Following is selected financial information for ebay, for its fiscal years 2005 and 2006.
Compute and interpret Altman Z-scores for the company for both years. (Do not round until your final answer; then round your answers to two decimal places.)
2006 z-score =
2005 z-score =
Altman Z-Score = 1.2A + 1.4B + 3.3C + 0.6D + 1.0E
Where:
working capital = curent assets - current liabilities
market value of equity = stock price per share * shares outstanding
2006 | 2007 | |
working capital | 2,456 | 1,702 |
market value of equity | 45,257 | 64,901 |
total assets | 13,498 | 11,793 |
retained earnings | 4,541 | 2,823 |
earnings before interest and tax | 1,436 | 1,441 |
sales | 5,970 | 4,552 |
total liabilities | 2,591 | 1,743 |
working capital / total assets | 0.182 | 0.144 |
retained earnings / total assets | 0.336 | 0.239 |
earnings before interest and tax / total assets | 0.106 | 0.122 |
market value of equity / total liabilities | 17.464 | 37.235 |
sales / total assets | 0.442 | 0.386 |
2006 z-score = 11.96
2005 z-score = 23.64
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