Kuidas Firmo reiting arvutatakse
The Firmo rating answers one question: how big is the risk that this company cannot meet its obligations?
The rating is 0 to 100 points and class AAA to C. We calculate it only from official open data (Business Register, Tax and Customs Board, Official Announcements, court decisions) and payment defaults published in the Firmo debt register. The rating cannot be bought or changed manually. The rules are the same for everyone and public.
Only companies get a rating. We do not rate private individuals.
How the points were set
The points are nobody's opinion. At five points in time (2023 to 2025) we looked at all active Estonian companies and which of them entered bankruptcy within the next 12 months. Each indicator got as many points as it actually predicted bankruptcy. We tested the result on later data not used to set the points.
The scorecard gives no points for size or industry. High turnover, many employees or large assets alone do not make a company more reliable. A large, profitable company with a clean tax history gets a floor (see below). The industry does not affect the rating: we assess the company's own balance sheet, tax payments and reporting.
Klassid
| Klass | Punktid | Meaning | Share of companies | Pankrot 12 kuu jooksul (ajalooliselt) |
|---|---|---|---|---|
| AAA | 87,2 kuni 100 | Excellent, very low risk | 31% | alla 0,1% |
| AA | 80,1 kuni 87,1 | Very good, low risk | 30% | alla 0,1% |
| A | 67 kuni 80 | Hea, madal risk | 19% | 0,1% |
| BBB | 53,8 kuni 66,9 | Rahuldav, keskmine risk | 14% | 0,3% |
| BB | 46,8 kuni 53,7 | Modest, higher risk | 3% | 0,7% |
| B | 36,7 kuni 46,7 | Weak, high risk | 2% | 1,8% |
| C | 0 kuni 36,6 | Unsatisfactory, very high risk | 1% | over 1,8% |
| N | Not rated, too little data |
A clean company starts high: the scorecard result is raised by one class (for example the scorecard BBB threshold 53.8 is 67, i.e. A, in the rating). The rating falls due to tax debt, enforcement, payment defaults and unfiled reports (see limits below).
Bankruptcy probability is the actual bankruptcy rate of companies in this class in the 2025 test data. It is a statistic, not a prediction about one specific company.
Millest punktid tulevad
1. Aruandlus, kuni 21 punkti
| Indicator | Punktid |
|---|---|
| Viimase aruande vanus | under 13 months 8.5 · 13 to 18 6.6 · 19 to 24 3.4 · 25+ 0 · no report 2.9 |
| Delay of the next report | not late 9.1 · under 90 days 4.9 · 90 to 179 3.7 · 180 to 364 2.5 · over a year 0 · no report 4.4 |
| Eelmise aruande esitamine | on time 3.2 · late under 60 days 1.1 · 60 to 179 0.3 · over 180 0 · no data 2.2 |
2. Liquidity and cash, up to 30 points
| Indicator | Punktid |
|---|---|
| Liquidity (current assets / current liabilities) | no current liabilities 13.3 · 3+ 12 · 1.5 to 3 6 · 1 to 1.5 4 · 0.8 to 1 1.3 · under 0.8 0.8 · no data 6.2 |
| Raha puhver (kuu kuludes) | 6+ months 16.3 · 3 to 6 12.4 · 1 to 3 9.8 · 0.5 to 1 4.6 · under 0.5 0 · no data 7.6 |
3. Activity and trend, up to 21 points
| Indicator | Punktid |
|---|---|
| Turnover 12 months vs previous 12 (Tax Board) | 0 to +20% and more 5.9 · 0 to −20% 3.5 · −20 to −50% 2.1 · over −50% 0 · no data 5.9 |
| Employment taxes 12 months vs previous 12 | 0 to +20% 7.3 · +20% or more 5.8 · 0 to −20% 3.3 · −20 to −50% 0.5 · over −50% 0 · no data 6.2 |
| Employment taxes stopped in the last 2 quarters | no 1.3 · yes 0 |
| Revenue change over the year | 0 to 10% 1.1 · −20 to −50% 0.6 · 0 to −20% 0.4 · 10 to 30% 0.4 · 30%+ 0.2 · over −50% 0 · no data 0 |
| Vanus | 20+ years 5.3 · 1 to 2 4.2 · 3 to 5 3.2 · 5 to 10 3.1 · 2 to 3 2.8 · 10 to 20 2.6 · under 1 1.1 · no data 0 |
4. Finantsseis, kuni 28 punkti
| Indicator | Punktid |
|---|---|
| Omakapitali osakaal varadest | 60%+ 22,5 · 30 kuni 60% 12,3 · 0 kuni 30% 9,8 · negatiivne 0 · andmed puuduvad 12,7 |
| Profit margin | 15%+ 4,3 · 5 kuni 15% 2,1 · 0 kuni 5% 0,9 · alla 0% 0,4 · andmed puuduvad 1,3 |
| Equity change over the year (of assets) | 0 to +5% 1.7 · +5%+ 1.5 · 0 to −5% 0.7 · −5 to −20% 0.6 · over −20% 0 · no data 0.6 |
Cash buffer: if revenue exceeds 1 million euros, a small year-end bank balance gives no penalty (at least the "3 to 6 months" points), because a large company's money is in goods and invoices.
A better indicator is never scored lower (for example a higher equity share always gives at least as many points).
