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First Brothers CoTSE:3454 +0.08%65 Altman Z-Score is 1.84 as of Jul. 16, 2026, which is at its 10-year median of 1.84. GuruFocus rates TSE:3454 with a GF Score™ of 65/100 and a GF Value™ of 円1,541.44 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 647 Asset Management companies, First Brothers Co ranks worse than 66% 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 1.84 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.
First Brothers Co has a Altman Z-Score of 1.84, indicating it is in Grey Zones. This implies that First Brothers 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 First Brothers Co's Altman Z-Score or its related term are showing as below:
TSE:3454'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.22 Med: 1.84 Max: 2.84
Current: 1.84
During the past 13 years, First Brothers Co's highest Altman Z-Score was 2.84. The lowest was 1.22. And the median was 1.84.
First Brothers Co (TSE:3454) 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.
First Brothers Co Altman Z-Score Related Terms
First Brothers Co Altman Z-Score Historical Data
* Premium members only.
The historical data trend for First Brothers 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.
TSE:3454 vs BLK, BX, KKR: Altman Z-Score Comparison
For the Asset Management subindustry, First Brothers 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.
First Brothers Co Altman Z-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, First Brothers Co's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where First Brothers 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.
First Brothers 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
*
0.6105
+
1.4
*
0.28
+
3.3
*
0.0797
+
0.6
*
0.2979
+
1.0
*
0.2738
=
1.84
* 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.
First Brothers Co (TSE:3454) has a Altman Z-Score of 1.84 as of Jul. 16, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on First Brothers Co and its competitors. This is near median its historical median of 1.84. Over the past decade, First Brothers Co's Altman Z-Score has ranged from 1.22 to 2.84. According to the industry distribution chart, First Brothers Co ranks #427 out of 647 companies in the Asset Management industry, placing it in the top 66%.
Is First Brothers Co's Altman Z-Score too high?
First Brothers Co's current Altman Z-Score of 1.84 is near median its 10-year median of 1.84. Over the past 10 years, this metric has ranged from a low of 1.22 to a high of 2.84. The Asset Management industry median Altman Z-Score is 3.60. First Brothers Co's value of 1.84 is 48.9% below this industry median. Based on the distribution chart, First Brothers Co ranks #427 out of 647 companies in the Asset Management industry, which is below the industry midpoint. Overall, First Brothers Co has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does First Brothers Co's Altman Z-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, First Brothers Co ranks #427 out of 647 companies for Altman Z-Score. This places First Brothers Co in the lower half of its industry. The industry median Altman Z-Score is 3.60. First Brothers Co's value of 1.84 is 48.9% below this benchmark. Historically, First Brothers Co's own Altman Z-Score has ranged from 1.22 to 2.84 over the past decade. While the company's 10-year median is 1.84 vs. the industry median of 3.60, First Brothers 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 an Asset Management company?
The median Altman Z-Score among Asset Management companies is 3.60, based on 647 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. First Brothers Co's current Altman Z-Score of 1.84 is 48.9% 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 First Brothers Co and its competitors. For the Asset Management industry, the median Altman Z-Score is 3.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Brothers Co's current Altman Z-Score is 1.84, which is near median its own 10-year median of 1.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Brothers Co stock overvalued right now?
Based on GuruFocus' analysis, First Brothers Co (TSE:3454) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,541.44, compared to a current price of 円1,277.00 — trading 17.2% below its estimated fair value. The current Altman Z-Score is 1.84, which is near median its 10-year median of 1.84 and 48.9% below the Asset Management industry median of 3.60. First Brothers Co's overall GF Score™ is 65/100 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 First Brothers Co (TSE:3454), the current Altman Z-Score is 1.84 as of Jul. 16, 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 First Brothers Co (TSE:3454) Overvalued in 2026?
Based on GuruFocus' analysis, First Brothers Co stock appears to be undervalued.
The current stock price of 円1,277.00 is trading 17.2% below its estimated GF Value™ of 円1,541.44.
GuruFocus considers First Brothers Co to be Modestly Undervalued.
Key valuation signals for TSE:3454:
Altman Z-Score: 1.84 (near median its 10-year median of 1.84)
GF Value™: 円1,541.44 vs. price of 円1,277.00 (17.2% below fair value)
Industry Position: 48.9% below the Asset Management median (#427 of 647)
No single metric tells the full story. See the TSE:3454 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Brothers Co Ltd engages in the investment management business. It operates through the Investment Management, Investment Banking, and Facility Management divisions. The Investment Management division invests in real estate or real estate trust beneficiary rights by performing asset management in a private fund format. The Investment Banking division provides various advisory services for real estate and other investments. The Facility Management operates accommodation facilities to provide hospitality services from a medium-to long-term perspective.
65GF Score
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