View AbstractThis study explores the Altman Z-Score model in depth, investigating its evolution and diverse range of applications. Starting from its inception, the study highlights the modifications made by Altman to the model over time. The study examines the utilization of the Altman Z-Score in various sectors, including both public and private enterprises, as well as its tailored application for emerging markets. Each version of the model is thoroughly analyzed, providing a clear understanding of its elements and explanations in the assessment of financial stability. The Altman ZScore model separates itself by offering a comprehensive analysis of a company's financial well-being beyond traditional ratios. By categorizing enterprises into safe, gray, and distress zones, the Altman Z-Score provides valuable insights for financial decision-makers.The article highlights the enduring significance and adaptability of the model across different economic scenarios, making it a valuable tool for investors,analysts, and other stakeholderswho are interested in assessing a firm's financial health.