DistressRatio

271 Tokyo Stock Exchange companies in Altman's distress band

271companies

An Altman Z-Score below 1.8, which is the band Altman called distress, computed from filed statements.

Stocks · Non-US shares · Tokyo Stock Exchange (JPX) · Ranked by Altman Z-Score in ratio, largest company first · Rebuilt 2026-11-07 at 09:25 UTC

How this list is built

The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against total assets, from the newest filed statements. Where the filer raised going concern itself, that sentence is shown with its filing. The score classifies and does not rank: Altman published two cut-offs and no ordering below the lower one, so the list is ordered by size, largest company first. The screen: companies listed on Tokyo Stock Exchange, graded A or B for the quality of what they report; a median daily traded value of at least 250,000 US dollars over 90 sessions, stated in each listing's own currency, so a company nobody can trade is never on the list; and no positive price to earnings under 1, which no real company earns, and no close sitting the whole of its own 52-week high below that high, which no listing that still trades can do. 1,944 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-07.

The list

50 of 271 companies

In the band Altman called distress, ranked by Altman Z-Score, largest company first
#	Company	Market	Sector	Altman Z-Score, in ratio	Current ratio, in ratio	Tangible equity ratio, in ratio	Operating margin, in percent	Altman Z-Score over time	Source
1	JPX:9984SoftBank Group Corp.	JPX	Communication Services	0.54	0.80	0.15	-0.1%	n/a	Source n/a
2	JPX:9432NTT, Inc.	JPX	Communication Services	0.64	0.51	0.11	13.2%	n/a	Source n/a
3	JPX:9434SoftBank Corp.	JPX	Communication Services	0.98	0.63	-0.13	14.2%	n/a	Source n/a
4	JPX:9433KDDI Corporation	JPX	Communication Services	1.11	0.56	0.20	17.5%	n/a	Source n/a
5	JPX:8053Sumitomo Corporation	JPX	Industrials	1.64	1.38	0.30	5.4%	n/a	Source n/a
6	JPX:8802Mitsubishi Estate Co., Ltd.	JPX	Real Estate	1.19	2.71	0.30	18.9%	n/a	Source n/a
7	JPX:8801Mitsui Fudosan Co., Ltd.	JPX	Real Estate	0.98	0.24	0.32	14.7%	n/a	Source n/a
8	JPX:9020East Japan Railway Company	JPX	Industrials	1.04	0.78	0.27	13.4%	n/a	Source n/a
9	JPX:9022Central Japan Railway Company	JPX	Industrials	1.57	1.80	0.46	41.4%	n/a	Source n/a
10	JPX:4689LY Corporation	JPX	Technology	0.63	0.75	-0.07	14.0%	n/a	Source n/a
11	JPX:5401Nippon Steel Corporation	JPX	Basic Materials	1.57	1.78	0.33	4.5%	n/a	Source n/a
12	JPX:8267Aeon Co., Ltd.	JPX	Consumer Cyclical	0.98	1.04	0.04	2.5%	n/a	Source n/a
13	JPX:8830Sumitomo Realty & Development Co., Ltd.	JPX	Real Estate	0.93	0.13	0.34	28.3%	n/a	Source n/a
14	JPX:9503The Kansai Electric Power Company, Incorporated	JPX	Utilities	1.15	1.02	0.35	10.8%	n/a	Source n/a
15	JPX:2502Asahi Group Holdings, Ltd.	JPX	Consumer Defensive	1.31	0.57	-0.28	9.1%	n/a	Source n/a
16	JPX:9104Mitsui O.S.K. Lines, Ltd.	JPX	Industrials	1.32	1.02	0.46	7.0%	n/a	Source n/a
17	JPX:9502Chubu Electric Power Company, Incorporated	JPX	Utilities	1.19	1.01	0.41	6.5%	n/a	Source n/a
18	JPX:9202ANA Holdings Inc.	JPX	Industrials	1.58	1.54	0.35	8.6%	n/a	Source n/a
19	JPX:7012Kawasaki Heavy Industries, Ltd.	JPX	Industrials	1.59	1.15	0.24	5.5%	n/a	Source n/a
