The study examines the usefulness of multiple discriminate analysis model in analyzing the financial health of manufacturing companies in Nigeria. The main objective of the study is to conduct a comparative study to analyze the extent of the relationship between the financial ratios and the solvency or insolvency of the manufacturing companies. Data were collected from the annual reports of the selected manufacturing companies while the analysis was conducted using ratio analysis, correlation analysis, student test and the Altman multiple discriminate analyses model for forecasting bankrupt. The finding of the study shows that there is sapient relationship between the selected financial ratios and the solvency or insolvency prediction model. The study also revealed that the Altman discriminate analysis model is able to discriminate failing from non failing companies. The study recommended that manufacturing companies in Nigeria should use the Altman discriminate analysis model to help them detect signs of bankruptcy several years before it occurs, as this lag allows time to take corrective measures