As of November 2020, Pakistan International Airline received the lowest Altman's Z score, making the company highly likely to file for bankruptcy in the upcoming two years.
Altman's Z score is a financial stability indicator of a business that takes into consideration the ratios of working capital to total assets, retained earnings to total assets, earnings before interest, and taxes (EBIT) to total assets, market capitalization to total liabilities, and total revenue to total assets. By computing a weighted value of these ratios an Altman's Z score index for bankruptcy is estimated.
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Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score*
Characteristic
Altman's Z score
Pakistan International
-6.83
Precision Air
-4.22
Azul
-2.04
Medview Airlines
-1.73
AirAsia Indonesia
-1.41
Thai Airways
-1.08
Gol Linhas
-1.06
Grupo Aeromexico
-1.03
Created with Highcharts 7.2.2Altman's Z scorePakistan InternationalPrecision AirAzulMedview AirlinesAirAsia IndonesiaThai AirwaysGol LinhasGrupo Aeromexico
-7-6.5-6-5.5-5-4.5-4-3.5-3-2.5-2-1.5-1-0.50
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Bloomberg. (November 1, 2020). Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score* [Graph]. In Statista. Retrieved July 05, 2025, from https://www.statista.com/statistics/1183955/airline-groups-risk-collapse-covid19/
Bloomberg. "Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score*." Chart. November 1, 2020. Statista. Accessed July 05, 2025. https://www.statista.com/statistics/1183955/airline-groups-risk-collapse-covid19/
Bloomberg. (2020). Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score*. Statista. Statista Inc.. Accessed: July 05, 2025. https://www.statista.com/statistics/1183955/airline-groups-risk-collapse-covid19/
Bloomberg. "Airlines in The Risk of Collapse as of November 1, 2020, by Altman's Z Score*." Statista, Statista Inc., 1 Nov 2020, https://www.statista.com/statistics/1183955/airline-groups-risk-collapse-covid19/
Bloomberg, Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score* Statista, https://www.statista.com/statistics/1183955/airline-groups-risk-collapse-covid19/ (last visited July 05, 2025)
Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score* [Graph], Bloomberg, November 1, 2020. [Online]. Available: https://www.statista.com/statistics/1183955/airline-groups-risk-collapse-covid19/
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