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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Bloomberg. (November 1, 2020). Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score* [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 21, 2026, from /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. ÌÇÐÄÆƽâ°æ. Accessed July 21, 2026. /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*. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 21, 2026. /statistics/1183955/airline-groups-risk-collapse-covid19/
Bloomberg. "Airlines in The Risk of Collapse as of November 1, 2020, by Altman's Z Score*." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 1 Nov 2020, /statistics/1183955/airline-groups-risk-collapse-covid19/
Bloomberg, Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score* ÌÇÐÄÆƽâ°æ, /statistics/1183955/airline-groups-risk-collapse-covid19/ (last visited July 21, 2026)
Airlines in the risk of collapse as of November 1, 2020, by Altman's Z score* [Graph], Bloomberg, November 1, 2020. [Online]. Available: /statistics/1183955/airline-groups-risk-collapse-covid19/
