Hwa Fong Rubber Ind CoTPE:2109 +0.34%73 Altman Z-Score is 2.18 as of Jul. 01, 2026, which is 11% above its 10-year median of 1.96. GuruFocus rates TPE:2109 with a GF Score™ of 73/100 and a GF Value™ of NT$14.79 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,311 Vehicles & Parts companies, Hwa Fong Rubber Ind Co ranks worse than 59.5% 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 2.18 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.
Hwa Fong Rubber Ind Co has a Altman Z-Score of 2.18, indicating it is in Grey Zones. This implies that Hwa Fong Rubber Ind Co 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 Hwa Fong Rubber Ind Co's Altman Z-Score or its related term are showing as below:
TPE:2109'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.18 Med: 1.96 Max: 2.66
Current: 2.18
During the past 13 years, Hwa Fong Rubber Ind Co's highest Altman Z-Score was 2.66. The lowest was 1.18. And the median was 1.96.
Hwa Fong Rubber Ind Co (TPE:2109) 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.
Hwa Fong Rubber Ind Co Altman Z-Score Related Terms
Hwa Fong Rubber Ind Co Altman Z-Score Historical Data
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The historical data trend for Hwa Fong Rubber Ind 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 Auto Parts subindustry, Hwa Fong Rubber Ind 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.
Hwa Fong Rubber Ind Co Altman Z-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hwa Fong Rubber Ind Co's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Hwa Fong Rubber Ind 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.
* 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.
Hwa Fong Rubber Ind Co (TPE:2109) has a Altman Z-Score of 2.18 as of Jul. 01, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Hwa Fong Rubber Ind Co and its competitors. This is 11% above median its historical median of 1.96. Over the past decade, Hwa Fong Rubber Ind Co's Altman Z-Score has ranged from 1.18 to 2.66. According to the industry distribution chart, Hwa Fong Rubber Ind Co ranks #780 out of 1311 companies in the Vehicles & Parts industry, placing it in the top 59.5%.
Is Hwa Fong Rubber Ind Co's Altman Z-Score too high?
Hwa Fong Rubber Ind Co's current Altman Z-Score of 2.18 is 11% above median its 10-year median of 1.96. Over the past 10 years, this metric has ranged from a low of 1.18 to a high of 2.66. The Vehicles & Parts industry median Altman Z-Score is 2.54. Hwa Fong Rubber Ind Co's value of 2.18 is 14.2% below this industry median. Based on the distribution chart, Hwa Fong Rubber Ind Co ranks #780 out of 1311 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Hwa Fong Rubber Ind Co has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hwa Fong Rubber Ind Co's Altman Z-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Hwa Fong Rubber Ind Co ranks #780 out of 1311 companies for Altman Z-Score. This places Hwa Fong Rubber Ind Co in the lower half of its industry. The industry median Altman Z-Score is 2.54. Hwa Fong Rubber Ind Co's value of 2.18 is 14.2% below this benchmark. Historically, Hwa Fong Rubber Ind Co's own Altman Z-Score has ranged from 1.18 to 2.66 over the past decade. While the company's 10-year median is 1.96 vs. the industry median of 2.54, Hwa Fong Rubber Ind Co 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 Vehicles & Parts company?
The median Altman Z-Score among Vehicles & Parts companies is 2.54, based on 1,311 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. Hwa Fong Rubber Ind Co's current Altman Z-Score of 2.18 is 14.2% 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 Hwa Fong Rubber Ind Co and its competitors. For the Vehicles & Parts industry, the median Altman Z-Score is 2.54 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hwa Fong Rubber Ind Co's current Altman Z-Score is 2.18, which is 11% above median its own 10-year median of 1.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hwa Fong Rubber Ind Co stock overvalued right now?
Based on GuruFocus' analysis, Hwa Fong Rubber Ind Co (TPE:2109) is currently considered Fairly Valued. The stock's GF Value™ is NT$14.79, compared to a current price of NT$14.55 — trading 1.6% below its estimated fair value. The current Altman Z-Score is 2.18, which is 11% above median its 10-year median of 1.96 and 14.2% below the Vehicles & Parts industry median of 2.54. Hwa Fong Rubber Ind Co's overall GF Score™ is 73/100 with 3 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 Hwa Fong Rubber Ind Co (TPE:2109), the current Altman Z-Score is 2.18 as of Jul. 01, 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 Hwa Fong Rubber Ind Co (TPE:2109) Overvalued in 2026?
Based on GuruFocus' analysis, Hwa Fong Rubber Ind Co stock appears to be undervalued.
The current stock price of NT$14.55 is trading 1.6% below its estimated GF Value™ of NT$14.79.
GuruFocus considers Hwa Fong Rubber Ind Co to be Fairly Valued.
Key valuation signals for TPE:2109:
Altman Z-Score: 2.18 (11% above median its 10-year median of 1.96)
GF Value™: NT$14.79 vs. price of NT$14.55 (1.6% below fair value)
Industry Position: 14.2% below the Vehicles & Parts median (#780 of 1311)
No single metric tells the full story. See the TPE:2109 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hwa Fong Rubber Ind Co Ltd is a Taiwan-based company engaged in the manufacture, processing, domestic and foreign sales, import and export of rubber and plastic products. The company is engaged in the manufacture, processing, distribution, and trading of inner and outer bicycle tubes for automobiles, agricultural vehicles, recreational vehicles, light trucks, and radial tires. The company's reportable segments from a geographical perspective are Taiwan, Thailand, the United States of America, China and Other areas. The company generates the majority of its revenue from Other Areas.
73GF Score
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