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Happy Belly Food GroupFRA:W3J +2.65%52 Piotroski F-Score is 4 as of Jul. 29, 2026, which is at its 10-year median of 4.00. GuruFocus rates FRA:W3J with a GF Score™ of 52/100 and a GF Value™ of €1.16 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,912 Consumer Packaged Goods companies, Happy Belly Food Group ranks worse than 67.26% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Happy Belly Food Group has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Happy Belly Food Group's Piotroski F-Score or its related term are showing as below:
FRA:W3J'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 4 Max: 6
Current: 4
During the past 10 years, the highest Piotroski F-Score of Happy Belly Food Group was 6. The lowest was 2. And the median was 4.
Happy Belly Food Group (FRA:W3J) 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.
Happy Belly Food Group Piotroski F-Score Related Terms
Happy Belly Food Group Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Happy Belly Food Group'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.
For the Packaged Foods subindustry, Happy Belly Food Group'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.
Happy Belly Food Group Piotroski F-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Happy Belly Food Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Happy Belly Food Group'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.
Happy Belly Food Group's current Net Income (TTM) was -7.28.
==> 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.
Score 1 if positive, 0 if negative.
Happy Belly Food Group's current Cash Flow from Operations (TTM) was 0.10.
==> 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.
Happy Belly Food Group's return on assets of this year was -1.05218271. Happy Belly Food Group's return on assets of last year was -0.29713952.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Happy Belly Food Group's gearing of this year was 0.3924535. Happy Belly Food Group's gearing of last year was 0.54467961.
==> 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
Happy Belly Food Group's current ratio of this year was 2.08350951. Happy Belly Food Group's current ratio of last year was 2.84162204.
==> 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.
Happy Belly Food Group's number of shares in issue this year was 140.667. Happy Belly Food Group's number of shares in issue last year was 129.399.
==> 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.
Happy Belly Food Group's gross margin of this year was 0.5385371. Happy Belly Food Group's gross margin of last year was 0.60462874.
==> 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
Happy Belly Food Group's asset turnover of this year was 2.20742989. Happy Belly Food Group's asset turnover of last year was 1.21074139.
==> 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
Happy Belly Food Group has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Happy Belly Food Group (FRA:W3J) has a Piotroski F-Score of 4 as of Jul. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Happy Belly Food Group and its competitors. This is near median its historical median of 4.00. Over the past decade, Happy Belly Food Group's Piotroski F-Score has ranged from 2.00 to 6.00. According to the industry distribution chart, Happy Belly Food Group ranks #1286 out of 1912 companies in the Consumer Packaged Goods industry, placing it in the top 67.3%.
Is Happy Belly Food Group's Piotroski F-Score too high?
Happy Belly Food Group's current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 6.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Happy Belly Food Group's value of 4 is 20% below this industry median. Based on the distribution chart, Happy Belly Food Group ranks #1286 out of 1912 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Happy Belly Food Group has a GF Score™ of 52/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Happy Belly Food Group's Piotroski F-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Happy Belly Food Group ranks #1286 out of 1912 companies for Piotroski F-Score. This places Happy Belly Food Group in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Happy Belly Food Group's value of 4 is 20% below this benchmark. Historically, Happy Belly Food Group's own Piotroski F-Score has ranged from 2.00 to 6.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Happy Belly Food Group 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,912 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. Happy Belly Food Group's current Piotroski F-Score of 4 is 20% 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 Happy Belly Food Group and its competitors. For the Consumer Packaged Goods 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. Happy Belly Food Group's current Piotroski F-Score is 4, which is near median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Happy Belly Food Group stock overvalued right now?
Based on GuruFocus' analysis, Happy Belly Food Group (FRA:W3J) is currently considered Modestly Undervalued. The stock's GF Value™ is €1.16, compared to a current price of €0.97 — trading 16.4% below its estimated fair value. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 20% below the Consumer Packaged Goods industry median of 5.00. Happy Belly Food Group's overall GF Score™ is 52/100 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 Happy Belly Food Group (FRA:W3J), the current Piotroski F-Score is 4 as of Jul. 29, 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 Happy Belly Food Group (FRA:W3J) Overvalued in 2026?
Based on GuruFocus' analysis, Happy Belly Food Group stock appears to be undervalued.
The current stock price of €0.97 is trading 16.4% below its estimated GF Value™ of €1.16.
GuruFocus considers Happy Belly Food Group to be Modestly Undervalued.
Key valuation signals for FRA:W3J:
Piotroski F-Score: 4 (near median its 10-year median of 4.00)
GF Value™: €1.16 vs. price of €0.97 (16.4% below fair value)
Industry Position: 20% below the Consumer Packaged Goods median (#1286 of 1912)
No single metric tells the full story. See the FRA:W3J stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Happy Belly Food Group Inc operates and franchises Quick Service Restaurants (QSR) throughout Canada as well as sells its Consumer Product Goods (CPG) through wholesale and retail channels. It specializes in the growth of consumer food brands. It offers a diverse range of smoothie bowls and smoothies. The smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds. Its brands include HEAL, Rosie's, Yolks, SmileTiger, Joey Turks, Salus, among others. The company's operating segments are: Quick Service Restaurants (inclusive of franchised restaurants); Consumer Product Goods; and Corporate.
52GF Score
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