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 -6.49 is in distress zone. This implies bankruptcy possibility in the next two years.
PT AirAsia Indonesia Tbk has a Altman Z-Score of -6.49, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
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 PT AirAsia Indonesia Tbk's Altman Z-Score or its related term are showing as below:
ISX:CMPP'
s Altman Z-Score Range Over the Past 10 Years
Min: -6.49 Med: -4.13 Max: 53.58
Current: -6.49
During the past 13 years, PT AirAsia Indonesia Tbk's highest Altman Z-Score was 53.58. The lowest was -6.49. And the median was -4.13.
PT AirAsia Indonesia Tbk (ISX:CMPP) 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.
* 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.
ISX:CMPP vs DAL, UAL, LUV: Altman Z-Score Comparison
For the Airlines subindustry, PT AirAsia Indonesia Tbk'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.
PT AirAsia Indonesia Tbk Altman Z-Score vs Transportation Industry
For the Transportation industry and Industrials sector, PT AirAsia Indonesia Tbk's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where PT AirAsia Indonesia Tbk's Altman Z-Score falls into.
PT AirAsia Indonesia Tbk 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.
* 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 Rp4,783,596 Mil. Total Current Assets was Rp564,168 Mil. Total Current Liabilities was Rp11,370,202 Mil. Retained Earnings was Rp-17,471,847 Mil. Pre-Tax Income was -336446.487 + -308934.449 + -196672.156 + -74986.07 = Rp-917,039 Mil. Interest Expense was -95972.858 + -82616.609 + -104336.646 + -107070.337 = Rp-389,996 Mil. Revenue was 2107288.429 + 1845576.328 + 2052005.392 + 1987117.757 = Rp7,991,988 Mil. Market Cap (Today) was Rp758,644 Mil. Total Liabilities was Rp15,852,679 Mil.
* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.
PT AirAsia Indonesia Tbk (ISX:CMPP) has a Altman Z-Score of -6.49 as of Jun. 24, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on PT AirAsia Indonesia Tbk and its competitors. According to the industry distribution chart, PT AirAsia Indonesia Tbk ranks #987 out of 1000 companies in the Transportation industry, placing it in the top 98.7%.
Is PT AirAsia Indonesia Tbk's Altman Z-Score too high?
PT AirAsia Indonesia Tbk's current Altman Z-Score is -6.49. Based on the distribution chart, PT AirAsia Indonesia Tbk ranks #987 out of 1000 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, PT AirAsia Indonesia Tbk has a GF Score™ of 49/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT AirAsia Indonesia Tbk's Altman Z-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, PT AirAsia Indonesia Tbk ranks #987 out of 1000 companies for Altman Z-Score. This places PT AirAsia Indonesia Tbk in the lower half of its industry. The industry median Altman Z-Score is 2.28. 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 Transportation company?
The median Altman Z-Score among Transportation companies is 2.28, based on 1,000 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. 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 PT AirAsia Indonesia Tbk and its competitors. For the Transportation 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. PT AirAsia Indonesia Tbk's current Altman Z-Score is -6.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT AirAsia Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT AirAsia Indonesia Tbk (ISX:CMPP) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp95.48, compared to a current price of Rp71.00 — trading 25.6% below its estimated fair value. The current Altman Z-Score is -6.49. PT AirAsia Indonesia Tbk's overall GF Score™ is 49/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For PT AirAsia Indonesia Tbk (ISX:CMPP), the current Altman Z-Score is -6.49 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 PT AirAsia Indonesia Tbk (ISX:CMPP) Overvalued in 2026?
Based on GuruFocus' analysis, PT AirAsia Indonesia Tbk stock appears to be undervalued.
The current stock price of Rp71.00 is trading 25.6% below its estimated GF Value™ of Rp95.48.
GuruFocus considers PT AirAsia Indonesia Tbk to be Modestly Undervalued.
Key valuation signals for ISX:CMPP:
Altman Z-Score: -6.49
GF Value™: Rp95.48 vs. price of Rp71.00 (25.6% below fair value)
No single metric tells the full story. See the ISX:CMPP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT AirAsia Indonesia Tbk is an Indonesia-based company that engages in the provision of air transportation services. The company offers ticket booking, flight schedules, online airline status checking, and other related services. It operates through the following segments: Flight Operations; Ancillary and others. The Flight Operations segment generates maximum revenue for the company.
49GF Score
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