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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 3.83 is strong.
Winnebago Industries has a Altman Z-Score of 3.85, 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 Winnebago Industries's Altman Z-Score or its related term are showing as below:
During the past 13 years, Winnebago Industries's highest Altman Z-Score was 9.51. The lowest was 3.83. And the median was 4.89.
The historical data trend for Winnebago Industries'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.
For the Recreational Vehicles subindustry, Winnebago Industries'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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Winnebago Industries's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Winnebago Industries'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.
Winnebago Industries'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 | * | 0.2667 | + | 1.4 | * | 0.7197 | + | 3.3 | * | 0.0728 | + | 0.6 | * | 1.6501 | + | 1.0 | * | 1.2895 | |
= | 3.85 |
* 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 Feb. 2024:
Total Assets was $2,434 Mil.
Total Current Assets was $1,002 Mil.
Total Current Liabilities was $353 Mil.
Retained Earnings was $1,752 Mil.
Pre-Tax Income was -5.6 + 34.4 + 54.7 + 75.1 = $159 Mil.
Interest Expense was -5.3 + -4.1 + -4.1 + -5.2 = $-19 Mil.
Revenue was 703.6 + 763 + 771 + 900.8 = $3,138 Mil.
Market Cap (Today) was $1,830 Mil.
Total Liabilities was $1,109 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 | |
= | (1002.2 - 353.2) | / | 2433.9 | |
= | 0.2667 |
X2 | = | Retained Earnings | / | Total Assets |
= | 1751.6 | / | 2433.9 | |
= | 0.7197 |
X3 | = | Earnings Before Interest and Taxes | / | Total Assets |
= | (Pre-Tax Income - Interest Expense) | / | Total Assets | |
= | (158.6 - -18.7) | / | 2433.9 | |
= | 0.0728 |
X4 | = | Market Value Equity | / | Book Value of Total Liabilities |
= | Market Cap | / | Total Liabilities | |
= | 1830.460 | / | 1109.3 | |
= | 1.6501 |
X5 | = | Revenue | / | Total Assets |
= | 3138.4 | / | 2433.9 | |
= | 1.2895 |
The zones of discrimination were as such:
Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones
Winnebago Industries has a Altman Z-Score of 3.85 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.
Winnebago Industries (NYSE:WGO) 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.
Thank you for viewing the detailed overview of Winnebago Industries's Altman Z-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher David West | officer: VP - Operations | N60W27221 TRAPPERS RUN, SUSSEX WI 53089 |
Richard D Moss | director | 1715 WEST 38TH STREET, CHATTANOOGA TN 37409 |
William C. Fisher | director | 2100 HIGHWAY 55, MEDINA MN 55340 |
Ashis Nayan Bhattacharya | officer: VP Strategic Development & Pla | 6341 URBANDALE LANE NORTH, MAPLE GROVE MN 55311 |
Staci L Kroon | director | 13200 PIONEER TRAIL, EDEN PRAIRIE MN 55347 |
Donald Jeff Clark | officer: President & CEO Grand Design | 13429 WOODED KNOLL TRAIL, MIDDLEBURY IN 46540 |
Casey J Tubman | officer: PRESIDENT, NEWMAR CORPORATION | 13200 PIONEER TRAIL, EDEN PRAIRIE MN 55347 |
Maria Favlana Blase | director | PO BOX 152, FOREST CITY IA 50436 |
Jacqueline D. Woods | director | PO BOX 152, FOREST CITY IA 50436 |
Kevin E. Bryant | director | C/O EVERGY, INC., 1200 MAIN STREET, KANSAS CITY MO 64105 |
Matthew L. Miller | officer: VP, WGO, President, Newmar | P.O. BOX 152, FOREST CITY IA 50436 |
Bret A Woodson | officer: VP-Administration | P.O. BOX 152, FOREST CITY IA 50436 |
Huw Bower | officer: President, Winnebago Outdoors | C/O BRUNSWICK CORPORATION, 1 N FIELD COURT, LAKE FOREST IL 60045 |
Michael J Happe | director, officer: CEO & President | P.O. BOX 152, FOREST CITY IA 50436 |
Christopher J Braun | director | P.O. BOX 152, FOREST CITY IA 50436 |
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