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Al Wathba National Insurance Co PJSC (ADX:AWNIC) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Al Wathba National Insurance Co PJSC Piotroski F-Score Related Terms
Al Wathba National Insurance Co PJSC Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Al Wathba National Insurance Co PJSC Piotroski F-Score Chart
ADX:AWNIC vs CB, PGR, TRV: Piotroski F-Score Comparison
For the Insurance - Property & Casualty subindustry, Al Wathba National Insurance Co PJSC's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Al Wathba National Insurance Co PJSC Piotroski F-Score vs Insurance Industry
For the Insurance industry and Financial Services sector, Al Wathba National Insurance Co PJSC's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Al Wathba National Insurance Co PJSC's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Al Wathba National Insurance Co PJSC's current Net Income (TTM) was 94.3.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Al Wathba National Insurance Co PJSC's current Cash Flow from Operations (TTM) was 65.6.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Al Wathba National Insurance Co PJSC's return on assets of this year was 0.0495128. Al Wathba National Insurance Co PJSC's return on assets of last year was 0.02090912.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Al Wathba National Insurance Co PJSC's gearing of this year was 0.0647821. Al Wathba National Insurance Co PJSC's gearing of last year was 0.05769245.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Al Wathba National Insurance Co PJSC's current ratio of this year was 2.52672793. Al Wathba National Insurance Co PJSC's current ratio of last year was 2.69456992.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Al Wathba National Insurance Co PJSC's number of shares in issue this year was 207. Al Wathba National Insurance Co PJSC's number of shares in issue last year was 207.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Al Wathba National Insurance Co PJSC's net margin of this year was 0.16493963. Al Wathba National Insurance Co PJSC's net margin of last year was 0.11225196.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Al Wathba National Insurance Co PJSC's asset turnover of this year was 0.30018738. Al Wathba National Insurance Co PJSC's asset turnover of last year was 0.1862695.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 4
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Que. 5
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Que. 6
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Que. 7
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1
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1
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0
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1
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1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Al Wathba National Insurance Co PJSC has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Al Wathba National Insurance Co PJSC (ADX:AWNIC) has a Piotroski F-Score of 6 as of Jul. 15, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Al Wathba National Insurance Co PJSC and its competitors. This is near median its historical median of 6.00. Over the past decade, Al Wathba National Insurance Co PJSC's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Al Wathba National Insurance Co PJSC ranks #187 out of 483 companies in the Insurance industry, placing it in the top 38.7%.
Is Al Wathba National Insurance Co PJSC's Piotroski F-Score too high?
Al Wathba National Insurance Co PJSC's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Insurance industry median Piotroski F-Score is 6.00. Al Wathba National Insurance Co PJSC's value of 6 is 0% at this industry median. Based on the distribution chart, Al Wathba National Insurance Co PJSC ranks #187 out of 483 companies in the Insurance industry, which is above the industry midpoint. Overall, Al Wathba National Insurance Co PJSC has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Al Wathba National Insurance Co PJSC's Piotroski F-Score compare to CB and PGR?
According to the Insurance industry distribution chart, Al Wathba National Insurance Co PJSC ranks #187 out of 483 companies for Piotroski F-Score. This puts Al Wathba National Insurance Co PJSC in the upper half of its industry. The industry median Piotroski F-Score is 6.00. Al Wathba National Insurance Co PJSC's value of 6 is 0% at this benchmark. Historically, Al Wathba National Insurance Co PJSC's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Al Wathba National Insurance Co PJSC has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Insurance company?
The median Piotroski F-Score among Insurance companies is 6.00, based on 483 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Al Wathba National Insurance Co PJSC's current Piotroski F-Score of 6 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Al Wathba National Insurance Co PJSC and its competitors. For the Insurance industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Al Wathba National Insurance Co PJSC's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Al Wathba National Insurance Co PJSC stock overvalued right now?
Based on GuruFocus' analysis, Al Wathba National Insurance Co PJSC (ADX:AWNIC) is currently considered Significantly Undervalued. The stock's GF Value™ is د.إ7.35, compared to a current price of د.إ2.99 — trading 59.3% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 0% at the Insurance industry median of 6.00. Al Wathba National Insurance Co PJSC's overall GF Score™ is 68/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Al Wathba National Insurance Co PJSC (ADX:AWNIC), the current Piotroski F-Score is 6 as of Jul. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Al Wathba National Insurance Co PJSC (ADX:AWNIC) Overvalued in 2026?
Based on GuruFocus' analysis, Al Wathba National Insurance Co PJSC stock appears to be undervalued.
The current stock price of د.إ2.99 is trading 59.3% below its estimated GF Value™ of د.إ7.35.
GuruFocus considers Al Wathba National Insurance Co PJSC to be Significantly Undervalued.
Key valuation signals for ADX:AWNIC:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: د.إ7.35 vs. price of د.إ2.99 (59.3% below fair value)
Industry Position: 0% at the Insurance median (#187 of 483)
No single metric tells the full story. See the ADX:AWNIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Al Wathba National Insurance Co PJSC Business Description
AddressMohammed Bin Butti Al Hamed Street, Najda Street, Al Wathba Tower, 9th Street Behind Nissan Showroom, Al Danah - E11, P.O Box: 45154, Abu Dhabi, ARE
Al Wathba National Insurance Co PJSC is principally engaged in underwriting general insurance across all classes, offering a comprehensive multiple products and services for both individual and corporate customers in the UAE. Its individual services include cyber, motor, visit visa, travel, home, and yacht insurance, protecting against various personal risks and financial losses. For corporate clients, the Company offers insurance solutions such as fire and general accident, engineering, oil and energy, marine and aviation, and fleet insurance. The Group's reportable operating segments comprise Motor (which generates the majority of revenue), Health, General Insurance (including property, fire, engineering, energy, liability, marine cargo, and marine hull), and Investments.
68GF Score
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