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 1.51 is in distress zone. This implies bankruptcy possibility in the next two years.
Nomura Real Estate Holdings has a Altman Z-Score of 1.52, 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 Nomura Real Estate Holdings's Altman Z-Score or its related term are showing as below:
TSE:3231'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.24 Med: 1.39 Max: 1.57
Current: 1.51
During the past 13 years, Nomura Real Estate Holdings's highest Altman Z-Score was 1.57. The lowest was 1.24. And the median was 1.39.
Nomura Real Estate Holdings (TSE:3231) 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.
TSE:3231 vs CBRE, BEKE, JLL: Altman Z-Score Comparison
For the Real Estate Services subindustry, Nomura Real Estate Holdings'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.
Nomura Real Estate Holdings Altman Z-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Nomura Real Estate Holdings's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Nomura Real Estate Holdings's Altman Z-Score falls into.
Nomura Real Estate Holdings 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.
Nomura Real Estate Holdings (TSE:3231) has a Altman Z-Score of 1.52 as of Jul. 02, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Nomura Real Estate Holdings and its competitors. This is near median its historical median of 1.39. Over the past decade, Nomura Real Estate Holdings' Altman Z-Score has ranged from 1.24 to 1.57. According to the industry distribution chart, Nomura Real Estate Holdings ranks #735 out of 1730 companies in the Real Estate industry, placing it in the top 42.5%.
Is Nomura Real Estate Holdings' Altman Z-Score too high?
Nomura Real Estate Holdings' current Altman Z-Score of 1.52 is near median its 10-year median of 1.39. Over the past 10 years, this metric has ranged from a low of 1.24 to a high of 1.57. The Real Estate industry median Altman Z-Score is 1.30. Nomura Real Estate Holdings' value of 1.52 is 16.9% above this industry median. Based on the distribution chart, Nomura Real Estate Holdings ranks #735 out of 1730 companies in the Real Estate industry, which is above the industry midpoint. Overall, Nomura Real Estate Holdings has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nomura Real Estate Holdings' Altman Z-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Nomura Real Estate Holdings ranks #735 out of 1730 companies for Altman Z-Score. This puts Nomura Real Estate Holdings in the upper half of its industry. The industry median Altman Z-Score is 1.30. Nomura Real Estate Holdings' value of 1.52 is 16.9% above this benchmark. Historically, Nomura Real Estate Holdings' own Altman Z-Score has ranged from 1.24 to 1.57 over the past decade. While the company's 10-year median is 1.39 vs. the industry median of 1.30, Nomura Real Estate Holdings 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 Real Estate company?
The median Altman Z-Score among Real Estate companies is 1.30, based on 1,730 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. Nomura Real Estate Holdings's current Altman Z-Score of 1.52 is 16.9% 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 Nomura Real Estate Holdings and its competitors. For the Real Estate industry, the median Altman Z-Score is 1.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nomura Real Estate Holdings's current Altman Z-Score is 1.52, which is near median its own 10-year median of 1.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Real Estate Holdings stock overvalued right now?
Based on GuruFocus' analysis, Nomura Real Estate Holdings (TSE:3231) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,089.56, compared to a current price of 円936.00 — trading 14.1% below its estimated fair value. The current Altman Z-Score is 1.52, which is near median its 10-year median of 1.39 and 16.9% above the Real Estate industry median of 1.30. Nomura Real Estate Holdings' overall GF Score™ is 79/100 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 Nomura Real Estate Holdings (TSE:3231), the current Altman Z-Score is 1.52 as of Jul. 02, 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 Nomura Real Estate Holdings (TSE:3231) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Real Estate Holdings stock appears to be undervalued.
The current stock price of 円936.00 is trading 14.1% below its estimated GF Value™ of 円1,089.56.
GuruFocus considers Nomura Real Estate Holdings to be Modestly Undervalued.
Key valuation signals for TSE:3231:
Altman Z-Score: 1.52 (near median its 10-year median of 1.39)
GF Value™: 円1,089.56 vs. price of 円936.00 (14.1% below fair value)
Industry Position: 16.9% above the Real Estate median (#735 of 1730)
No single metric tells the full story. See the TSE:3231 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Real Estate Holdings Inc comprises Nomura Real Estate Development and other group companies. It operates in residential development, leasing, investment management, property brokerage, commercial real estate, property management, and other areas. Residential development is the leading business and provides a diverse group of services. Condominiums and detached housing are among the various property types offered. The group launches numerous properties under its branded names, like Proud and Ohana, in various parts of the Tokyo metropolitan area. In addition to commercial property development, the group provides corporate real estate brokerage and architectural design.
79GF Score
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