As the economic conditions in Indonesia are still developing, there are no guarantee for business firm and there are possibilities of going bankrupt. Bankrupt is a crucial state to avoid by a company. Therefore analysis or studies of company’s financial health are required to detect sign of bankruptcy. In Indonesia, manufacturing companiesare considered as important as it gives big contribution to the economy. However, manufacturing companies are facing trouble regarding to the development throughout the year.Method in measuring financial health of a firm are varies. One of the tools is Altman Z-Score, which is believed with the accuracy ranging from 80% to 90%. However, several previous research shows opposites results. Therefore, this research is intended to detect the accuracy of Altman Z�Score in predicting bankruptcy of manufacturing company. This research conducted on total 8 manufacturing company, 4 listed and 4 delisting companies on IDX, from 2012 until 2017. This research applied qualitative method in the form of case study using the Z-Score calculation and analysis of Porter’s five forces.Data used for supporting this research is secondary data which is the financial statement and annual report of each company.Final results, based on the calculation on both listing and delisted manufacturing company, this research shows that Altman’s Z-Score are not highly accurate in predicting bankruptcy.