:GLRMK' s Altman Z-Score Range Over the Past 10 Years
Min: 2.73   Med: 2.81   Max: 3.01
Current: 2.8

During the past 5 years, Gulermak Agirnayi Insaat Ve Taahhut AS's highest Altman Z-Score was 3.01. The lowest was 2.73. And the median was 2.81.

Gulermak Agirnayi Insaat Ve Taahhut AS  (IST:GLRMK) Altman Z-Score Explanation

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.

Read more about Altman Z-Score and the original research.

Be Aware

Altman Z-Score does not apply to financial companies.

Gulermak Agirnayi Insaat Ve Taahhut AS Altman Z-Score Related Terms

Gulermak Agirnayi Insaat Ve Taahhut AS Altman Z-Score Historical Data

* Premium members only.

The historical data trend for Gulermak Agirnayi Insaat Ve Taahhut AS'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.

Gulermak Agirnayi Insaat Ve Taahhut AS Altman Z-Score Chart

Gulermak Agirnayi Insaat Ve Taahhut AS Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Altman Z-Score
0.00 0.00 0.00 0.00 2.73

Gulermak Agirnayi Insaat Ve Taahhut AS Quarterly Data
Dec21 Dec22 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Altman Z-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.97 2.76 3.01 2.73 2.81

IST:GLRMK vs PWR, FIX, EME: Altman Z-Score Comparison

For the Engineering & Construction subindustry, Gulermak Agirnayi Insaat Ve Taahhut AS'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.

Gulermak Agirnayi Insaat Ve Taahhut AS Altman Z-Score vs Construction Industry

For the Construction industry and Industrials sector, Gulermak Agirnayi Insaat Ve Taahhut AS's Altman Z-Score distribution charts can be found below:

* The bar in red indicates where Gulermak Agirnayi Insaat Ve Taahhut AS's Altman Z-Score falls into.


IST:GLRMK
20GF Score
Gulermak Agir Sanayi Insaat Ve Taahhut AS IST:GLRMK
Altman Z-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Gulermak Agirnayi Insaat Ve Taahhut AS Altman Z-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.

Gulermak Agirnayi Insaat Ve Taahhut AS'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*0.5373+1.4*0.2875+3.3*0.0964+0.6*1.1644+1.0*0.7019
=2.77

* 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.

Trailing Twelve Months (TTM) ended in Mar. 2026:
Total Assets was ₺66,599 Mil.
Total Current Assets was ₺57,786 Mil.
Total Current Liabilities was ₺22,004 Mil.
Retained Earnings was ₺19,149 Mil.
Pre-Tax Income was 809.379 + 980.35 + 1641.217 + 1845.489 = ₺5,276 Mil.
Interest Expense was -167.351 + -451.536 + -261.321 + -265.342 = ₺-1,146 Mil.
Revenue was 9659.673 + 19305.444 + 9033.909 + 8746.624 = ₺46,746 Mil.
Market Cap (Today) was ₺55,487 Mil.
Total Liabilities was ₺47,654 Mil.

* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.

X1=Working Capital/Total Assets
=(Total Current Assets - Total Current Liabilities)/Total Assets
=(57786.137 - 22003.709)/66598.713
=0.5373

X2=Retained Earnings/Total Assets
=19148.652/66598.713
=0.2875

X3=Earnings Before Interest and Taxes/Total Assets
=(Pre-Tax Income - Interest Expense)/Total Assets
=(5276.435 - -1145.55)/66598.713
=0.0964

X4=Market Value Equity/Book Value of Total Liabilities
=Market Cap/Total Liabilities
=55487.200/47654.194
=1.1644

X5=Revenue/Total Assets
=46745.65/66598.713
=0.7019

The zones of discrimination were as such:

Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones

Gulermak Agirnayi Insaat Ve Taahhut AS has a Altman Z-Score of 2.77 indicating it is in Grey Zones.

Study by Altman found that companies that are in Distress Zone have more than 80% of chances of bankruptcy in two years.

