Thor Medical ASAFRA:8NN +1.71%26 Piotroski F-Score is 2 as of Jun. 28, 2026, which is 33% below its 10-year median of 3.00. GuruFocus rates FRA:8NN with a GF Score™ of 26/100. The stock has 2 warning signs investors should review. Among 1,340 Biotechnology companies, Thor Medical ASA ranks worse than 73.06% on this metric.
Warning Sign:
Piotroski F-Score of 2 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thor Medical ASA has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Thor Medical ASA's Piotroski F-Score or its related term are showing as below:
FRA:8NN'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 3 Max: 3
Current: 2
During the past 13 years, the highest Piotroski F-Score of Thor Medical ASA was 3. The lowest was 1. And the median was 3.
Thor Medical ASA (FRA:8NN) 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.
Thor Medical ASA Piotroski F-Score Related Terms
Thor Medical ASA Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Thor Medical 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.
FRA:8NN vs VRTX, REGN, ALNY: Piotroski F-Score Comparison
For the Biotechnology subindustry, Thor Medical 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.
Thor Medical ASA Piotroski F-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Thor Medical ASA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Thor Medical 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.
Thor Medical ASA's current Net Income (TTM) was -4.90.
==> 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.
Thor Medical ASA's return on assets of this year was -0.13898891. Thor Medical ASA's return on assets of last year was -0.12490437.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Thor Medical ASA's gearing of this year was 0.28276246. Thor Medical ASA's gearing of last year was 0.00081216.
==> 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
Thor Medical ASA's current ratio of this year was 4.56980211. Thor Medical ASA's current ratio of last year was 5.67316573.
==> 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.
Thor Medical ASA's number of shares in issue this year was 332.005. Thor Medical ASA's number of shares in issue last year was 235.793.
==> 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.
Thor Medical ASA's gross margin of this year was 1. Thor Medical ASA's gross margin of last year was .
==> 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
Thor Medical ASA's asset turnover of this year was 0.00104908. Thor Medical ASA's asset turnover of last year was 0.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thor Medical ASA has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Thor Medical ASA (FRA:8NN) has a Piotroski F-Score of 2 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Thor Medical ASA and its competitors. This is 33% below median its historical median of 3.00. Over the past decade, Thor Medical ASA's Piotroski F-Score has ranged from 1.00 to 3.00. According to the industry distribution chart, Thor Medical ASA ranks #979 out of 1340 companies in the Biotechnology industry, placing it in the top 73.1%.
Is Thor Medical ASA's Piotroski F-Score too high?
Thor Medical ASA's current Piotroski F-Score of 2 is 33% below median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 3.00. The Biotechnology industry median Piotroski F-Score is 3.00. Thor Medical ASA's value of 2 is 33.3% below this industry median. Based on the distribution chart, Thor Medical ASA ranks #979 out of 1340 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Thor Medical ASA has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Thor Medical ASA's Piotroski F-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Thor Medical ASA ranks #979 out of 1340 companies for Piotroski F-Score. This places Thor Medical ASA in the lower half of its industry. The industry median Piotroski F-Score is 3.00. Thor Medical ASA's value of 2 is 33.3% below this benchmark. Historically, Thor Medical ASA's own Piotroski F-Score has ranged from 1.00 to 3.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 3.00, Thor Medical 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 a Biotechnology company?
The median Piotroski F-Score among Biotechnology companies is 3.00, based on 1,340 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. Thor Medical ASA's current Piotroski F-Score of 2 is 33.3% 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 Thor Medical ASA and its competitors. For the Biotechnology industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thor Medical ASA's current Piotroski F-Score is 2, which is 33% below median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thor Medical ASA stock overvalued right now?
Thor Medical ASA (FRA:8NN) has a current Piotroski F-Score of 2. The current Piotroski F-Score is 2, which is 33% below median its 10-year median of 3.00 and 33.3% below the Biotechnology industry median of 3.00. Thor Medical ASA's overall GF Score™ is 26/100 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 Thor Medical ASA (FRA:8NN), the current Piotroski F-Score is 2 as of Jun. 28, 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.
Thor Medical ASA is a Norway-based biopharmaceutical company. The company is a producer and supplier of alpha-particle emitters for cancer therapy. The production process is based on separation of natural occurring radioactive decay products from thorium. The Company is utilizing alpha-emitters in radiotherapy and cancer treatments using Pb-212, which can be produced from naturally occurring isotope Thorium-232 and Lead-212. It uses a proprietary production process that does not involve irradiation or nuclear reactors to produce alpha-emitting materials. These materials are used by radiopharmaceutical companies in the development of cancer therapies.
26GF Score
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