This study is motivated by the condition of property and real estate companies in Indonesia that were predicted not improving in 2017. The consultants also said residential or renting for office space would be decreasing until 2019. It is contradict to accelerated development of infrastructure which happens in President Jokowi era. An analysis was needed to find an indication of bankrtupcy. Financial ratio analysis using Altman (Z-Score) is one of accurate prediction. This research is supposed to analyze how financial performance could measure company performance. This research use descriptive type with quantitative approach. Using 9 sample, 7 companies for listing in IDX period 2013-2015 and 2 companies for delisting companies from IDX period 2015-2017. Finding result in listing companies there are 3 companies which experience gray area. Besides, for delisting company, one company have experience in gray area.