GMT Research is an accounting research firm which develops proprietary methodologies to detect financial anomalies, or traits similar to past accounting shenanigans, at publicly listed companies. It is based in Hong Kong, focused on Asia and regulated by Hong Kong’s Securities and Futures Commission. The firm advises investment institutions around the world. For more information please visit our Terms of Use or About Us pages.
Zombie Companies
Zombies are companies that earn just enough money to continue operating and service debt but are unable to pay off their debt. There are several definitions but we have adopted the 2022 version published by Altman, Dai and Wang in a November 2022 paper. A company is deemed to be a zombie if its three year average EBITDA interest coverage ratio is below one and its three-year moving average Altman Z-score is below zero.
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