Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Aena SMEANNSF -0.05%93 Piotroski F-Score is 8 as of Jul. 14, 2026, which is 14% above its 10-year median of 7.00. GuruFocus rates ANNSF with a GF Score™ of 93/100 and a GF Value™ of $28.85 (Fairly Valued). The stock has 5 warning signs investors should review. Among 978 Transportation companies, Aena SME ranks better than 97.24% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aena SME has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Aena SME's Piotroski F-Score or its related term are showing as below:
ANNSF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 7 Max: 9
Current: 8
During the past 13 years, the highest Piotroski F-Score of Aena SME was 9. The lowest was 1. And the median was 7.
Aena SME (OTCPK:ANNSF) 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.
Aena SME Piotroski F-Score Related Terms
Aena SME Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Aena SME'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 Airports & Air Services subindustry, Aena SME'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.
Aena SME Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Aena SME's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Aena SME'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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 683.321 + 804.788 + 1455.413 + 380.835 = $3,324 Mil. Cash Flow from Operations was 760.165 + 1227.756 + 306.67 + 1050.176 = $3,345 Mil. Revenue was 1921.499 + 2078.345 + 3892.991 + 1695.042 = $9,588 Mil. Gross Profit was 1434.872 + 1589.667 + 2954.733 + 1200.987 = $7,180 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(18733.905 + 19052.985 + 20407.495 + 21302.809 + 22190.095) / 5 = $20337.4578 Mil. Total Assets at the begining of this year (Mar25) was $18,734 Mil. Long-Term Debt & Capital Lease Obligation was $8,164 Mil. Total Current Assets was $4,786 Mil. Total Current Liabilities was $2,312 Mil.
Net Income was 589.503 + 711.648 + 1178.618 + 325.745 = $2,806 Mil.
Revenue was 1617.575 + 1820.74 + 3188.482 + 1413.342 = $8,040 Mil. Gross Profit was 1178.326 + 1380.295 + 2326.372 + 964.764 = $5,850 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(19276.29 + 17952.282 + 19306.576 + 18076.827 + 18733.905) / 5 = $18669.176 Mil. Total Assets at the begining of last year (Mar24) was $19,276 Mil. Long-Term Debt & Capital Lease Obligation was $6,220 Mil. Total Current Assets was $3,334 Mil. Total Current Liabilities was $2,678 Mil.
*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.
Aena SME's current Net Income (TTM) was 3,324.
==> 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.
Aena SME's return on assets of this year was 0.17745136. Aena SME's return on assets of last year was 0.14554222.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Aena SME's current ratio of this year was 2.06984699. Aena SME's current ratio of last year was 1.24485293.
==> This year's current ratio is higher. ==> Score 1.
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.
Aena SME's number of shares in issue this year was 1497.373. Aena SME's number of shares in issue last year was 1506.57.
==> 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.
Aena SME's gross margin of this year was 0.74888935. Aena SME's gross margin of last year was 0.72756914.
==> 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
Aena SME's asset turnover of this year was 0.51179276. Aena SME's asset turnover of last year was 0.41709992.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
1
+
1
+
0
+
1
+
1
+
1
+
1
=
8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aena SME has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Aena SME (ANNSF) has a Piotroski F-Score of 8 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Aena SME and its competitors. This is 14% above median its historical median of 7.00. Over the past decade, Aena SME's Piotroski F-Score has ranged from 1.00 to 9.00. According to the industry distribution chart, Aena SME ranks #27 out of 978 companies in the Transportation industry, placing it in the top 2.8%.
Is Aena SME's Piotroski F-Score too high?
Aena SME's current Piotroski F-Score of 8 is 14% above median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 9.00. The Transportation industry median Piotroski F-Score is 6.00. Aena SME's value of 8 is 33.3% above this industry median. Based on the distribution chart, Aena SME ranks #27 out of 978 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Aena SME has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Aena SME's Piotroski F-Score compare to JOBY and CAAP?
According to the Transportation industry distribution chart, Aena SME ranks #27 out of 978 companies for Piotroski F-Score. This places Aena SME in the top 3% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Aena SME's value of 8 is 33.3% above this benchmark. Historically, Aena SME's own Piotroski F-Score has ranged from 1.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, Aena SME has consistently been above 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 a Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 978 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. Aena SME's current Piotroski F-Score of 8 is 33.3% above 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 Aena SME and its competitors. For the Transportation 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. Aena SME's current Piotroski F-Score is 8, which is 14% above median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aena SME stock overvalued right now?
Based on GuruFocus' analysis, Aena SME (ANNSF) is currently considered Fairly Valued. The stock's GF Value™ is $28.85, compared to a current price of $29.89 — trading 3.6% above its estimated fair value. The current Piotroski F-Score is 8, which is 14% above median its 10-year median of 7.00 and 33.3% above the Transportation industry median of 6.00. Aena SME's overall GF Score™ is 93/100 with 5 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 Aena SME (ANNSF), the current Piotroski F-Score is 8 as of Jul. 14, 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 Aena SME (ANNSF) Overvalued in 2026?
Based on GuruFocus' analysis, Aena SME stock appears to be overvalued.
The current stock price of $29.89 is trading 3.6% above its estimated GF Value™ of $28.85.
GuruFocus considers Aena SME to be Fairly Valued.
Key valuation signals for ANNSF:
Piotroski F-Score: 8 (14% above median its 10-year median of 7.00)
GF Value™: $28.85 vs. price of $29.89 (3.6% above fair value)
Industry Position: 33.3% above the Transportation median (#27 of 978)
No single metric tells the full story. See the ANNSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aena's 46 airports in Spain handle 99.9% of the country's air traffic. Its three busiest airports—Madrid-Barajas, Barcelona-El Prat, and Palma de Mallorca—account for roughly half of Spain's passengers. The dual-till framework in Spain leaves its commercial and real estate businesses completely unregulated, allowing the group to monetize its passenger flow and earn economic rents. It is launching a transformational EUR 13 billion DORA III investment cycle (2027-31) to expand capacity across its Spanish network. The group also controls three airports in the UK (Luton, Leeds Bradford, and Newcastle) and 18 airports in Brazil. It has minority holdings in 12 airports in Mexico and two in Jamaica through its 6.4% look-through stake in Grupo Aeroportuario del Pacifico.
93GF Score
Get the complete analysis for ANNSF
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ANNSF has been successfully added to your 
