مجلة إضافات إقتصادية
Volume 10, Numéro 2, Pages 1702-1726
2026-09-30
Financial Distress Analysis Using Accounting Ratios And Prediction Models As Early Warning Tools: The Case Of Emivar (2017-2024)
Authors : Yahia Hadjer . Benmouhoub Khedidja .
Abstract
This study examines EMIVAR's financial health from 2017 to 2024, drawing on the company's financial statements to track accounting ratios, alongside three distress prediction models: Altman, Springate, and Zmijewski. The results indicate financial deterioration. Liquidity declined, profitability stayed weak, efficiency fell, and financial pressure accumulated over the eight-year period. Altman and Springate indicated financial distress, while the Zmijewski scores remained below the distress threshold despite moving closer to it after 2021. For public enterprises with limited external scrutiny, that kind of convergence between ratio analysis and prediction models may be the closest thing available to a reliable early warning.
Keywords
accounting ratios ; financial distress ; prediction models ; financial health
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