altman z-score
We backtested the Altman Z-Score on NSE stocks from 2000 to 2025. Safe-zone stocks returned 10.6% CAGR vs the Sensex at 11.5%. Distress-zone stocks returned just 3.1%. The +7.6% spread is one of the widest across any exchange tested. In India, distress destroys capital.
altman z-score
Altman Z-Score on SAO exchange stocks from 2000 to 2025. Safe zone: 11.1% CAGR. Distress zone: 4.7% CAGR. The all-ex-distress portfolio returned 13.1% CAGR, 4.5% above Bovespa. High interest rates make distress more punishing in Brazil.
altman z-score
We tested the Altman Z-Score across 14 exchanges with local benchmarks. India +7.6% spread, Brazil +6.4%, South Africa +6.6%. Switzerland +4.8% vs SMI, UK +2.9% vs FTSE. The pattern maps onto where distress destroys equity value and where local benchmarks are weak enough that safe stocks outperform.
altman z-score
We backtested the Altman Z-Score on US stocks from 2000 to 2025. Safe-zone companies (Z > 2.99) returned 4.3% annually vs 7.3% for the S&P 500. Distress-zone stocks actually outperformed safe ones. The Z-Score predicts bankruptcy, not stock returns.