This article is devoted to the issues of diagnosing the financial condition of an enterprise and assessing the likelihood of bankruptcy as an element of ensuring its economic security. It is emphasized that diagnostics allows you to identify the risks of financial condition, obvious and hidden threats to entrepreneurial activity, the ability to identify crisis situations and their forecasting. The quality of diagnostic studies directly depends on the methods used, the specifics of the study object, its industry features and the reliability of the reported data. Diagnostics of economic security is carried out to obtain key indicators with the greatest information content, which give an accurate and objective picture of the financial situation of the enterprise, and also allows you to identify critical situations and propose possible ways out of them. The study examined methods for diagnosing bankruptcy of an economic entity and proved that in practice it is advisable to use several methods to obtain a reliable picture of the financial condition of the enterprise.