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.
Kobenhavns Lufthavne Piotroski F-Score Related Terms
Kobenhavns Lufthavne Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Kobenhavns Lufthavne'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, Kobenhavns Lufthavne'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.
Kobenhavns Lufthavne Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Kobenhavns Lufthavne's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Kobenhavns Lufthavne'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.
Kobenhavns Lufthavne's current Net Income (TTM) was 1,288.
==> 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.
Kobenhavns Lufthavne's return on assets of this year was 0.07945713. Kobenhavns Lufthavne's return on assets of last year was 0.06465955.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Kobenhavns Lufthavne's gearing of this year was 0.3412919. Kobenhavns Lufthavne's gearing of last year was 0.45320998.
==> 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
Kobenhavns Lufthavne's current ratio of this year was 0.12864424. Kobenhavns Lufthavne's current ratio of last year was 0.20356473.
==> 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.
Kobenhavns Lufthavne's number of shares in issue this year was 7.684. Kobenhavns Lufthavne's number of shares in issue last year was 7.4.
==> There is larger number of shares in issue this year. ==> Score 0.
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.
Kobenhavns Lufthavne's gross margin of this year was 0.424119. Kobenhavns Lufthavne's gross margin of last year was 0.38864971.
==> 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
Kobenhavns Lufthavne's asset turnover of this year was 0.34836521. Kobenhavns Lufthavne's asset turnover of last year was 0.32456809.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Kobenhavns Lufthavne has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Kobenhavns Lufthavne (CHIX:KBHLC) has a Piotroski F-Score of 7 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Kobenhavns Lufthavne and its competitors. This is near median its historical median of 7.00. Over the past decade, Kobenhavns Lufthavne's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Kobenhavns Lufthavne ranks #129 out of 979 companies in the Transportation industry, placing it in the top 13.2%.
Is Kobenhavns Lufthavne's Piotroski F-Score too high?
Kobenhavns Lufthavne's current Piotroski F-Score of 7 is near median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Transportation industry median Piotroski F-Score is 6.00. Kobenhavns Lufthavne's value of 7 is 16.7% above this industry median. Based on the distribution chart, Kobenhavns Lufthavne ranks #129 out of 979 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Kobenhavns Lufthavne has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does Kobenhavns Lufthavne's Piotroski F-Score compare to JOBY?
According to the Transportation industry distribution chart, Kobenhavns Lufthavne ranks #129 out of 979 companies for Piotroski F-Score. This places Kobenhavns Lufthavne in the top 13% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Kobenhavns Lufthavne's value of 7 is 16.7% above this benchmark. Historically, Kobenhavns Lufthavne's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, Kobenhavns Lufthavne 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 979 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. Kobenhavns Lufthavne's current Piotroski F-Score of 7 is 16.7% 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 Kobenhavns Lufthavne 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. Kobenhavns Lufthavne's current Piotroski F-Score is 7, which is near 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 Kobenhavns Lufthavne stock overvalued right now?
Kobenhavns Lufthavne (CHIX:KBHLC) has a current Piotroski F-Score of 7. The stock's GF Value™ is kr9,498.80, compared to a current price of kr6,880.00 — trading 27.6% below its estimated fair value. The current Piotroski F-Score is 7, which is near median its 10-year median of 7.00 and 16.7% above the Transportation industry median of 6.00. Kobenhavns Lufthavne's overall GF Score™ is 76/100 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 Kobenhavns Lufthavne (CHIX:KBHLC), the current Piotroski F-Score is 7 as of Jun. 25, 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 Kobenhavns Lufthavne (CHIX:KBHLC) Overvalued in 2026?
Based on GuruFocus' analysis, Kobenhavns Lufthavne stock appears to be undervalued.
The current stock price of kr6,880.00 is trading 27.6% below its estimated GF Value™ of kr9,498.80.
Key valuation signals for CHIX:KBHLC:
Piotroski F-Score: 7 (near median its 10-year median of 7.00)
GF Value™: kr9,498.80 vs. price of kr6,880.00 (27.6% below fair value)
Industry Position: 16.7% above the Transportation median (#129 of 979)
No single metric tells the full story. See the CHIX:KBHLC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kobenhavns Lufthavne owns and operates Airports in Denmark. The company manages the infrastructure, buildings, and other services in the Kastrup and Roskilde airports. Copenhagen Airports divides its activities into two areas; Aeronautical and Non-aeronautical. Its majority of revenues are derived from the Aeronautical segment which comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their flights, including facilities required for passengers to pass through these airports. The Non-aeronautical segment comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges, and hotels.
76GF Score
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