Frendy Energy SpAMIL:FRE -2.09%28 Altman Z-Score is 3.64 as of Jun. 24, 2026, which is 34% above its 10-year median of 2.72. GuruFocus rates MIL:FRE with a GF Score™ of 28/100 and a GF Value™ of €0.22 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 412 Utilities - Independent Power Producers companies, Frendy Energy SpA ranks better than 85.44% 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 3.71 is strong.
Frendy Energy SpA has a Altman Z-Score of 3.64, 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 Frendy Energy SpA's Altman Z-Score or its related term are showing as below:
MIL:FRE'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.06 Med: 2.72 Max: 4.35
Current: 3.71
During the past 13 years, Frendy Energy SpA's highest Altman Z-Score was 4.35. The lowest was 1.06. And the median was 2.72.
Frendy Energy SpA (MIL:FRE) 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.
Altman Z-Score does not apply to financial companies.
Frendy Energy SpA Altman Z-Score Related Terms
Frendy Energy SpA Altman Z-Score Historical Data
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The historical data trend for Frendy Energy SpA'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.
Frendy Energy SpA Altman Z-Score Competitor Comparison
For the Utilities - Renewable subindustry, Frendy Energy SpA'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.
Frendy Energy SpA Altman Z-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Frendy Energy SpA's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Frendy Energy SpA'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.
Frendy Energy SpA'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
*
0.4247
+
1.4
*
-0.2542
+
3.3
*
0.0152
+
0.6
*
5.4965
+
1.0
*
0.1379
=
3.64
* 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.
Frendy Energy SpA (MIL:FRE) has a Altman Z-Score of 3.64 as of Jun. 24, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Frendy Energy SpA and its competitors. This is 34% above median its historical median of 2.72. Over the past decade, Frendy Energy SpA's Altman Z-Score has ranged from 1.06 to 4.35. According to the industry distribution chart, Frendy Energy SpA ranks #60 out of 412 companies in the Utilities - Independent Power Producers industry, placing it in the top 14.6%.
Is Frendy Energy SpA's Altman Z-Score too high?
Frendy Energy SpA's current Altman Z-Score of 3.64 is 34% above median its 10-year median of 2.72. Over the past 10 years, this metric has ranged from a low of 1.06 to a high of 4.35. The Utilities - Independent Power Producers industry median Altman Z-Score is 1.23. Frendy Energy SpA's value of 3.64 is 197.1% above this industry median. Based on the distribution chart, Frendy Energy SpA ranks #60 out of 412 companies in the Utilities - Independent Power Producers industry, which is in the top quartile — a strong position relative to peers. Overall, Frendy Energy SpA has a GF Score™ of 28/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Frendy Energy SpA's Altman Z-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Frendy Energy SpA ranks #60 out of 412 companies for Altman Z-Score. This places Frendy Energy SpA in the top 15% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 1.23. Frendy Energy SpA's value of 3.64 is 197.1% above this benchmark. Historically, Frendy Energy SpA's own Altman Z-Score has ranged from 1.06 to 4.35 over the past decade. While the company's 10-year median is 2.72 vs. the industry median of 1.23, Frendy Energy SpA 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 an Utilities - Independent Power Producers company?
The median Altman Z-Score among Utilities - Independent Power Producers companies is 1.23, based on 412 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. Frendy Energy SpA's current Altman Z-Score of 3.64 is 197.1% 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 Frendy Energy SpA and its competitors. For the Utilities - Independent Power Producers industry, the median Altman Z-Score is 1.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Frendy Energy SpA's current Altman Z-Score is 3.64, which is 34% above median its own 10-year median of 2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Frendy Energy SpA stock overvalued right now?
Based on GuruFocus' analysis, Frendy Energy SpA (MIL:FRE) is currently considered Modestly Undervalued. The stock's GF Value™ is €0.22, compared to a current price of €0.19 — trading 15% below its estimated fair value. The current Altman Z-Score is 3.64, which is 34% above median its 10-year median of 2.72 and 197.1% above the Utilities - Independent Power Producers industry median of 1.23. Frendy Energy SpA's overall GF Score™ is 28/100 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 Frendy Energy SpA (MIL:FRE), the current Altman Z-Score is 3.64 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 Frendy Energy SpA (MIL:FRE) Overvalued in 2026?
Based on GuruFocus' analysis, Frendy Energy SpA stock appears to be undervalued.
The current stock price of €0.19 is trading 15% below its estimated GF Value™ of €0.22.
GuruFocus considers Frendy Energy SpA to be Modestly Undervalued.
Key valuation signals for MIL:FRE:
Altman Z-Score: 3.64 (34% above median its 10-year median of 2.72)
GF Value™: €0.22 vs. price of €0.19 (15% below fair value)
Industry Position: 197.1% above the Utilities - Independent Power Producers median (#60 of 412)
No single metric tells the full story. See the MIL:FRE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Frendy Energy SpA is an Italian company. It is engaged in building and operating mini hydropower plants towards the production and sale of electricity.
28GF Score
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