When considering the financial operations of corporations, it is necessary to explain and analyze the financial indicators of the company because they are the carriers of information needed to manage the business and development of the company. Therefore, the effective and thorough implementation of financial analysis is extremely relevant to the successful operation of any corporation. The paper defines financial analysis, explains and calculates individual indicators, indicator systems, and Altman's Z-score model based on selected companies. In this paper, financial analysis of the operations of Franck d.d. and Viro tvornica šećera d.d. has been conducted for the period from 2016 to 2018 with the aim of reviewing the profitability and security of their business and ultimately comparing them to each other. The methods used are financial statement analysis, data synthesis, and data comparison within financial statement analysis and quantitative data processing, ie calculation of individual financial indicators, indicator systems, and Altman's Z-score model for the period from 2016 to 2018. Based on the conducted research and the use of available literature, it can be concluded that the company Franck d.d. has a safer and more profitable business than Viro tvornica šećera d.d. because it operates at a profit, and Altman’s Z-score shows that Franck d.d. has a more significant chance of success. Unlike Franck d.d., Viro tvornica šećera d.d. operates at a loss in 2017 and 2018 and according to the data calculated from Altman's Z-score, the company is financially unhealthy and if it continues doing business at this rate it faces certain bankruptcy.