Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Northern BearLSE:NTBR +1.52%49 Altman Z-Score is 2.80 as of Jul. 14, 2026, which is 15% above its 10-year median of 2.43. GuruFocus rates LSE:NTBR with a GF Score™ of 49/100 and a GF Value™ of £0.90 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,754 Construction companies, Northern Bear ranks better than 60.09% 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 2.79 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.
Northern Bear has a Altman Z-Score of 2.80, indicating it is in Grey Zones. This implies that Northern Bear 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 Northern Bear's Altman Z-Score or its related term are showing as below:
LSE:NTBR'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.78 Med: 2.43 Max: 2.79
Current: 2.79
During the past 13 years, Northern Bear's highest Altman Z-Score was 2.79. The lowest was 1.78. And the median was 2.43.
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.
Northern Bear Altman Z-Score Related Terms
Northern Bear Altman Z-Score Historical Data
* Premium members only.
The historical data trend for Northern Bear'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.
LSE:NTBR vs TT, JCI, CARR: Altman Z-Score Comparison
For the Building Products & Equipment subindustry, Northern Bear'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.
Northern Bear Altman Z-Score vs Construction Industry
For the Construction industry and Industrials sector, Northern Bear's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Northern Bear'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.
Northern Bear'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
*
0.0378
+
1.4
*
0.1701
+
3.3
*
0.0808
+
0.6
*
0.6831
+
1.0
*
1.8354
=
2.80
* 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.
Northern Bear (LSE:NTBR) has a Altman Z-Score of 2.80 as of Jul. 14, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Northern Bear and its competitors. This is 15% above median its historical median of 2.43. Over the past decade, Northern Bear's Altman Z-Score has ranged from 1.78 to 2.79. According to the industry distribution chart, Northern Bear ranks #700 out of 1754 companies in the Construction industry, placing it in the top 39.9%.
Is Northern Bear's Altman Z-Score too high?
Northern Bear's current Altman Z-Score of 2.80 is 15% above median its 10-year median of 2.43. Over the past 10 years, this metric has ranged from a low of 1.78 to a high of 2.79. The Construction industry median Altman Z-Score is 2.33. Northern Bear's value of 2.80 is 20.2% above this industry median. Based on the distribution chart, Northern Bear ranks #700 out of 1754 companies in the Construction industry, which is above the industry midpoint. Overall, Northern Bear has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northern Bear's Altman Z-Score compare to TT and JCI?
According to the Construction industry distribution chart, Northern Bear ranks #700 out of 1754 companies for Altman Z-Score. This puts Northern Bear in the upper half of its industry. The industry median Altman Z-Score is 2.33. Northern Bear's value of 2.80 is 20.2% above this benchmark. Historically, Northern Bear's own Altman Z-Score has ranged from 1.78 to 2.79 over the past decade. While the company's 10-year median is 2.43 vs. the industry median of 2.33, Northern Bear 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 2.33, based on 1,754 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. Northern Bear's current Altman Z-Score of 2.80 is 20.2% 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 Northern Bear and its competitors. For the Construction industry, the median Altman Z-Score is 2.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Bear's current Altman Z-Score is 2.80, which is 15% above median its own 10-year median of 2.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Bear stock overvalued right now?
Based on GuruFocus' analysis, Northern Bear (LSE:NTBR) is currently considered Modestly Overvalued. The stock's GF Value™ is £0.90, compared to a current price of £1.01 — trading 11.7% above its estimated fair value. The current Altman Z-Score is 2.80, which is 15% above median its 10-year median of 2.43 and 20.2% above the Construction industry median of 2.33. Northern Bear's overall GF Score™ is 49/100 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 Northern Bear (LSE:NTBR), the current Altman Z-Score is 2.80 as of Jul. 14, 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 Northern Bear (LSE:NTBR) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Bear stock appears to be overvalued.
The current stock price of £1.01 is trading 11.7% above its estimated GF Value™ of £0.90.
GuruFocus considers Northern Bear to be Modestly Overvalued.
Key valuation signals for LSE:NTBR:
Altman Z-Score: 2.80 (15% above median its 10-year median of 2.43)
GF Value™: £0.90 vs. price of £1.01 (11.7% above fair value)
Industry Position: 20.2% above the Construction median (#700 of 1754)
No single metric tells the full story. See the LSE:NTBR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northern Bear PLC is a specialist building service provider serving the support services sector. Its operating segments include Roofing activities - companies providing a comprehensive range of roofing services including slang, felting, refurbishment, and maintenance for domestic, commercial, and public sector properties; Materials handling activities - supply, service, and maintenance of forklift trucks and warehouse equipment on hire and for sale; Specialist building services activities - aggregation of other specialist building services companies providing services including building maintenance, electrical contracting, and sound insulation and Corporate and other activities - the provision of head office activity and consolidation items. It generates revenues mainly from the UK.
49GF Score
Get the complete analysis for LSE:NTBR
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
LSE:NTBR has been successfully added to your 
