Fiera Milano SpAFRA:FM3 +1.22%76 Piotroski F-Score is 9 as of Jun. 27, 2026, which is 80% above its 10-year median of 5.00. GuruFocus rates FRA:FM3 with a GF Score™ of 76/100 and a GF Value™ of €5.96 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,063 Business Services companies, Fiera Milano SpA ranks better than 99.91% on this metric.
Good Sign:
Piotroski F-Score is 9, 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
Fiera Milano SpA has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Fiera Milano SpA's Piotroski F-Score or its related term are showing as below:
FRA:FM3'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 9
Current: 9
During the past 13 years, the highest Piotroski F-Score of Fiera Milano SpA was 9. The lowest was 1. And the median was 5.
Fiera Milano SpA (FRA:FM3) 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.
Fiera Milano SpA Piotroski F-Score Related Terms
Fiera Milano SpA Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Fiera Milano 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:FM3 vs CTAS, CPRT, GPN: Piotroski F-Score Comparison
For the Specialty Business Services subindustry, Fiera Milano 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.
Fiera Milano SpA Piotroski F-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Fiera Milano SpA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Fiera Milano 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.
Fiera Milano SpA's current Net Income (TTM) was 50.3.
==> 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.
Fiera Milano SpA's return on assets of this year was 0.07636811. Fiera Milano SpA's return on assets of last year was 0.02554305.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Fiera Milano SpA's gearing of this year was 0.40911806. Fiera Milano SpA's gearing of last year was 0.41672381.
==> 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
Fiera Milano SpA's current ratio of this year was 1.01684992. Fiera Milano SpA's current ratio of last year was 0.76974421.
==> 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.
Fiera Milano SpA's number of shares in issue this year was 70.958. Fiera Milano SpA's number of shares in issue last year was 71.133.
==> 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.
Fiera Milano SpA's gross margin of this year was 0.96387873. Fiera Milano SpA's gross margin of last year was 0.95197912.
==> 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
Fiera Milano SpA's asset turnover of this year was 0.57675298. Fiera Milano SpA's asset turnover of last year was 0.36201609.
==> 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
Fiera Milano SpA has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
Fiera Milano SpA (FRA:FM3) has a Piotroski F-Score of 9 as of Jun. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Fiera Milano SpA and its competitors. This is 80% above median its historical median of 5.00. Over the past decade, Fiera Milano SpA's Piotroski F-Score has ranged from 1.00 to 9.00. According to the industry distribution chart, Fiera Milano SpA ranks #1 out of 1063 companies in the Business Services industry, placing it in the top 0.099999999999994%.
Is Fiera Milano SpA's Piotroski F-Score too high?
Fiera Milano SpA's current Piotroski F-Score of 9 is 80% 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 9.00. The Business Services industry median Piotroski F-Score is 5.00. Fiera Milano SpA's value of 9 is 80% above this industry median. Based on the distribution chart, Fiera Milano SpA ranks #1 out of 1063 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, Fiera Milano SpA has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fiera Milano SpA's Piotroski F-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Fiera Milano SpA ranks #1 out of 1063 companies for Piotroski F-Score. This places Fiera Milano SpA in the top 0% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Fiera Milano SpA's value of 9 is 80% above this benchmark. Historically, Fiera Milano SpA's own Piotroski F-Score has ranged from 1.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Fiera Milano 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 Business Services company?
The median Piotroski F-Score among Business Services companies is 5.00, based on 1,063 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. Fiera Milano SpA's current Piotroski F-Score of 9 is 80% 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 Fiera Milano SpA and its competitors. For the Business Services 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. Fiera Milano SpA's current Piotroski F-Score is 9, which is 80% 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 Fiera Milano SpA stock overvalued right now?
Based on GuruFocus' analysis, Fiera Milano SpA (FRA:FM3) is currently considered Significantly Overvalued. The stock's GF Value™ is €5.96, compared to a current price of €8.27 — trading 38.8% above its estimated fair value. The current Piotroski F-Score is 9, which is 80% above median its 10-year median of 5.00 and 80% above the Business Services industry median of 5.00. Fiera Milano SpA's overall GF Score™ is 76/100 with 3 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 Fiera Milano SpA (FRA:FM3), the current Piotroski F-Score is 9 as of Jun. 27, 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 Fiera Milano SpA (FRA:FM3) Overvalued in 2026?
Based on GuruFocus' analysis, Fiera Milano SpA stock appears to be overvalued.
The current stock price of €8.27 is trading 38.8% above its estimated GF Value™ of €5.96.
GuruFocus considers Fiera Milano SpA to be Significantly Overvalued.
Key valuation signals for FRA:FM3:
Piotroski F-Score: 9 (80% above median its 10-year median of 5.00)
GF Value™: €5.96 vs. price of €8.27 (38.8% above fair value)
Industry Position: 80% above the Business Services median (#1 of 1063)
No single metric tells the full story. See the FRA:FM3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fiera Milano SpA is a trade fair company. Its operating segments include Italian Exhibitions Business, Foreign Exhibitions Business, Congresses, and Other Sectors. The Italian Exhibitions and Foreign Exhibitions segment covers all activities for organizing and hosting exhibitions and other events in Italy and abroad through the use, promotion, and offer of furnished exhibition spaces, project support, and ancillary services. It also engages in stand-fitting, technical, and exhibition site services. The Congresses segment covers the management of conferences and events. It generates the majority of the revenue from Italian exhibitions segment. Geographically, it operates in Italy and Abroad, where it derives maximum revenue from Italy.
76GF Score
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