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Ace Digital ASFRA:ZR9 +3.92%12 Piotroski F-Score is 3 as of Aug. 16, 2026, which is 25% below its 10-year median of 4.00. GuruFocus rates FRA:ZR9 with a GF Score™ of 12/100. The stock has 3 warning signs investors should review. Among 787 Capital Markets companies, Ace Digital AS ranks worse than 79.16% on this metric.
Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ace Digital AS has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Ace Digital AS's Piotroski F-Score or its related term are showing as below:
FRA:ZR9'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 4 Max: 5
Current: 3
During the past 4 years, the highest Piotroski F-Score of Ace Digital AS was 5. The lowest was 3. And the median was 4.
Ace Digital AS (FRA:ZR9) 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.
Ace Digital AS Piotroski F-Score Related Terms
Ace Digital AS Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Ace Digital AS'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.
Ace Digital AS Piotroski F-Score Chart
Ace Digital AS Annual Data
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Ace Digital AS Semi-Annual Data
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FRA:ZR9 vs MS, GS, SCHW: Piotroski F-Score Comparison
For the Capital Markets subindustry, Ace Digital AS'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.
Ace Digital AS Piotroski F-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Ace Digital AS's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Ace Digital AS'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.
Ace Digital AS's current Net Income (TTM) was -2.01.
==> 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.
Ace Digital AS's return on assets of this year was -2.04573171. Ace Digital AS's return on assets of last year was 0.02380952.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Ace Digital AS's current ratio of this year was 56.01492537. Ace Digital AS's current ratio of last year was 0.9857868.
==> 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.
Ace Digital AS's number of shares in issue this year was 125.845. Ace Digital AS's number of shares in issue last year was 125.845.
==> 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.
Ace Digital AS's gross margin of this year was -0.39109462. Ace Digital AS's gross margin of last year was 0.05002552.
==> 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
Ace Digital AS's asset turnover of this year was 5.47764228. Ace Digital AS's asset turnover of last year was 46.64285714.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ace Digital AS has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Ace Digital AS (FRA:ZR9) has a Piotroski F-Score of 3 as of Aug. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Ace Digital AS and its competitors. This is 25% below median its historical median of 4.00. Over the past decade, Ace Digital AS's Piotroski F-Score has ranged from 3.00 to 5.00. According to the industry distribution chart, Ace Digital AS ranks #623 out of 787 companies in the Capital Markets industry, placing it in the top 79.2%.
Is Ace Digital AS's Piotroski F-Score too high?
Ace Digital AS's current Piotroski F-Score of 3 is 25% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 5.00. The Capital Markets industry median Piotroski F-Score is 5.00. Ace Digital AS's value of 3 is 40% below this industry median. Based on the distribution chart, Ace Digital AS ranks #623 out of 787 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Ace Digital AS has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Ace Digital AS's Piotroski F-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Ace Digital AS ranks #623 out of 787 companies for Piotroski F-Score. This places Ace Digital AS in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Ace Digital AS's value of 3 is 40% below this benchmark. Historically, Ace Digital AS's own Piotroski F-Score has ranged from 3.00 to 5.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Ace Digital AS 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 Capital Markets company?
The median Piotroski F-Score among Capital Markets companies is 5.00, based on 787 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. Ace Digital AS's current Piotroski F-Score of 3 is 40% 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 Ace Digital AS and its competitors. For the Capital Markets 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. Ace Digital AS's current Piotroski F-Score is 3, which is 25% below 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 Ace Digital AS stock overvalued right now?
Ace Digital AS (FRA:ZR9) has a current Piotroski F-Score of 3. The current Piotroski F-Score is 3, which is 25% below median its 10-year median of 4.00 and 40% below the Capital Markets industry median of 5.00. Ace Digital AS's overall GF Score™ is 12/100 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 Ace Digital AS (FRA:ZR9), the current Piotroski F-Score is 3 as of Aug. 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.
Ace Digital AS is an investment holding company. The company focuses on investing in and managing businesses in the Bitcoin ecosystem. The company's purpose is to be an attractive way to participate in that thesis - through a structure designed to do more than hold Bitcoin passively. It is building a Bitcoin platform. The company uses Bitcoin as a main asset while offering products and services.
12GF Score
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