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Carel Industries SpAFRA:CIG -7.03%98 Piotroski F-Score is 8 as of Jul. 16, 2026, which is 60% above its 10-year median of 5.00. GuruFocus rates FRA:CIG with a GF Score™ of 98/100 and a GF Value™ of €23.20 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 2,431 Hardware companies, Carel Industries SpA ranks better than 98.72% 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
Carel Industries SpA 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 Carel Industries SpA's Piotroski F-Score or its related term are showing as below:
FRA:CIG'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 8
Current: 8
During the past 12 years, the highest Piotroski F-Score of Carel Industries SpA was 8. The lowest was 1. And the median was 5.
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.
Carel Industries SpA Piotroski F-Score Related Terms
Carel Industries SpA Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Carel Industries SpA'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:CIG vs APH, GLW, TEL: Piotroski F-Score Comparison
For the Electronic Components subindustry, Carel Industries SpA'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.
Carel Industries SpA Piotroski F-Score vs Hardware Industry
For the Hardware industry and Technology sector, Carel Industries SpA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Carel Industries SpA'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.
Carel Industries SpA's current Net Income (TTM) was 81.9.
==> 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.
Carel Industries SpA's return on assets of this year was 0.09542018. Carel Industries SpA's return on assets of last year was 0.06456605.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Carel Industries SpA's gearing of this year was 0. Carel Industries SpA'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
Carel Industries SpA's current ratio of this year was 1.85194719. Carel Industries SpA's current ratio of last year was 1.849373.
==> 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.
Carel Industries SpA's number of shares in issue this year was 114.931. Carel Industries SpA's number of shares in issue last year was 112.544.
==> 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.
Carel Industries SpA's gross margin of this year was 0.62171159. Carel Industries SpA's gross margin of last year was 0.60778384.
==> 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
Carel Industries SpA's asset turnover of this year was 0.76686123. Carel Industries SpA's asset turnover of last year was 0.670746.
==> 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
Carel Industries SpA has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Carel Industries SpA (FRA:CIG) has a Piotroski F-Score of 8 as of Jul. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Carel Industries SpA and its competitors. This is 60% above median its historical median of 5.00. Over the past decade, Carel Industries SpA's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, Carel Industries SpA ranks #31 out of 2431 companies in the Hardware industry, placing it in the top 1.3%.
Is Carel Industries SpA's Piotroski F-Score too high?
Carel Industries SpA's current Piotroski F-Score of 8 is 60% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Hardware industry median Piotroski F-Score is 5.00. Carel Industries SpA's value of 8 is 60% above this industry median. Based on the distribution chart, Carel Industries SpA ranks #31 out of 2431 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Carel Industries SpA has a GF Score™ of 98/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Carel Industries SpA's Piotroski F-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Carel Industries SpA ranks #31 out of 2431 companies for Piotroski F-Score. This places Carel Industries SpA in the top 1% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Carel Industries SpA's value of 8 is 60% above this benchmark. Historically, Carel Industries SpA's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Carel Industries SpA 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 Hardware company?
The median Piotroski F-Score among Hardware companies is 5.00, based on 2,431 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. Carel Industries SpA's current Piotroski F-Score of 8 is 60% 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 Carel Industries SpA and its competitors. For the Hardware industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carel Industries SpA's current Piotroski F-Score is 8, which is 60% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carel Industries SpA stock overvalued right now?
Based on GuruFocus' analysis, Carel Industries SpA (FRA:CIG) is currently considered Modestly Overvalued. The stock's GF Value™ is €23.20, compared to a current price of €27.10 — trading 16.8% above its estimated fair value. The current Piotroski F-Score is 8, which is 60% above median its 10-year median of 5.00 and 60% above the Hardware industry median of 5.00. Carel Industries SpA's overall GF Score™ is 98/100 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 Carel Industries SpA (FRA:CIG), the current Piotroski F-Score is 8 as of Jul. 16, 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 Carel Industries SpA (FRA:CIG) Overvalued in 2026?
Based on GuruFocus' analysis, Carel Industries SpA stock appears to be overvalued.
The current stock price of €27.10 is trading 16.8% above its estimated GF Value™ of €23.20.
GuruFocus considers Carel Industries SpA to be Modestly Overvalued.
Key valuation signals for FRA:CIG:
Piotroski F-Score: 8 (60% above median its 10-year median of 5.00)
GF Value™: €23.20 vs. price of €27.10 (16.8% above fair value)
Industry Position: 60% above the Hardware median (#31 of 2431)
No single metric tells the full story. See the FRA:CIG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carel Industries SpA manufactures control systems and humidification for air conditioning and refrigeration. The group provides control solutions for the commercial, industrial, and residential air-conditioning and refrigeration (HVAC/R) markets. Its geographical segments are Europe, the Middle East and Africa, North America, South America, and APAC. The company's industrial applications for the air-conditioning sector are designed for data centers. Its products include programmable controls, room terminals, Isothermal Humidifiers, Sensors and protection devices, Sensors and protection devices, and others. The company derives maximum revenue from Europe, the Middle East, and Africa segment.
98GF Score
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