Calculate Altman Z Score Automatically in Excel in Under 5 Minutes with 3 Simple Steps

Courtney Kiely
May 30, 2018

The Altman Z Score calculation is based on five financial ratios and can take some time to produce manually. To save time (and frustration), you can use this handy Excel hack!

In this short process, we’ll show you how to pull the Altman Z Score for US publicly traded companies without doing manual calculations, which is possible through the Intrinio Excel Add-In.

Getting Started

Before you can pull the Altman Z Score, you will need to follow the following steps:

  1. Request a consultation to subscribe to our fundamentals or sector and industry data.
  2. Download and install the free Excel Add-In. For help with downloading/installing the add-in, check out the Excel Tutorial.

Calculating Altman Z Score

Now, in just three steps, you will be able to pull the Altman Z Score using the API Explorer and the Excel Add-In.

1. Go to the Altman Z Score data tag page

2. Scroll down to the API Explorer and copy the formula by clicking the notepad icon

Altman Z Score formula

3. Paste the function into the excel sheet, change the company ticker to the cell in which the ticker is written, for instance, on the example below, “AAPL” was changed to be A2. This will allow you to update a whole list of tickers without manually changing the ticker on each formula.

Altman Z Score in Excel

How Intrinio Calculates Altman Z Score

The Altman Z Score is based on five financial ratios that are pulled from a company’s annual 10K report.

Altman Z Score Calculation

WCTOA: Working Capital/Total Assets

RETOA: Retained Earnings/Total Assets

EBITTOA: Earnings Before Interest & Tax/Total Assets

MVTL: Market Value of Equity/Total Liabilities

STA: Sales/Total Assets

Additional Altman Z Score Resources

Check out our Altman Z Score video tutorial to also learn how to:

  1. Calculate historical Altman Z Scores.
  2. Review 10Ks from US publicly traded companies, thanks to Intrinio’s templates. As mentioned earlier in this blog, the z-score is calculated by pulling ratios from the 10K.

Ready to get started? Request a free, one-on-one consultation with one of our data experts.

Sorry, we no longer support Internet Explorer as a web browser.

Please download one of these alternatives and return for the full Intrinio Experience.

Google Chrome web browser icon
Mozilla Firefox web browser icon
Safari web browser icon
Microsoft Edge web browser icon
Microsoft Edge