Frequently Asked Questions Learn more about Altman Z-Score →
What does a Altman Z-Score of 2.77 mean?
Gulermak Agirnayi Insaat Ve Taahhut AS (IST:GLRMK) has a Altman Z-Score of 2.77 as of Jun. 27, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Gulermak Agirnayi Insaat Ve Taahhut AS and its competitors. This is near median its historical median of 2.81. Over the past decade, Gulermak Agirnayi Insaat Ve Taahhut AS's Altman Z-Score has ranged from 2.73 to 3.01. According to the industry distribution chart, Gulermak Agirnayi Insaat Ve Taahhut AS ranks #701 out of 1758 companies in the Construction industry, placing it in the top 39.9%.
Is Gulermak Agirnayi Insaat Ve Taahhut AS's Altman Z-Score too high?
Gulermak Agirnayi Insaat Ve Taahhut AS's current Altman Z-Score of 2.77 is near median its 10-year median of 2.81. Over the past 10 years, this metric has ranged from a low of 2.73 to a high of 3.01. The Construction industry median Altman Z-Score is 2.35. Gulermak Agirnayi Insaat Ve Taahhut AS's value of 2.77 is 17.9% above this industry median. Based on the distribution chart, Gulermak Agirnayi Insaat Ve Taahhut AS ranks #701 out of 1758 companies in the Construction industry, which is above the industry midpoint. Overall, Gulermak Agirnayi Insaat Ve Taahhut AS has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Gulermak Agirnayi Insaat Ve Taahhut AS's Altman Z-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Gulermak Agirnayi Insaat Ve Taahhut AS ranks #701 out of 1758 companies for Altman Z-Score. This puts Gulermak Agirnayi Insaat Ve Taahhut AS in the upper half of its industry. The industry median Altman Z-Score is 2.35. Gulermak Agirnayi Insaat Ve Taahhut AS's value of 2.77 is 17.9% above this benchmark. Historically, Gulermak Agirnayi Insaat Ve Taahhut AS's own Altman Z-Score has ranged from 2.73 to 3.01 over the past decade. While the company's 10-year median is 2.81 vs. the industry median of 2.35, Gulermak Agirnayi Insaat Ve Taahhut AS 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 Construction company?
The median Altman Z-Score among Construction companies is 2.35, based on 1,758 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. Gulermak Agirnayi Insaat Ve Taahhut AS's current Altman Z-Score of 2.77 is 17.9% 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 Gulermak Agirnayi Insaat Ve Taahhut AS and its competitors. For the Construction industry, the median Altman Z-Score is 2.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Gulermak Agirnayi Insaat Ve Taahhut AS's current Altman Z-Score is 2.77, which is near median its own 10-year median of 2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gulermak Agirnayi Insaat Ve Taahhut AS stock overvalued right now?
Gulermak Agirnayi Insaat Ve Taahhut AS (IST:GLRMK) has a current Altman Z-Score of 2.77. The current Altman Z-Score is 2.77, which is near median its 10-year median of 2.81 and 17.9% above the Construction industry median of 2.35. Gulermak Agirnayi Insaat Ve Taahhut AS's overall GF Score™ is 20/100 with 2 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 Gulermak Agirnayi Insaat Ve Taahhut AS (IST:GLRMK), the current Altman Z-Score is 2.77 as of Jun. 27, 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.

Gulermak Agirnayi Insaat Ve Taahhut AS Business Description

Address Ankara Street, No: 111 Golbasi, Bahcelievler District, Ankara, TUR
Gulermak Agir Sanayi Insaat Ve Taahhut AS Operating in large-scale and complex infrastructure projects in the construction sector. The Company's main field of activity is to provide turnkey infrastructure and industrial construction projects such as metro, railway, tram, tunnel, road, bridge, dam, cement factory, glass factory, sugar factory and power plants for official and private institutions in Turkey and abroad. The Company continues its activities in different geographies in Poland, Romania, Sweden, Switzerland, Philippines, North Macedonia, U.A.E. and India.
20GF Score

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