Report age: figures from the new year's reports reach Business Register open data within a few months after the deadline (30.06). Until then, we do not treat the previous year's report as outdated or late.
"No data" means the indicator cannot be calculated (for example the report has no cash line). Then the points are neutral.
Floor: clean tax history and strong balance sheet
If a company has no tax debt or tax debt history in 2 years, no enforcement, tax demand or published payment default, its last report is not older than 3 years and it is at least 3 years old, its class does not fall below these floors:
| Balance sheet and profit | Class at least |
|---|---|
| Turnover at least €10 million (or state taxes over €1 million per quarter), equity at least 25% of assets, profitable, at least 5 years old | AAA, 95 kuni 97 punkti |
| Equity at least 40% of assets, profit at least 5% of turnover, at least 5 years old, turnover at least €1,000,000 | AAA |
| Same, turnover €200,000 to €1,000,000 | AA |
| Equity at least 30% of assets and profitable | AA |
| Positive equity and profitable | A |
| Active at least 1 year, has turnover, no tax debt or enforcement, equity not negative | A |
| Positiivne omakapital | BBB |
A company paying over €1 million in state taxes per quarter with no tax debt is at least AA even if report figures are missing.
Reason: the scorecard compares all companies, including very many small firms without liabilities. A profitable active company with a normal loan burden must not get a low class just because it has a bank loan or trade payables.
Tax debt, enforcement and bankruptcy
Our tax debt history starts on 27.09.2026, so these are not yet calibrated into the points. They act as limits: the class cannot be higher, regardless of points.
| Asjaolu | Effect |
|---|---|
| Bankruptcy or liquidation | highest class C |
| Bankruptcy petition in court in the last 12 months (disposal ban, deposit order, interim trustee) | C, 0 points, credit not recommended (bankruptcy risk) |
| Tax debt over €10,000 and over 90 days | highest class B |
| Tax debt over €5,000 or over 60 days | highest class BB |
| Tax debt €1,000 to €5,000 or 31 to 60 days | class one step lower |
| Small tax debt under €1,000 and up to 30 days | noted, class does not change |
| Tax debt up to 3 days | no effect (usually a delayed bank payment) |
| Rescheduled tax debt | highest class BBB |
| Tax debt over 90 days in total in the last 2 years | highest class BBB |
| Enforcement or payment order in the last 24 months | highest class BB |
| Payment default published in the Firmo debt register (the debtor was notified and had 7 days to respond) | highest class BB |
| 2 or more payment defaults or over €5,000 in total in the Firmo debt register | highest class B |
| Tax Board demand to pay tax debt (Official Announcements) 2 or more times in 24 months | highest class BB |
| Tax Board demand to pay tax debt in the last 12 months | highest class BBB |
| A board member was on the board of another company at its bankruptcy (5 years; shareholders not counted; not counted if they left over 30 days before the bankruptcy) | class one step lower |
| Negative equity with liquidity under 1 and a tax problem or cash buffer under 1 month | highest class BB |
| Annual report not filed and the deadline (6 months after year end) has passed | class one step lower (for example AAA → AA) |
| The company is under 1 year old | highest class BBB |
| Revenue (or 12-month turnover) under €1,000,000 | highest class AA |
| Revenue (or 12-month turnover) under €200,000 | highest class A |
| Inactive (no turnover or employees, has assets) | highest class BB, holding company BBB |
Credit limit and payment term
The recommended credit limit is the largest of three figures: from monthly turnover, from equity or from annual profit (free cash flow: AAA 50%, AA 40%, A 30%, BBB 20%, BB 10% of profit in a report up to 2 years old, up to 2× the turnover-based figure). The limit and payment term are calculated from the scorecard class (one step below the rating), because they must match the actual risk:
| Rating | Of monthly turnover | Omakapitalist | Payment term |
|---|---|---|---|
| AAA | 25% kuni 50% | 10% kuni 20% | 21 to 30 days |
| AA | 25% | 10% | 21 days |
| A | 15% | 5% | 14 days |
| BBB | 7% | 2% | 7 days, guarantee recommended |
| BB, B, C | ettemaks | ettemaks | ettemaks |
Turnover is the larger of the last report's revenue or the last 4 quarters' turnover (Tax Board), so a growing or new company does not lose its limit because of an old report. Equity raises the limit up to 2× the turnover-based figure (up to €25,000 for a low-turnover company), because credit needs depend on purchases, not assets. Rounding: under €5,000 to hundreds, otherwise to thousands, up to €1,000,000.
Data freshness
- Tax debt, announcements and register data update daily.
- Turnover, taxes and employees update quarterly.
- Cash, assets and equity come from the annual report, filed once a year. The page always shows the date of each figure.
- We recalculate the points once a year with fresh bankruptcy data. Every change is recorded in this document.
Colours
Green means OK, yellow and orange mean attention, red means risk. Tax debt is always red, rescheduled debt orange. Colour is always accompanied by a symbol and text.
What the rating is not
The rating is an assessment based on open data, not a guarantee or financial advice. Before granting large credit, also check the partner's latest data and contract terms.
If you think the rating is wrong
Write to info@firmo.ee. We check whether the source data contains an error. We never change the rating manually, but if there is an error we fix the data and the rating is recalculated.