FTBYF (Fortune Bay) Piotroski F-Score: 2 (As of Jun. 25, 2026) — 33% Below Median

What is Fortune Bay Piotroski F-Score?

Fortune Bay FTBYF -1.83% 35 Piotroski F-Score is 2 as of Jun. 25, 2026, which is 33% below its 10-year median of 3.00. GuruFocus rates FTBYF with a GF Score™ of 35/100. The stock has 1 warning sign investors should review. Among 2,510 Metals & Mining companies, Fortune Bay ranks worse than 73.78% on this metric.

Warning Sign:

Piotroski F-Score of 2 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

Fortune Bay has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Fortune Bay's Piotroski F-Score or its related term are showing as below:

FTBYF' s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 3 Max: 4
Current: 2

During the past 11 years, the highest Piotroski F-Score of Fortune Bay was 4. The lowest was 2. And the median was 3.

Fortune Bay (OTCPK:FTBYF) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.

Fortune Bay Piotroski F-Score Related Terms

Fortune Bay Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Fortune Bay'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.

Fortune Bay Piotroski F-Score Chart

Fortune Bay Annual Data

Trend

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Dec21

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Dec25

Piotroski F-Score

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3.00

2.00

3.00

Fortune Bay Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Piotroski F-Score	Get a 7-Day Free Trial															2.00	3.00	3.00	3.00	2.00

FTBYF vs NEM, AU: Piotroski F-Score Comparison

For the Gold subindustry, Fortune Bay'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.

Fortune Bay Piotroski F-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Fortune Bay's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Fortune Bay's Piotroski F-Score falls into.

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35GF Score

Fortune Bay Corp FTBYF

Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

How is the Piotroski F-Score calculated?

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Net Income was -0.159 + -0.348 + -0.065 + -0.747 = $-1.32 Mil.
Cash Flow from Operations was -0.393 + -0.393 + -0.165 + -0.585 = $-1.54 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was -0.001 + -0.001 + -0.001 + -0.001 = $-0.00 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(17.093 + 19.059 + 18.911 + 24.407 + 24.593) / 5 = $20.8126 Mil.
Total Assets at the begining of this year (Mar25) was $17.09 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $4.67 Mil.
Total Current Liabilities was $0.95 Mil.

Net Income was -0.248 + -0.343 + -0.287 + -0.263 = $-1.14 Mil.

Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was -0.001 + -0.001 + -0.001 + 0 = $-0.00 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(17.797 + 18.271 + 17.977 + 16.967 + 17.093) / 5 = $17.621 Mil.
Total Assets at the begining of last year (Mar24) was $17.80 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $0.64 Mil.
Total Current Liabilities was $1.30 Mil.

*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.

Fortune Bay's current Net Income (TTM) was -1.32. ==> 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.

Fortune Bay's current Cash Flow from Operations (TTM) was -1.54. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Mar25)
	=	-1.319	/	17.093
	=	-0.07716609

ROA (Last Year)	=	Net Income	/	Total Assets (Mar24)
	=	-1.141	/	17.797
	=	-0.06411193

Fortune Bay's return on assets of this year was -0.07716609. Fortune Bay's return on assets of last year was -0.06411193. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Fortune Bay's current Net Income (TTM) was -1.32. Fortune Bay's current Cash Flow from Operations (TTM) was -1.54. ==> -1.54 <= -1.32 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar26)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar25 to Mar26
	=	0	/	20.8126
	=	0

Gearing (Last Year: Mar25)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar24 to Mar25
	=	0	/	17.621
	=	0

Fortune Bay's gearing of this year was 0. Fortune Bay's gearing of last year was 0. ==> 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

Current Ratio (This Year: Mar26)	=	Total Current Assets	/	Total Current Liabilities
	=	4.665	/	0.953
	=	4.89506821

Current Ratio (Last Year: Mar25)	=	Total Current Assets	/	Total Current Liabilities
	=	0.639	/	1.296
	=	0.49305556

Fortune Bay's current ratio of this year was 4.89506821. Fortune Bay's current ratio of last year was 0.49305556. ==> 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.

