Enapter AGHAM:H2O +4.62%55 Piotroski F-Score is 2 as of Jun. 28, 2026, which is 33% below its 10-year median of 3.00. GuruFocus rates HAM:H2O with a GF Score™ of 55/100 and a GF Value™ of €3.64 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 2,972 Industrial Products companies, Enapter AG ranks worse than 93.03% 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
Enapter AG 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 Enapter AG's Piotroski F-Score or its related term are showing as below:
HAM:H2O'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 3 Max: 5
Current: 2
During the past 10 years, the highest Piotroski F-Score of Enapter AG was 5. The lowest was 2. And the median was 3.
Enapter AG (HAM:H2O) 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.
Enapter AG Piotroski F-Score Related Terms
Enapter AG Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Enapter AG'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.
HAM:H2O vs GEV, ETN, PH: Piotroski F-Score Comparison
For the Specialty Industrial Machinery subindustry, Enapter AG'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.
Enapter AG Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Enapter AG's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Enapter AG'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.
Enapter AG's current Net Income (TTM) was -32.16.
==> 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.
Enapter AG's return on assets of this year was -0.22451601. Enapter AG's return on assets of last year was -0.14662537.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Enapter AG's current ratio of this year was 0.68311273. Enapter AG's current ratio of last year was 1.4094153.
==> 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.
Enapter AG's number of shares in issue this year was 29.896. Enapter AG's number of shares in issue last year was 28.102.
==> 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.
Enapter AG's gross margin of this year was 0.40954751. Enapter AG's gross margin of last year was 0.46702118.
==> 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
Enapter AG's asset turnover of this year was 0.15428974. Enapter AG's asset turnover of last year was 0.15160387.
==> 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
Enapter AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Enapter AG (HAM:H2O) has a Piotroski F-Score of 2 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Enapter AG and its competitors. This is 33% below median its historical median of 3.00. Over the past decade, Enapter AG's Piotroski F-Score has ranged from 2.00 to 5.00. According to the industry distribution chart, Enapter AG ranks #2765 out of 2972 companies in the Industrial Products industry, placing it in the top 93%.
Is Enapter AG's Piotroski F-Score too high?
Enapter AG'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 5.00. The Industrial Products industry median Piotroski F-Score is 5.00. Enapter AG's value of 2 is 60% below this industry median. Based on the distribution chart, Enapter AG ranks #2765 out of 2972 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Enapter AG has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Enapter AG's Piotroski F-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Enapter AG ranks #2765 out of 2972 companies for Piotroski F-Score. This places Enapter AG in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Enapter AG's value of 2 is 60% below this benchmark. Historically, Enapter AG's own Piotroski F-Score has ranged from 2.00 to 5.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 5.00, Enapter AG 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 an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 2,972 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. Enapter AG's current Piotroski F-Score of 2 is 60% 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 Enapter AG and its competitors. For the Industrial Products 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. Enapter AG'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 Enapter AG stock overvalued right now?
Based on GuruFocus' analysis, Enapter AG (HAM:H2O) is currently considered Possible Value Trap. The stock's GF Value™ is €3.64, compared to a current price of €1.25 — trading 65.8% below its estimated fair value. The current Piotroski F-Score is 2, which is 33% below median its 10-year median of 3.00 and 60% below the Industrial Products industry median of 5.00. Enapter AG's overall GF Score™ is 55/100 with 8 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 Enapter AG (HAM:H2O), the current Piotroski F-Score is 2 as of Jun. 28, 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 Enapter AG (HAM:H2O) Overvalued in 2026?
Based on GuruFocus' analysis, Enapter AG stock appears to be undervalued.
The current stock price of €1.25 is trading 65.8% below its estimated GF Value™ of €3.64.
GuruFocus considers Enapter AG to be Possible Value Trap.
Key valuation signals for HAM:H2O:
Piotroski F-Score: 2 (33% below median its 10-year median of 3.00)
GF Value™: €3.64 vs. price of €1.25 (65.8% below fair value)
Industry Position: 60% below the Industrial Products median (#2765 of 2972)
No single metric tells the full story. See the HAM:H2O stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Enapter AG is engaged in research and development in the field of hydrogen systems with a focus on electrolysis, project management in Renewable Energy Systems and Smart-Grid Technology, software development for Smart Grid, Smart Energy and Industry 4.0 and Internet of Things (IoT), and manufacturing and production, design, planning, trading and resale of electrolysers and similar products and related software and control systems. Specifically, the Enapter Group develops and manufactures patented electrolysers based on Anion Exchange Membrane (AEM) technology. the Group had only one reportable segment which is the design and production of hydrogen generators based on patented anion exchange membrane electrolysis (AEM electrolysis) and pursues.
55GF Score
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