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FuturAqua Mineral Water Production and Asset Management (BUD:FUTURAQUA) 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.
FuturAqua Mineral Water Production and Asset Management Piotroski F-Score Related Terms
FuturAqua Mineral Water Production and Asset Management 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.
FuturAqua Mineral Water Production and Asset Management Piotroski F-Score Chart
FuturAqua Mineral Water Production and Asset Management Annual Data
* 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.
FuturAqua Mineral Water Production and Asset Management Piotroski F-Score vs Beverages - Non-Alcoholic Industry
* 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.
FuturAqua Mineral Water Production and Asset Management's current Net Income (TTM) was -45.69.
==> 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.
Score 1 if positive, 0 if negative.
FuturAqua Mineral Water Production and Asset Management's current Cash Flow from Operations (TTM) was -29.92.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
FuturAqua Mineral Water Production and Asset Management's return on assets of this year was -0.10523637. FuturAqua Mineral Water Production and Asset Management's return on assets of last year was 0.04306747.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
FuturAqua Mineral Water Production and Asset Management's gearing of this year was 0. FuturAqua Mineral Water Production and Asset Management's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
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
FuturAqua Mineral Water Production and Asset Management's current ratio of this year was 1.81196099. FuturAqua Mineral Water Production and Asset Management's current ratio of last year was 2.09585574.
==> 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.
FuturAqua Mineral Water Production and Asset Management's number of shares in issue this year was 30.085. FuturAqua Mineral Water Production and Asset Management's number of shares in issue last year was 30.085.
==> 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.
FuturAqua Mineral Water Production and Asset Management's gross margin of this year was -11.64098448. FuturAqua Mineral Water Production and Asset Management's gross margin of last year was 0.92175468.
==> Last year's gross margin is higher ==> Score 0.
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
FuturAqua Mineral Water Production and Asset Management's asset turnover of this year was 0.00430509. FuturAqua Mineral Water Production and Asset Management's asset turnover of last year was 0.55276279.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Que. 1
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
FuturAqua Mineral Water Production and Asset Management has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
FuturAqua Mineral Water Production and Asset Management (BUD:FUTURAQUA) has a Piotroski F-Score of 3 as of Aug. 11, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on FuturAqua Mineral Water Production and Asset Management and its competitors. This is 25% below median its historical median of 4.00. Over the past decade, FuturAqua Mineral Water Production and Asset Management's Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, FuturAqua Mineral Water Production and Asset Management ranks #102 out of 116 companies in the Beverages - Non-Alcoholic industry, placing it in the top 87.9%.
Is FuturAqua Mineral Water Production and Asset Management's Piotroski F-Score too high?
FuturAqua Mineral Water Production and Asset Management's current Piotroski F-Score of 3 is 25% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The Beverages - Non-Alcoholic industry median Piotroski F-Score is 6.00. FuturAqua Mineral Water Production and Asset Management's value of 3 is 50% below this industry median. Based on the distribution chart, FuturAqua Mineral Water Production and Asset Management ranks #102 out of 116 companies in the Beverages - Non-Alcoholic industry, which is in the bottom quartile relative to peers. Overall, FuturAqua Mineral Water Production and Asset Management has a GF Score™ of 38/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does FuturAqua Mineral Water Production and Asset Management's Piotroski F-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, FuturAqua Mineral Water Production and Asset Management ranks #102 out of 116 companies for Piotroski F-Score. This places FuturAqua Mineral Water Production and Asset Management in the lower half of its industry. The industry median Piotroski F-Score is 6.00. FuturAqua Mineral Water Production and Asset Management's value of 3 is 50% below this benchmark. Historically, FuturAqua Mineral Water Production and Asset Management's own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 6.00, FuturAqua Mineral Water Production and Asset Management 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 a Beverages - Non-Alcoholic company?
The median Piotroski F-Score among Beverages - Non-Alcoholic companies is 6.00, based on 116 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. FuturAqua Mineral Water Production and Asset Management's current Piotroski F-Score of 3 is 50% 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 FuturAqua Mineral Water Production and Asset Management and its competitors. For the Beverages - Non-Alcoholic 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. FuturAqua Mineral Water Production and Asset Management's current Piotroski F-Score is 3, which is 25% below 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 FuturAqua Mineral Water Production and Asset Management stock overvalued right now?
Based on GuruFocus' analysis, FuturAqua Mineral Water Production and Asset Management (BUD:FUTURAQUA) is currently considered Possible Value Trap. The stock's GF Value™ is Ft99.18, compared to a current price of Ft9.80 — trading 90.1% below its estimated fair value. The current Piotroski F-Score is 3, which is 25% below median its 10-year median of 4.00 and 50% below the Beverages - Non-Alcoholic industry median of 6.00. FuturAqua Mineral Water Production and Asset Management's overall GF Score™ is 38/100 with 7 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 FuturAqua Mineral Water Production and Asset Management (BUD:FUTURAQUA), the current Piotroski F-Score is 3 as of Aug. 11, 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 FuturAqua Mineral Water Production and Asset Management (BUD:FUTURAQUA) Overvalued in 2026?
Based on GuruFocus' analysis, FuturAqua Mineral Water Production and Asset Management stock appears to be undervalued.
The current stock price of Ft9.80 is trading 90.1% below its estimated GF Value™ of Ft99.18.
GuruFocus considers FuturAqua Mineral Water Production and Asset Management to be Possible Value Trap.
Key valuation signals for BUD:FUTURAQUA:
Piotroski F-Score: 3 (25% below median its 10-year median of 4.00)
GF Value™: Ft99.18 vs. price of Ft9.80 (90.1% below fair value)
Industry Position: 50% below the Beverages - Non-Alcoholic median (#102 of 116)
No single metric tells the full story. See the BUD:FUTURAQUA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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