The Altman Z-Score model helps to determine the possibility of a company's bankruptcy, offering the opportunity to make corrective decisions in a prompt manner. This article compares the financial situation of manufacturing companies in the years 2019 and 2020, through the analysis of financial ratios and the Altman Z-Score model. This research aims to determine the changes in the financial situation and the probability of bankruptcy in the first year of the Covid-19 pandemic. The results show a negative impact on liquidity (0.11%), the profitability showed an increase of 4%, demonstrating that profits have been generated despite the fact that sales did not increase. The probability of bankruptcy is 2.22 for manufacturing companies in 2019 and 1.97 for 2020, because of a 10% decrease in sales.