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.
Aker Horizons ASA Piotroski F-Score Related Terms
Aker Horizons ASA Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Aker Horizons ASA's Piotroski F-Score can be seen below:
* 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.
For the Utilities - Renewable subindustry, Aker Horizons ASA'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.
Aker Horizons ASA Piotroski F-Score vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Aker Horizons ASA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Aker Horizons ASA'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.
Aker Horizons ASA's current Net Income (TTM) was -28.3.
==> Negative ==> Score 0.
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.
Aker Horizons ASA's return on assets of this year was -0.01097902. Aker Horizons ASA's return on assets of last year was -0.11234455.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Aker Horizons ASA's gearing of this year was 0.59751713. Aker Horizons ASA's gearing of last year was 0.53999659.
==> 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
Aker Horizons ASA's current ratio of this year was 2.53551288. Aker Horizons ASA's current ratio of last year was 4.20545105.
==> 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.
Aker Horizons ASA's number of shares in issue this year was 690.349. Aker Horizons ASA's number of shares in issue last year was 690.349.
==> 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.
Aker Horizons ASA's gross margin of this year was 0.3003547. Aker Horizons ASA's gross margin of last year was -0.24021574.
==> This year's gross 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
Aker Horizons ASA's asset turnover of this year was 0.08759117. Aker Horizons ASA's asset turnover of last year was 0.05126861.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aker Horizons ASA has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Aker Horizons ASA (AKHOF) has a Piotroski F-Score of 4 as of Jul. 08, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Aker Horizons ASA and its competitors. This is near median its historical median of 4.00. Over the past decade, Aker Horizons ASA's Piotroski F-Score has ranged from 3.00 to 5.00.
Is Aker Horizons ASA's Piotroski F-Score too high?
Aker Horizons ASA's current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 5.00. The Utilities - Independent Power Producers industry median Piotroski F-Score is 5.00. Aker Horizons ASA's value of 4 is 20% below this industry median.
How does Aker Horizons ASA's Piotroski F-Score compare to competitors?
Aker Horizons ASA's Piotroski F-Score of 4 can be compared against companies in the Utilities - Independent Power Producers industry. The industry median Piotroski F-Score is 5.00. Aker Horizons ASA's value of 4 is 20% below this benchmark. Historically, Aker Horizons ASA's own Piotroski F-Score has ranged from 3.00 to 5.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Aker Horizons ASA has consistently been below 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 Utilities - Independent Power Producers company?
The median Piotroski F-Score among Utilities - Independent Power Producers companies is 5.00, based on 416 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. Aker Horizons ASA's current Piotroski F-Score of 4 is 20% below 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 Aker Horizons ASA and its competitors. For the Utilities - Independent Power Producers industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aker Horizons ASA's current Piotroski F-Score is 4, which is near median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aker Horizons ASA stock overvalued right now?
Aker Horizons ASA (AKHOF) has a current Piotroski F-Score of 4. The stock's GF Value™ is $0.88, compared to a current price of $0.01 — trading 99.4% below its estimated fair value. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 20% below the Utilities - Independent Power Producers industry median of 5.00. 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 Aker Horizons ASA (AKHOF), the current Piotroski F-Score is 4 as of Jul. 08, 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.
Aker Horizons ASA is an investment management company. It invests in and develops companies within renewable energy sectors and other technologies that make material contributions to reducing emissions or promoting sustainable living. The company's reportable segments are Aker Carbon Capture (ACC), Asset Development (AAD), Mainstream Renewable Power (Mainstream), Aker Horizons and holdings, and Others. Company operates in Australia, Norway, USA, Korea, Ireland, Chile, South Africa, Indonesia, Colombia, Uk, Germany, and other.
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