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Jadranski Naftovod DDZAG:JNAF 83 Altman Z-Score is 20.19 as of Aug. 10, 2026, which is 74% below its 10-year median of 77.72. GuruFocus rates ZAG:JNAF with a GF Score™ of 83/100 and a GF Value™ of €770.33 (Fairly Valued). The stock has 7 warning signs investors should review. Among 907 Oil & Gas companies, Jadranski Naftovod DD ranks better than 97.79% 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.
Good Sign:
Altman Z-score of 20.19 is strong.
Jadranski Naftovod DD has a Altman Z-Score of 20.19, 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 Jadranski Naftovod DD's Altman Z-Score or its related term are showing as below:
ZAG:JNAF'
s Altman Z-Score Range Over the Past 10 Years
Min: 17.25 Med: 77.72 Max: 168.81
Current: 20.19
During the past 13 years, Jadranski Naftovod DD's highest Altman Z-Score was 168.81. The lowest was 17.25. And the median was 77.72.
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.
Jadranski Naftovod DD Altman Z-Score Related Terms
Jadranski Naftovod DD Altman Z-Score Historical Data
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The historical data trend for Jadranski Naftovod DD'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.
ZAG:JNAF vs WMB, EPD, KMI: Altman Z-Score Comparison
For the Oil & Gas Midstream subindustry, Jadranski Naftovod 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.
Jadranski Naftovod DD Altman Z-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Jadranski Naftovod DD's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Jadranski Naftovod 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.
Jadranski Naftovod DD (ZAG:JNAF) has a Altman Z-Score of 20.19 as of Aug. 10, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Jadranski Naftovod DD and its competitors. This is 74% below median its historical median of 77.72. Over the past decade, Jadranski Naftovod DD's Altman Z-Score has ranged from 17.25 to 168.81. According to the industry distribution chart, Jadranski Naftovod DD ranks #20 out of 907 companies in the Oil & Gas industry, placing it in the top 2.2%.
Is Jadranski Naftovod DD's Altman Z-Score too high?
Jadranski Naftovod DD's current Altman Z-Score of 20.19 is 74% below median its 10-year median of 77.72. Over the past 10 years, this metric has ranged from a low of 17.25 to a high of 168.81. The Oil & Gas industry median Altman Z-Score is 1.95. Jadranski Naftovod DD's value of 20.19 is 935.4% above this industry median. Based on the distribution chart, Jadranski Naftovod DD ranks #20 out of 907 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Jadranski Naftovod DD has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Jadranski Naftovod DD's Altman Z-Score compare to WMB and EPD?
According to the Oil & Gas industry distribution chart, Jadranski Naftovod DD ranks #20 out of 907 companies for Altman Z-Score. This places Jadranski Naftovod DD in the top 2% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 1.95. Jadranski Naftovod DD's value of 20.19 is 935.4% above this benchmark. Historically, Jadranski Naftovod DD's own Altman Z-Score has ranged from 17.25 to 168.81 over the past decade. While the company's 10-year median is 77.72 vs. the industry median of 1.95, Jadranski Naftovod 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 1.95, based on 907 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. Jadranski Naftovod DD's current Altman Z-Score of 20.19 is 935.4% 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 Jadranski Naftovod DD and its competitors. For the Oil & Gas industry, the median Altman Z-Score is 1.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Jadranski Naftovod DD's current Altman Z-Score is 20.19, which is 74% below median its own 10-year median of 77.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Jadranski Naftovod DD stock overvalued right now?
Based on GuruFocus' analysis, Jadranski Naftovod DD (ZAG:JNAF) is currently considered Fairly Valued. The stock's GF Value™ is €770.33, compared to a current price of €830.00 — trading 7.7% above its estimated fair value. The current Altman Z-Score is 20.19, which is 74% below median its 10-year median of 77.72 and 935.4% above the Oil & Gas industry median of 1.95. Jadranski Naftovod DD's overall GF Score™ is 83/100 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 Jadranski Naftovod DD (ZAG:JNAF), the current Altman Z-Score is 20.19 as of Aug. 10, 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 Jadranski Naftovod DD (ZAG:JNAF) Overvalued in 2026?
Based on GuruFocus' analysis, Jadranski Naftovod DD stock appears to be overvalued.
The current stock price of €830.00 is trading 7.7% above its estimated GF Value™ of €770.33.
GuruFocus considers Jadranski Naftovod DD to be Fairly Valued.
Key valuation signals for ZAG:JNAF:
Altman Z-Score: 20.19 (74% below median its 10-year median of 77.72)
GF Value™: €770.33 vs. price of €830.00 (7.7% above fair value)
Industry Position: 935.4% above the Oil & Gas median (#20 of 907)
No single metric tells the full story. See the ZAG:JNAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Jadranski Naftovod DD is mainly engaged in oil transportation activities and storage of oil and refinery products. The company operates the JANAF system which is an international crude oil transportation system consists of crude oil handling terminals and pipelines in Sisak, Gola, Virje, Sotin and Slavonski Brod and the accompanying pumping and metering stations. It also involved in the reloading and storage of crude oil and oil products as well as provision of engineering and technical advisory services.
83GF Score
Get the complete analysis for ZAG:JNAF
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