Norwegian Air Shuttle ASANWARF -4.62%71 Altman Z-Score is 1.38 as of Jun. 28, 2026, which is 116% above its 10-year median of 0.64. GuruFocus rates NWARF with a GF Score™ of 71/100 and a GF Value™ of $1.59 (Fairly Valued). The stock has 4 warning signs investors should review. Among 992 Transportation companies, Norwegian Air Shuttle ASA ranks worse than 70.26% 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 1.42 is in distress zone. This implies bankruptcy possibility in the next two years.
Norwegian Air Shuttle ASA has a Altman Z-Score of 1.38, 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 Norwegian Air Shuttle ASA's Altman Z-Score or its related term are showing as below:
NWARF'
s Altman Z-Score Range Over the Past 10 Years
Min: -2.2 Med: 0.64 Max: 1.53
Current: 1.42
During the past 13 years, Norwegian Air Shuttle ASA's highest Altman Z-Score was 1.53. The lowest was -2.20. And the median was 0.64.
Norwegian Air Shuttle ASA (OTCPK:NWARF) 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.
For the Airlines subindustry, Norwegian Air Shuttle ASA'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.
Norwegian Air Shuttle ASA Altman Z-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Norwegian Air Shuttle ASA's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Norwegian Air Shuttle ASA's Altman Z-Score falls into.
Norwegian Air Shuttle ASA 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.
Norwegian Air Shuttle ASA (NWARF) has a Altman Z-Score of 1.38 as of Jun. 28, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Norwegian Air Shuttle ASA and its competitors. This is 116% above median its historical median of 0.64. According to the industry distribution chart, Norwegian Air Shuttle ASA ranks #697 out of 992 companies in the Transportation industry, placing it in the top 70.3%.
Is Norwegian Air Shuttle ASA's Altman Z-Score too high?
Norwegian Air Shuttle ASA's current Altman Z-Score of 1.38 is 116% above median its 10-year median of 0.64. The Transportation industry median Altman Z-Score is 2.27. Norwegian Air Shuttle ASA's value of 1.38 is 39.2% below this industry median. Based on the distribution chart, Norwegian Air Shuttle ASA ranks #697 out of 992 companies in the Transportation industry, which is below the industry midpoint. Overall, Norwegian Air Shuttle ASA has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Norwegian Air Shuttle ASA's Altman Z-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, Norwegian Air Shuttle ASA ranks #697 out of 992 companies for Altman Z-Score. This places Norwegian Air Shuttle ASA in the lower half of its industry. The industry median Altman Z-Score is 2.27. Norwegian Air Shuttle ASA's value of 1.38 is 39.2% below this benchmark. While the company's 10-year median is 0.64 vs. the industry median of 2.27, Norwegian Air Shuttle ASA has consistently been below 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 Transportation company?
The median Altman Z-Score among Transportation companies is 2.27, based on 992 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. Norwegian Air Shuttle ASA's current Altman Z-Score of 1.38 is 39.2% below 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 Norwegian Air Shuttle ASA and its competitors. For the Transportation industry, the median Altman Z-Score is 2.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Norwegian Air Shuttle ASA's current Altman Z-Score is 1.38, which is 116% above median its own 10-year median of 0.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Norwegian Air Shuttle ASA stock overvalued right now?
Based on GuruFocus' analysis, Norwegian Air Shuttle ASA (NWARF) is currently considered Fairly Valued. The stock's GF Value™ is $1.59, compared to a current price of $1.55 — trading 2.5% below its estimated fair value. The current Altman Z-Score is 1.38, which is 116% above median its 10-year median of 0.64 and 39.2% below the Transportation industry median of 2.27. Norwegian Air Shuttle ASA's overall GF Score™ is 71/100 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 Norwegian Air Shuttle ASA (NWARF), the current Altman Z-Score is 1.38 as of Jun. 28, 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 Norwegian Air Shuttle ASA (NWARF) Overvalued in 2026?
Based on GuruFocus' analysis, Norwegian Air Shuttle ASA stock appears to be undervalued.
The current stock price of $1.55 is trading 2.5% below its estimated GF Value™ of $1.59.
GuruFocus considers Norwegian Air Shuttle ASA to be Fairly Valued.
Key valuation signals for NWARF:
Altman Z-Score: 1.38 (116% above median its 10-year median of 0.64)
GF Value™: $1.59 vs. price of $1.55 (2.5% below fair value)
Industry Position: 39.2% below the Transportation median (#697 of 992)
No single metric tells the full story. See the NWARF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Norwegian Air Shuttle ASA is an airline that operates short-haul flights across the Nordic countries and to destinations in Europe. The company has organized its operations into four functional business areas, including Commercial, Operations, Wideroe and Support Functions. With over three hundred routes in its network, Norwegian Air Shuttle provides passengers with quality flights at affordable fares. The company's focus is on low-cost air travel for passengers, and it believes in offering friendly and helpful service while maintaining operational excellence.
71GF Score
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