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Raya Holding for Financial Investments (CAI:RAYA) 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.
Raya Holding for Financial Investments Piotroski F-Score Related Terms
Raya Holding for Financial Investments 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.
Raya Holding for Financial Investments Piotroski F-Score Chart
Raya Holding for Financial Investments Annual Data
CAI:RAYA vs MMM, HON: Piotroski F-Score Comparison
For the Conglomerates subindustry, Raya Holding for Financial Investments'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.
Raya Holding for Financial Investments Piotroski F-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Raya Holding for Financial Investments's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Raya Holding for Financial Investments'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 (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 740.075 + 956.238 + 384.009 + 355.093 = E£2,435 Mil. Cash Flow from Operations was 665.721 + 2128.828 + 199.386 + -850.606 = E£2,143 Mil. Revenue was 17724.463 + 18327.279 + 15815.58 + 17972.397 = E£69,840 Mil. Gross Profit was 3626.786 + 4059.669 + 3455.974 + 3014.593 = E£14,157 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(45045.935 + 50163.795 + 50687.541 + 55560.717 + 57840.085) / 5 = E£51859.6146 Mil. Total Assets at the begining of this year (Jun25) was E£45,046 Mil. Long-Term Debt & Capital Lease Obligation was E£8,284 Mil. Total Current Assets was E£51,453 Mil. Total Current Liabilities was E£39,866 Mil.
Net Income was 455.846 + 578.264 + 370.222 + 521.822 = E£1,926 Mil.
Revenue was 12183.662 + 12847.136 + 12881.657 + 14896.021 = E£52,808 Mil. Gross Profit was 2470.058 + 2610.477 + 2687.86 + 3316.358 = E£11,085 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(35258.374 + 36736.383 + 39112.324 + 42632.404 + 45045.935) / 5 = E£39757.084 Mil. Total Assets at the begining of last year (Jun24) was E£35,258 Mil. Long-Term Debt & Capital Lease Obligation was E£4,724 Mil. Total Current Assets was E£39,297 Mil. Total Current Liabilities was E£34,454 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.
Raya Holding for Financial Investments's current Net Income (TTM) was 2,435.
==> 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.
Raya Holding for Financial Investments's current Cash Flow from Operations (TTM) was 2,143.
==> 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.
Raya Holding for Financial Investments's return on assets of this year was 0.05406514. Raya Holding for Financial Investments's return on assets of last year was 0.05462969.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Raya Holding for Financial Investments's gearing of this year was 0.15974477. Raya Holding for Financial Investments's gearing of last year was 0.1188269.
==> 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
Raya Holding for Financial Investments's current ratio of this year was 1.29064555. Raya Holding for Financial Investments's current ratio of last year was 1.14057746.
==> 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.
Raya Holding for Financial Investments's number of shares in issue this year was 4277.798. Raya Holding for Financial Investments's number of shares in issue last year was 4278.538.
==> 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.
Raya Holding for Financial Investments's gross margin of this year was 0.20270732. Raya Holding for Financial Investments's gross margin of last year was 0.20990481.
==> 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
Raya Holding for Financial Investments's asset turnover of this year was 1.55041113. Raya Holding for Financial Investments's asset turnover of last year was 1.49775699.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Raya Holding for Financial Investments has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Raya Holding for Financial Investments (CAI:RAYA) has a Piotroski F-Score of 5 as of Sep. 06, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Raya Holding for Financial Investments and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Raya Holding for Financial Investments' Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Raya Holding for Financial Investments ranks #275 out of 539 companies in the Conglomerates industry, placing it in the top 51%.
Is Raya Holding for Financial Investments' Piotroski F-Score too high?
Raya Holding for Financial Investments' current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Conglomerates industry median Piotroski F-Score is 6.00. Raya Holding for Financial Investments' value of 5 is 16.7% below this industry median. Based on the distribution chart, Raya Holding for Financial Investments ranks #275 out of 539 companies in the Conglomerates industry, which is below the industry midpoint. Overall, Raya Holding for Financial Investments has a GF Score™ of 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Raya Holding for Financial Investments' Piotroski F-Score compare to MMM and HON?
According to the Conglomerates industry distribution chart, Raya Holding for Financial Investments ranks #275 out of 539 companies for Piotroski F-Score. This places Raya Holding for Financial Investments in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Raya Holding for Financial Investments' value of 5 is 16.7% below this benchmark. Historically, Raya Holding for Financial Investments' own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Raya Holding for Financial Investments 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 Conglomerates company?
The median Piotroski F-Score among Conglomerates companies is 6.00, based on 539 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. Raya Holding for Financial Investments's current Piotroski F-Score of 5 is 16.7% 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 Raya Holding for Financial Investments and its competitors. For the Conglomerates 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. Raya Holding for Financial Investments's current Piotroski F-Score is 5, which is 17% below 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 Raya Holding for Financial Investments stock overvalued right now?
Based on GuruFocus' analysis, Raya Holding for Financial Investments (CAI:RAYA) is currently considered Modestly Overvalued. The stock's GF Value™ is E£5.90, compared to a current price of E£7.50 — trading 27.1% above its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 16.7% below the Conglomerates industry median of 6.00. Raya Holding for Financial Investments' overall GF Score™ is 80/100 with 9 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 Raya Holding for Financial Investments (CAI:RAYA), the current Piotroski F-Score is 5 as of Sep. 06, 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 Raya Holding for Financial Investments (CAI:RAYA) Overvalued in 2026?
Based on GuruFocus' analysis, Raya Holding for Financial Investments stock appears to be overvalued.
The current stock price of E£7.50 is trading 27.1% above its estimated GF Value™ of E£5.90.
GuruFocus considers Raya Holding for Financial Investments to be Modestly Overvalued.
Key valuation signals for CAI:RAYA:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: E£5.90 vs. price of E£7.50 (27.1% above fair value)
Industry Position: 16.7% below the Conglomerates median (#275 of 539)
No single metric tells the full story. See the CAI:RAYA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Raya Holding for Financial Investments operates in Trade and distribution, Information technology, Call centers, Finance lease, International services, Land transportation, Manufacturing, Restaurants, Non-bank financial services, Manufacturing and export, Canned foods, vehicle manufacturing, and Other activities. The firm generates a majority of its revenue from the Trade Distribution sector. The company operates in Land, Buildings, Electrical equipment, leasehold Improvements, Furniture and office equipment, Computers, and Fixtures. Geographically, it operates in Egypt, Algeria, the Gulf, and Saudi.
80GF Score
Get the complete analysis for CAI:RAYA
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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