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KAL GroupJSE:KAL 92 Altman Z-Score is 3.86 as of Aug. 22, 2026, which is 14% above its 10-year median of 3.39. GuruFocus rates JSE:KAL with a GF Score™ of 92/100 and a GF Value™ of R43.66 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,118 Retail - Cyclical companies, KAL Group ranks better than 67.17% 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 3.87 is strong.
KAL Group has a Altman Z-Score of 3.86, 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 KAL Group's Altman Z-Score or its related term are showing as below:
JSE:KAL'
s Altman Z-Score Range Over the Past 10 Years
Min: 2.8 Med: 3.39 Max: 4.08
Current: 3.87
During the past 12 years, KAL Group's highest Altman Z-Score was 4.08. The lowest was 2.80. And the median was 3.39.
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.
KAL Group Altman Z-Score Related Terms
KAL Group Altman Z-Score Historical Data
* Premium members only.
The historical data trend for KAL Group'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.
JSE:KAL vs CASY, WSM, ULTA: Altman Z-Score Comparison
For the Specialty Retail subindustry, KAL Group'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.
KAL Group Altman Z-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, KAL Group's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where KAL Group'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.
KAL Group'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
*
0.0726
+
1.4
*
0.3581
+
3.3
*
0.1074
+
0.6
*
0.7438
+
1.0
*
2.4673
=
3.86
* 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.
KAL Group (JSE:KAL) has a Altman Z-Score of 3.86 as of Aug. 22, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on KAL Group and its competitors. This is 14% above median its historical median of 3.39. Over the past decade, KAL Group's Altman Z-Score has ranged from 2.80 to 4.08. According to the industry distribution chart, KAL Group ranks #367 out of 1118 companies in the Retail - Cyclical industry, placing it in the top 32.8%.
Is KAL Group's Altman Z-Score too high?
KAL Group's current Altman Z-Score of 3.86 is 14% above median its 10-year median of 3.39. Over the past 10 years, this metric has ranged from a low of 2.80 to a high of 4.08. The Retail - Cyclical industry median Altman Z-Score is 2.75. KAL Group's value of 3.86 is 40.4% above this industry median. Based on the distribution chart, KAL Group ranks #367 out of 1118 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, KAL Group has a GF Score™ of 92/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does KAL Group's Altman Z-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, KAL Group ranks #367 out of 1118 companies for Altman Z-Score. This puts KAL Group in the upper half of its industry. The industry median Altman Z-Score is 2.75. KAL Group's value of 3.86 is 40.4% above this benchmark. Historically, KAL Group's own Altman Z-Score has ranged from 2.80 to 4.08 over the past decade. While the company's 10-year median is 3.39 vs. the industry median of 2.75, KAL Group 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 Retail - Cyclical company?
The median Altman Z-Score among Retail - Cyclical companies is 2.75, based on 1,118 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. KAL Group's current Altman Z-Score of 3.86 is 40.4% 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 KAL Group and its competitors. For the Retail - Cyclical industry, the median Altman Z-Score is 2.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. KAL Group's current Altman Z-Score is 3.86, which is 14% above median its own 10-year median of 3.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KAL Group stock overvalued right now?
Based on GuruFocus' analysis, KAL Group (JSE:KAL) is currently considered Modestly Overvalued. The stock's GF Value™ is R43.66, compared to a current price of R50.00 — trading 14.5% above its estimated fair value. The current Altman Z-Score is 3.86, which is 14% above median its 10-year median of 3.39 and 40.4% above the Retail - Cyclical industry median of 2.75. KAL Group's overall GF Score™ is 92/100 with 5 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 KAL Group (JSE:KAL), the current Altman Z-Score is 3.86 as of Aug. 22, 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 KAL Group (JSE:KAL) Overvalued in 2026?
Based on GuruFocus' analysis, KAL Group stock appears to be overvalued.
The current stock price of R50.00 is trading 14.5% above its estimated GF Value™ of R43.66.
GuruFocus considers KAL Group to be Modestly Overvalued.
Key valuation signals for JSE:KAL:
Altman Z-Score: 3.86 (14% above median its 10-year median of 3.39)
GF Value™: R43.66 vs. price of R50.00 (14.5% above fair value)
Industry Position: 40.4% above the Retail - Cyclical median (#367 of 1118)
No single metric tells the full story. See the JSE:KAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
KAL Group Ltd is a lifestyle retailer offering agricultural inputs, fuel (farm and retail), and general and convenience retail products to consumers across Southern Africa. Its segments include Agrimark, PEG, Agrimark Grain and Manufacturing. The majority of the company's revenue is derived from the PEG segment, which operates retail fuel outlets, including convenience stores and quick-service restaurant locations, serving a broad customer base. Geographically, it generates the maximum revenue from South Africa and the rest from Namibia.
92GF Score
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