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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Marwest Apartment REIT Piotroski F-Score Related Terms
Marwest Apartment REIT Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Marwest Apartment REIT'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:L2B vs AVB, EQR, ESS: Piotroski F-Score Comparison
For the REIT - Residential subindustry, Marwest Apartment REIT'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.
Marwest Apartment REIT Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Marwest Apartment REIT's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Marwest Apartment REIT'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.
Marwest Apartment REIT's current Net Income (TTM) was 1.03.
==> 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.
Marwest Apartment REIT's current Cash Flow from Operations (TTM) was 1.41.
==> 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.
Marwest Apartment REIT's return on assets of this year was 0.01059596. Marwest Apartment REIT's return on assets of last year was 0.07500336.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Marwest Apartment REIT's gearing of this year was 0.65759752. Marwest Apartment REIT's gearing of last year was 0.65867449.
==> 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
Marwest Apartment REIT's current ratio of this year was 0.44920587. Marwest Apartment REIT's current ratio of last year was 0.42602876.
==> 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.
Marwest Apartment REIT's number of shares in issue this year was 9.605. Marwest Apartment REIT's number of shares in issue last year was 9.055.
==> 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.
Marwest Apartment REIT's gross margin of this year was 0.60279741. Marwest Apartment REIT's gross margin of last year was 0.65585352.
==> 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
Marwest Apartment REIT's asset turnover of this year was 0.06873417. Marwest Apartment REIT's asset turnover of last year was 0.07179455.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Marwest Apartment REIT has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Marwest Apartment REIT (FRA:L2B) has a Piotroski F-Score of 5 as of Aug. 03, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Marwest Apartment REIT and its competitors. This is near median its historical median of 5.00. Over the past decade, Marwest Apartment REIT's Piotroski F-Score has ranged from 4.00 to 6.00. According to the industry distribution chart, Marwest Apartment REIT ranks #462 out of 872 companies in the REITs industry, placing it in the top 53%.
Is Marwest Apartment REIT's Piotroski F-Score too high?
Marwest Apartment REIT's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 6.00. The REITs industry median Piotroski F-Score is 6.00. Marwest Apartment REIT's value of 5 is 16.7% below this industry median. Based on the distribution chart, Marwest Apartment REIT ranks #462 out of 872 companies in the REITs industry, which is below the industry midpoint. Overall, Marwest Apartment REIT has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.
How does Marwest Apartment REIT's Piotroski F-Score compare to AVB and EQR?
According to the REITs industry distribution chart, Marwest Apartment REIT ranks #462 out of 872 companies for Piotroski F-Score. This places Marwest Apartment REIT in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Marwest Apartment REIT's value of 5 is 16.7% below this benchmark. Historically, Marwest Apartment REIT's own Piotroski F-Score has ranged from 4.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Marwest Apartment REIT 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 872 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. Marwest Apartment REIT'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 Marwest Apartment REIT and its competitors. For the REITs 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. Marwest Apartment REIT's current Piotroski F-Score is 5, which is near 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 Marwest Apartment REIT stock overvalued right now?
Marwest Apartment REIT (FRA:L2B) has a current Piotroski F-Score of 5. The stock's GF Value™ is €0.44, compared to a current price of €0.44 — trading 0.8% below its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 16.7% below the REITs industry median of 6.00. Marwest Apartment REIT's overall GF Score™ is 39/100 with 6 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 Marwest Apartment REIT (FRA:L2B), the current Piotroski F-Score is 5 as of Aug. 03, 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 Marwest Apartment REIT (FRA:L2B) Overvalued in 2026?
Based on GuruFocus' analysis, Marwest Apartment REIT stock appears to be undervalued.
The current stock price of €0.44 is trading 0.8% below its estimated GF Value™ of €0.44.
Key valuation signals for FRA:L2B:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: €0.44 vs. price of €0.44 (0.8% below fair value)
Industry Position: 16.7% below the REITs median (#462 of 872)
No single metric tells the full story. See the FRA:L2B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Marwest Apartment REIT is an open-ended real estate investment trust focused on acquiring and owning multi-family residential properties, in Western Canada. As a specialized REIT, it operates within this specific region and asset class to generate income through property rentals, offering investors exposure to the multi-family sector. Company's portfolio is comprised of four properties located in Winnipeg, Manitoba, being the Brio Property, the Kenwood Property, the Element Property, and the Prairie ViewPointe Property.
39GF Score
Get the complete analysis for FRA:L2B
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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