Onward Holdings CoOKASY 76 Altman Z-Score is 3.21 as of Jun. 25, 2026, which is 67% above its 10-year median of 1.92. GuruFocus rates OKASY with a GF Score™ of 76/100 and a GF Value™ of $47.66. The stock has 1 warning sign investors should review. Among 1,034 Manufacturing - Apparel & Accessories companies, Onward Holdings Co ranks worse than 51.26% 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 2.45 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.
Onward Holdings Co has a Altman Z-Score of 3.21, 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 Onward Holdings Co's Altman Z-Score or its related term are showing as below:
OKASY'
s Altman Z-Score Range Over the Past 10 Years
Min: 0.58 Med: 1.92 Max: 2.54
Current: 2.45
During the past 13 years, Onward Holdings Co's highest Altman Z-Score was 2.54. The lowest was 0.58. And the median was 1.92.
Onward Holdings Co (OTCPK:OKASY) 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.
Onward Holdings Co Altman Z-Score Related Terms
Onward Holdings Co Altman Z-Score Historical Data
* Premium members only.
The historical data trend for Onward Holdings Co'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 Apparel Manufacturing subindustry, Onward Holdings Co'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.
Onward Holdings Co Altman Z-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Onward Holdings Co's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Onward Holdings Co'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.
Onward Holdings Co'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
*
0.1261
+
1.4
*
0.1386
+
3.3
*
0.0767
+
0.6
*
2.2056
+
1.0
*
1.2881
=
3.21
* 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.
Onward Holdings Co (OKASY) has a Altman Z-Score of 3.21 as of Jun. 25, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Onward Holdings Co and its competitors. This is 67% above median its historical median of 1.92. Over the past decade, Onward Holdings Co's Altman Z-Score has ranged from 0.58 to 2.54. According to the industry distribution chart, Onward Holdings Co ranks #530 out of 1034 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 51.3%.
Is Onward Holdings Co's Altman Z-Score too high?
Onward Holdings Co's current Altman Z-Score of 3.21 is 67% above median its 10-year median of 1.92. Over the past 10 years, this metric has ranged from a low of 0.58 to a high of 2.54. The Manufacturing - Apparel & Accessories industry median Altman Z-Score is 2.51. Onward Holdings Co's value of 3.21 is 27.9% above this industry median. Based on the distribution chart, Onward Holdings Co ranks #530 out of 1034 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Onward Holdings Co has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does Onward Holdings Co's Altman Z-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Onward Holdings Co ranks #530 out of 1034 companies for Altman Z-Score. This places Onward Holdings Co in the lower half of its industry. The industry median Altman Z-Score is 2.51. Onward Holdings Co's value of 3.21 is 27.9% above this benchmark. Historically, Onward Holdings Co's own Altman Z-Score has ranged from 0.58 to 2.54 over the past decade. While the company's 10-year median is 1.92 vs. the industry median of 2.51, Onward Holdings Co 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 Manufacturing - Apparel & Accessories company?
The median Altman Z-Score among Manufacturing - Apparel & Accessories companies is 2.51, based on 1,034 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. Onward Holdings Co's current Altman Z-Score of 3.21 is 27.9% 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 Onward Holdings Co and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Altman Z-Score is 2.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Onward Holdings Co's current Altman Z-Score is 3.21, which is 67% above median its own 10-year median of 1.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Onward Holdings Co stock overvalued right now?
Onward Holdings Co (OKASY) has a current Altman Z-Score of 3.21. The stock's GF Value™ is $47.66, compared to a current price of $50.00 — trading 4.9% above its estimated fair value. The current Altman Z-Score is 3.21, which is 67% above median its 10-year median of 1.92 and 27.9% above the Manufacturing - Apparel & Accessories industry median of 2.51. Onward Holdings Co's overall GF Score™ is 76/100 with 1 warning sign 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 Onward Holdings Co (OKASY), the current Altman Z-Score is 3.21 as of Jun. 25, 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 Onward Holdings Co (OKASY) Overvalued in 2026?
Based on GuruFocus' analysis, Onward Holdings Co stock appears to be overvalued.
The current stock price of $50.00 is trading 4.9% above its estimated GF Value™ of $47.66.
Key valuation signals for OKASY:
Altman Z-Score: 3.21 (67% above median its 10-year median of 1.92)
GF Value™: $47.66 vs. price of $50.00 (4.9% above fair value)
Industry Position: 27.9% above the Manufacturing - Apparel & Accessories median (#530 of 1034)
No single metric tells the full story. See the OKASY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Onward Holdings Co Ltd manufactures and sells clothing, shoes, uniforms, bags, and other items. Women's clothing sales account for the majority of Onward's apparel revenue. The company's core brands include Nijyusanku, Kumikyoku, ICB, Jiyuku, J.Press, and Gotairiku. More than three-fourths of Onward's sales are through department stores. Remaining sales are through other retailers, directly managed stores, and e-commerce. More than three-fourths of Onward's sales are in Japan, and the majority of the company's remaining sales are in Europe. The company manufactures its products mainly in China.
76GF Score
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