Fortune Bay's number of shares in issue this year was 68.077. Fortune Bay's number of shares in issue last year was 48.685. ==> 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.

Gross Margin (This Year: TTM)	=	Gross Profit	/	Revenue
	=	-0.004	/	0
	=

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	-0.003	/	0
	=

Fortune Bay's gross margin of this year was . Fortune Bay's gross margin of last year was . ==> 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

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Mar25)
	=	0	/	17.093
	=	0

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Mar24)
	=	0	/	17.797
	=	0

Fortune Bay's asset turnover of this year was 0. Fortune Bay's asset turnover of last year was 0. ==> 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

Fortune Bay has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

Frequently Asked Questions Learn more about Piotroski F-Score →

What does a Piotroski F-Score of 2 mean?

Fortune Bay (FTBYF) has a Piotroski F-Score of 2 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Fortune Bay and its competitors. This is 33% below median its historical median of 3.00. Over the past decade, Fortune Bay's Piotroski F-Score has ranged from 2.00 to 4.00. According to the industry distribution chart, Fortune Bay ranks #1852 out of 2510 companies in the Metals & Mining industry, placing it in the top 73.8%.

Is Fortune Bay's Piotroski F-Score too high?

Fortune Bay's current Piotroski F-Score of 2 is 33% below median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 4.00. The Metals & Mining industry median Piotroski F-Score is 3.00. Fortune Bay's value of 2 is 33.3% below this industry median. Based on the distribution chart, Fortune Bay ranks #1852 out of 2510 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Fortune Bay has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.

How does Fortune Bay's Piotroski F-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, Fortune Bay ranks #1852 out of 2510 companies for Piotroski F-Score. This places Fortune Bay in the lower half of its industry. The industry median Piotroski F-Score is 3.00. Fortune Bay's value of 2 is 33.3% below this benchmark. Historically, Fortune Bay's own Piotroski F-Score has ranged from 2.00 to 4.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 3.00, Fortune Bay 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 Metals & Mining company?

The median Piotroski F-Score among Metals & Mining companies is 3.00, based on 2,510 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. Fortune Bay's current Piotroski F-Score of 2 is 33.3% 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 Fortune Bay and its competitors. For the Metals & Mining industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortune Bay's current Piotroski F-Score is 2, which is 33% below median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fortune Bay stock overvalued right now?

Fortune Bay (FTBYF) has a current Piotroski F-Score of 2. The current Piotroski F-Score is 2, which is 33% below median its 10-year median of 3.00 and 33.3% below the Metals & Mining industry median of 3.00. Fortune Bay's overall GF Score™ is 35/100 with 1 warning sign 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 Fortune Bay (FTBYF), the current Piotroski F-Score is 2 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.

Fortune Bay Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSXV:VLC XCNQ:FRG TSXV:MANU TSXV:GEMG TSXV:AMM XCNQ:HWG TSXV:SRC TSXV:BTR TSXV:KRI XCNQ:MTTA SHSE:601899 NEM TSX:AEM TSX:ABX TSX:WPM AU TSX:FNV HKSE:02259 TSX:K JSE:GFI

Other Exchanges 5QN:Germany FOR:Canada

Address 1969 Upper Water Street, Suite 2001, Tower Ii, Purdy\'s Wharf, Halifax, NS, CAN, B3J 3R7

Website https://www.fortunebaycorp.com

Fortune Bay Corp is engaged in the acquisition, exploration, and development of mineral interests. It is in the process of exploring and evaluating its mineral properties in Canada and Mexico, which include the Poma Rosa Project which is located in the state of Chiapas, Mexico and the Goldfields Project, Murmac Uranium Project, and Strike Uranium Project in Canada. In addition, it has acquired the Woods Uranium Project, including the Spruce, Pine, Aspen, Birch, and Fir Projects located in the Northern Saskatchewan region of Canada.

35GF Score

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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.43

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