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The key objective of this study was to examine the determinants of corporate financial distress as postulated by Altman (1968) which are liquidity, leverage, growth and profitability in relation to financial distress for non-financial firms listed in the Nairobi Securities Exchange. The study Altman (1968) is of the opinion that ratios measuring profitability, liquidity, and solvency are the most significant ratios. However, it is difficult to know which is more important as different studies indicate different ratios as indicators of potential problems. Altman's 1968 model took the following form: Z = 0.01 2X 1 + 0.014 X 2 + 0.033 X Altman's discriminant model used the financial model of 33 firms declaring bankruptcy during the period of 1946-1965 and paired with a stratified sample of 33 firms not declaring bankruptcy. The study used only manufacturing corporations ranging in size from $0.7 million to $25.9 million. The Z-score formula for predicting bankruptcy was published in 1968 by Edward I. Altman, who was, at the time, an Assistant Professor of Finance at New York University. The formula may be used to predict the probability that a firm will go into bankruptcy within two years. Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate income and balance Beaver found that cash flow to total liabilities is the best predictor to determine financial distress in a company. Altman also had researched in 1968. In his research, Altman used 22 financial ratios and found that five of them can be predictor to differentiate bankruptcy company group and non bankruptcy company group. prediction model based on stability of financial ratios. Altman is known for the development of the Z-Score formula, which he published in 1968. The Z-Score for predicting Bankruptcy is a multivariate formula for a measurement of the financial health of a company and a powerful diagnostic tool that forecasts the probability of a company Financial Distress : Altman Z"-Score . Accounting-Based Prediction Models . Municipalities . Financial Ratios . Received 12 January 2020 . Revised 29 February 2020 . discrimant based Z-Score model developed by Altman (1968) regared as the first multivariate has been financial distress prediction model (Bemmann, 2005: 69). Chapter1 AltmanZ-score ExampleofanExcelspreadsheetthatusesAltmanZ-scoretopredict theprobabilitythatafirmwillgointobankruptcywithintwoyears The Z-score formula for Financial distress is a condition of the company's financial performance which is marked by a decline in the company's net profit and the difficulty of the company paying short-term obligations Altman (1968) considered financial distress suitable for financial ratio analysis as it was often used as the basis for credit rating agencies. Univariate accounting based modelling techniques had been the most widely used of the modelling techniques at the time of Altman's 1968 study. This involves analysing financial Keywords: corporate bankruptcy prediction, financ