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PT Essa Industries Indonesia Tbk (ISX:ESSA) Altman Z-Score : 5.10 (As of Jul. 22, 2025)


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What is PT Essa Industries Indonesia Tbk Altman Z-Score?

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 5.16 is strong.

PT Essa Industries Indonesia Tbk has a Altman Z-Score of 5.10, 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 PT Essa Industries Indonesia Tbk's Altman Z-Score or its related term are showing as below:

ISX:ESSA' s Altman Z-Score Range Over the Past 10 Years
Min: 0.28   Med: 1.11   Max: 5.37
Current: 5.16

During the past 13 years, PT Essa Industries Indonesia Tbk's highest Altman Z-Score was 5.37. The lowest was 0.28. And the median was 1.11.


PT Essa Industries Indonesia Tbk Altman Z-Score Historical Data

The historical data trend for PT Essa Industries Indonesia Tbk'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.

* Premium members only.

PT Essa Industries Indonesia Tbk Altman Z-Score Chart

PT Essa Industries Indonesia Tbk Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Altman Z-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.62 1.52 4.37 3.14 5.27

PT Essa Industries Indonesia Tbk Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Altman Z-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.02 4.68 5.37 5.27 5.26

Competitive Comparison of PT Essa Industries Indonesia Tbk's Altman Z-Score

For the Chemicals subindustry, PT Essa Industries 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 Essa Industries Indonesia Tbk's Altman Z-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Essa Industries Indonesia Tbk's Altman Z-Score distribution charts can be found below:

* The bar in red indicates where PT Essa Industries Indonesia Tbk's Altman Z-Score falls into.


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PT Essa Industries 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.

PT Essa Industries Indonesia Tbk'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*0.2077+1.4*0.3866+3.3*0.1126+0.6*5.8451+1.0*0.4336
=5.10

* 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. 2025:
Total Assets was Rp10,987,975 Mil.
Total Current Assets was Rp3,320,405 Mil.
Total Current Liabilities was Rp1,038,550 Mil.
Retained Earnings was Rp4,248,351 Mil.
Pre-Tax Income was 224106.243 + 304295.675 + 346966.898 + 286716.643 = Rp1,162,085 Mil.
Interest Expense was -10935.225 + -17944.08 + -20853.921 + -25107.909 = Rp-74,841 Mil.
Revenue was 1146584.718 + 1143113.258 + 1204678.398 + 1269941.034 = Rp4,764,317 Mil.
Market Cap (Today) was Rp9,905,511 Mil.
Total Liabilities was Rp1,694,663 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
=(3320405.394 - 1038549.963)/10987974.546
=0.2077

X2=Retained Earnings/Total Assets
=4248351.482/10987974.546
=0.3866

X3=Earnings Before Interest and Taxes/Total Assets
=(Pre-Tax Income - Interest Expense)/Total Assets
=(1162085.459 - -74841.135)/10987974.546
=0.1126

X4=Market Value Equity/Book Value of Total Liabilities
=Market Cap/Total Liabilities
=9905511.028/1694663.478
=5.8451

X5=Revenue/Total Assets
=4764317.408/10987974.546
=0.4336

The zones of discrimination were as such:

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

PT Essa Industries Indonesia Tbk has a Altman Z-Score of 5.10 indicating it is in Safe Zones.

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


PT Essa Industries Indonesia Tbk  (ISX:ESSA) 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.


PT Essa Industries Indonesia Tbk Altman Z-Score Related Terms

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PT Essa Industries Indonesia Tbk Business Description

Traded in Other Exchanges
N/A
Address
Jalan Prof. Dr. Satrio, Kav. 3-5, DBS Bank Tower, 18th Floor, Ciputra World 1 Jakarta, Jakarta, IDN, 12940
PT Essa Industries Indonesia Tbk owns and operates privately owned domestic liquefied petroleum gas (LPG) refinery in Indonesia. Its main business is the refining and processing of natural gas to produce LPG (mixture of Propane and Butane), condensate, methanol, carbonation and gasification of coal, or other hydrocarbon materials. The principal products of the company include LPG, Condensate and Ammonia. It is also engaged in other activities such as crude oil mining, Wholesale trade in gas, liquid and solid fuels and similar products, Gas distribution and supporting service activities related to oil and gas mining carried out on a fee or contract basis. The company's segments are; LPG refinery, Ammonia which generates key revenue, and others.