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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA Piotroski F-Score Related Terms
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA Piotroski F-Score Historical Data
* 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:MUT3 vs KO, PEP, MNST: Piotroski F-Score Comparison
For the Beverages - Non-Alcoholic subindustry, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA'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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA Piotroski F-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Mineralbrunnen Ueberkingen-Teinach GmbH KGaA'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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current Net Income (TTM) was 6.5.
==> 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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current Cash Flow from Operations (TTM) was 17.7.
==> 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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's return on assets of this year was 0.04580847. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's return on assets of last year was 0.0871418.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's gearing of this year was 0.03488652. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's gearing of last year was 0.
==> 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
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current ratio of this year was 2.89110052. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current ratio of last year was 3.30767516.
==> 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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's number of shares in issue this year was 7.795. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's number of shares in issue last year was 7.711.
==> 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.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's gross margin of this year was 0.67455683. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's gross margin of last year was 0.67651089.
==> 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
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's asset turnover of this year was 1.13579539. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's asset turnover of last year was 1.12411912.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
0
+
0
+
0
+
0
+
1
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA (FRA:MUT3) has a Piotroski F-Score of 4 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Mineralbrunnen Ueberkingen-Teinach GmbH KGaA and its competitors. This is 43% below median its historical median of 7.00. Over the past decade, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA ranks #84 out of 112 companies in the Beverages - Non-Alcoholic industry, placing it in the top 75%.
Is Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's Piotroski F-Score too high?
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current Piotroski F-Score of 4 is 43% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Beverages - Non-Alcoholic industry median Piotroski F-Score is 5.50. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's value of 4 is 27.3% below this industry median. Based on the distribution chart, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA ranks #84 out of 112 companies in the Beverages - Non-Alcoholic industry, which is below the industry midpoint. Overall, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's Piotroski F-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA ranks #84 out of 112 companies for Piotroski F-Score. This places Mineralbrunnen Ueberkingen-Teinach GmbH KGaA in the lower half of its industry. The industry median Piotroski F-Score is 5.50. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's value of 4 is 27.3% below this benchmark. Historically, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.50, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA 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 Beverages - Non-Alcoholic company?
The median Piotroski F-Score among Beverages - Non-Alcoholic companies is 5.50, based on 112 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. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current Piotroski F-Score of 4 is 27.3% 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 Mineralbrunnen Ueberkingen-Teinach GmbH KGaA and its competitors. For the Beverages - Non-Alcoholic industry, the median Piotroski F-Score is 5.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's current Piotroski F-Score is 4, which is 43% below 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 Mineralbrunnen Ueberkingen-Teinach GmbH KGaA stock overvalued right now?
Based on GuruFocus' analysis, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA (FRA:MUT3) is currently considered Modestly Overvalued. The stock's GF Value™ is €16.29, compared to a current price of €18.20 — trading 11.7% above its estimated fair value. The current Piotroski F-Score is 4, which is 43% below median its 10-year median of 7.00 and 27.3% below the Beverages - Non-Alcoholic industry median of 5.50. Mineralbrunnen Ueberkingen-Teinach GmbH KGaA's overall GF Score™ is 70/100 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 Mineralbrunnen Ueberkingen-Teinach GmbH KGaA (FRA:MUT3), the current Piotroski F-Score is 4 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 Mineralbrunnen Ueberkingen-Teinach GmbH KGaA (FRA:MUT3) Overvalued in 2026?
Based on GuruFocus' analysis, Mineralbrunnen Ueberkingen-Teinach GmbH KGaA stock appears to be overvalued.
The current stock price of €18.20 is trading 11.7% above its estimated GF Value™ of €16.29.
GuruFocus considers Mineralbrunnen Ueberkingen-Teinach GmbH KGaA to be Modestly Overvalued.
Key valuation signals for FRA:MUT3:
Piotroski F-Score: 4 (43% below median its 10-year median of 7.00)
GF Value™: €16.29 vs. price of €18.20 (11.7% above fair value)
Industry Position: 27.3% below the Beverages - Non-Alcoholic median (#84 of 112)
No single metric tells the full story. See the FRA:MUT3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mineralbrunnen Ueberkingen-Teinach GmbH KGaA Business Description
Mineralbrunnen Ueberkingen-Teinach GmbH & Co KGaA is a German company which operates in the beverage market. The company produces mineral water, fruit juices, soft drinks, and alcoholic beverages. It provides mineral water under the Krumbach, Teinacher, and Hirschquelle brands; refreshing and sweet drinks under the afri, Bluna, Teinacher Limo, Teinacher pleasure lemonade, and Krumbach lemonades brands; and fruit juices and variants under the Niehoffs Vaihinger, Klindworth, and Merziger brands.
70GF Score
Get the complete analysis for FRA:MUT3
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:MUT3 has been successfully added to your 
