INA-Industrija Nafte DDZAG:INA 74 Altman Z-Score is 2.52 as of Jun. 30, 2026, which is 81% below its 10-year median of 13.49. GuruFocus rates ZAG:INA with a GF Score™ of 74/100 and a GF Value™ of €358.63 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 900 Oil & Gas companies, INA-Industrija Nafte DD ranks better than 62.78% 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 2.52 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.
INA-Industrija Nafte DD has a Altman Z-Score of 2.52, indicating it is in Grey Zones. This implies that INA-Industrija Nafte DD 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 INA-Industrija Nafte DD's Altman Z-Score or its related term are showing as below:
ZAG:INA'
s Altman Z-Score Range Over the Past 10 Years
Min: 2.42 Med: 13.49 Max: 20.05
Current: 2.52
During the past 13 years, INA-Industrija Nafte DD's highest Altman Z-Score was 20.05. The lowest was 2.42. And the median was 13.49.
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.
ZAG:INA vs VLO, MPC, PSX: Altman Z-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, INA-Industrija Nafte DD'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.
INA-Industrija Nafte DD Altman Z-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, INA-Industrija Nafte DD's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where INA-Industrija Nafte DD'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.
INA-Industrija Nafte DD (ZAG:INA) has a Altman Z-Score of 2.52 as of Jun. 30, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on INA-Industrija Nafte DD and its competitors. This is 81% below median its historical median of 13.49. Over the past decade, INA-Industrija Nafte DD's Altman Z-Score has ranged from 2.42 to 20.05. According to the industry distribution chart, INA-Industrija Nafte DD ranks #335 out of 900 companies in the Oil & Gas industry, placing it in the top 37.2%.
Is INA-Industrija Nafte DD's Altman Z-Score too high?
INA-Industrija Nafte DD's current Altman Z-Score of 2.52 is 81% below median its 10-year median of 13.49. Over the past 10 years, this metric has ranged from a low of 2.42 to a high of 20.05. The Oil & Gas industry median Altman Z-Score is 1.90. INA-Industrija Nafte DD's value of 2.52 is 33% above this industry median. Based on the distribution chart, INA-Industrija Nafte DD ranks #335 out of 900 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, INA-Industrija Nafte DD has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does INA-Industrija Nafte DD's Altman Z-Score compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, INA-Industrija Nafte DD ranks #335 out of 900 companies for Altman Z-Score. This puts INA-Industrija Nafte DD in the upper half of its industry. The industry median Altman Z-Score is 1.90. INA-Industrija Nafte DD's value of 2.52 is 33% above this benchmark. Historically, INA-Industrija Nafte DD's own Altman Z-Score has ranged from 2.42 to 20.05 over the past decade. While the company's 10-year median is 13.49 vs. the industry median of 1.90, INA-Industrija Nafte DD 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 an Oil & Gas company?
The median Altman Z-Score among Oil & Gas companies is 1.90, based on 900 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. INA-Industrija Nafte DD's current Altman Z-Score of 2.52 is 33% 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 INA-Industrija Nafte DD and its competitors. For the Oil & Gas industry, the median Altman Z-Score is 1.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. INA-Industrija Nafte DD's current Altman Z-Score is 2.52, which is 81% below median its own 10-year median of 13.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is INA-Industrija Nafte DD stock overvalued right now?
Based on GuruFocus' analysis, INA-Industrija Nafte DD (ZAG:INA) is currently considered Significantly Overvalued. The stock's GF Value™ is €358.63, compared to a current price of €530.00 — trading 47.8% above its estimated fair value. The current Altman Z-Score is 2.52, which is 81% below median its 10-year median of 13.49 and 33% above the Oil & Gas industry median of 1.90. INA-Industrija Nafte DD's overall GF Score™ is 74/100 with 7 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 INA-Industrija Nafte DD (ZAG:INA), the current Altman Z-Score is 2.52 as of Jun. 30, 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 INA-Industrija Nafte DD (ZAG:INA) Overvalued in 2026?
Based on GuruFocus' analysis, INA-Industrija Nafte DD stock appears to be overvalued.
The current stock price of €530.00 is trading 47.8% above its estimated GF Value™ of €358.63.
GuruFocus considers INA-Industrija Nafte DD to be Significantly Overvalued.
Key valuation signals for ZAG:INA:
Altman Z-Score: 2.52 (81% below median its 10-year median of 13.49)
GF Value™: €358.63 vs. price of €530.00 (47.8% above fair value)
Industry Position: 33% above the Oil & Gas median (#335 of 900)
No single metric tells the full story. See the ZAG:INA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
INA-Industrija Nafte DD is a medium-sized European oil and gas company. It is engaged in exploration and production of oil and gas deposits, import of natural gas and sale of imported and domestically produced natural gas to industrial consumers and municipal gas distributors, refining and production of oil products through refineries located at Rijeka and Sisak, and Zagreb lubricants plants. Its segments are Exploration and Production of Oil & Gas; Refining & Marketing; Corporate and other. Exploration and Production of Oil & Gas segment include exploration, production, and selling of crude oil and natural gas. Refining & Marketing segment includes crude oil processing, wholesale of refinery products, trading, and logistics.
74GF Score
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