20	JPX:9435Hikari Tsushin, Inc.	JPX	Industrials	1.74	2.11	0.41	15.4%	n/a	Source n/a
21	JPX:9021West Japan Railway Company	JPX	Industrials	1.23	1.03	0.29	10.7%	n/a	Source n/a
22	JPX:3003Hulic Co., Ltd.	JPX	Real Estate	1.02	1.40	0.20	25.7%	n/a	Source n/a
23	JPX:9201Japan Airlines Co., Ltd.	JPX	Industrials	1.69	1.44	0.38	10.3%	n/a	Source n/a
24	JPX:4188Mitsubishi Chemical Group Corporation	JPX	Basic Materials	1.47	1.50	0.11	6.9%	n/a	Source n/a
25	JPX:4755Rakuten Group, Inc.	JPX	Consumer Cyclical	0.31	10.52	-0.003	3.9%	n/a	Source n/a
26	JPX:8439Tokyo Century Corporation	JPX	Industrials	0.67	1.48	0.14	10.2%	n/a	Source n/a
27	JPX:5411JFE Holdings, Inc.	JPX	Basic Materials	1.60	1.55	0.42	2.1%	n/a	Source n/a
28	JPX:9042Hankyu Hanshin Holdings, Inc.	JPX	Industrials	1.12	1.28	0.30	10.3%	n/a	Source n/a
29	JPX:4324Dentsu Group Inc.	JPX	Communication Services	0.90	1.07	-0.05	10.3%	n/a	Source n/a
30	JPX:2768Sojitz Corporation	JPX	Industrials	1.51	1.55	0.23	2.3%	n/a	Source n/a
31	JPX:9024Seibu Holdings Inc.	JPX	Industrials	1.17	0.42	0.31	8.9%	n/a	Source n/a
32	JPX:7201Nissan Motor Co., Ltd.	JPX	Consumer Cyclical	1.13	1.56	0.24	0.5%	n/a	Source n/a
33	JPX:9005Tokyu Corporation	JPX	Consumer Cyclical	1.01	0.74	0.30	9.5%	n/a	Source n/a
34	JPX:3289Tokyu Fudosan Holdings Corporation	JPX	Real Estate	1.00	1.37	0.24	13.4%	n/a	Source n/a
35	JPX:9023Tokyo Metro Co Ltd	JPX	Industrials	1.22	1.66	0.33	21.2%	n/a	Source n/a
36	JPX:4005Sumitomo Chemical Company, Limited	JPX	Basic Materials	1.45	1.51	0.17	4.4%	n/a	Source n/a
37	JPX:4676Fuji Media Holdings, Inc.	JPX	Communication Services	1.16	0.92	0.36	-1.6%	n/a	Source n/a
38	JPX:8952Japan Real Estate Investment Corporation	JPX	Real Estate	1.04	0.33	0.50	38.8%	n/a	Source n/a
39	JPX:3231Nomura Real Estate Holdings, Inc.	JPX	Real Estate	1.01	0.95	0.28	14.7%	n/a	Source n/a
40	JPX:3861Oji Holdings Corporation	JPX	Basic Materials	1.41	1.07	0.38	1.9%	n/a	Source n/a
41	JPX:3086J. Front Retailing Co., Ltd.	JPX	Consumer Cyclical	1.30	0.70	0.35	11.4%	n/a	Source n/a
42	JPX:9513Electric Power Development Co., Ltd.	JPX	Utilities	1.00	1.67	0.38	8.5%	n/a	Source n/a
43	JPX:8804Tokyo Tatemono Co., Ltd.	JPX	Real Estate	0.84	2.42	0.21	20.2%	n/a	Source n/a
44	JPX:9009Keisei Electric Railway Co., Ltd.	JPX	Industrials	1.51	0.43	0.47	10.2%	n/a	Source n/a
45	JPX:9041Kintetsu Group Holdings Co.,Ltd.	JPX	Industrials	1.19	1.17	0.19	4.9%	n/a	Source n/a
46	JPX:9501Tokyo Electric Power Company Holdings, Incorporated	JPX	Utilities	0.40	0.50	0.22	5.3%	n/a	Source n/a
47	JPX:3281GLP J-REIT	JPX	Real Estate	1.16	1.19	0.51	42.2%	n/a	Source n/a
48	JPX:8233Takashimaya Company, Limited	JPX	Consumer Cyclical	1.10	0.67	0.32	10.9%	n/a	Source n/a
49	JPX:5076INFRONEER Holdings Inc.	JPX	Industrials	1.36	1.40	0.13	6.2%	n/a	Source n/a
50	JPX:4088Air Water Inc.	JPX	Basic Materials	1.76	1.10	0.27	6.2%	n/a	Source n/a

This is the top of the list. The rest is a page away and no plan is needed for it.

Filed figures cite the filing they come from; figures marked Market data are quotes as of the date shown. Not a recommendation and not advice.

Past figures are not a forecast. Anything we modelled is labelled as ours. You can lose money on any security.