Frigo Pak Gida Maddelerin Ve Ticaret AS (IST:FRIGO) 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS Piotroski F-Score Related Terms
Frigo Pak Gida Maddelerin Ve Ticaret AS 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS Piotroski F-Score Chart
Frigo Pak Gida Maddelerin Ve Ticaret AS Annual Data
IST:FRIGO vs KHC, GIS: Piotroski F-Score Comparison
For the Packaged Foods subindustry, Frigo Pak Gida Maddelerin Ve Ticaret 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS Piotroski F-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Frigo Pak Gida Maddelerin Ve Ticaret AS's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Frigo Pak Gida Maddelerin Ve Ticaret 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS's current Net Income (TTM) was -258.
==> 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS's current Cash Flow from Operations (TTM) was 511.
==> 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS's return on assets of this year was -0.11383521. Frigo Pak Gida Maddelerin Ve Ticaret AS's return on assets of last year was 0.11037021.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Frigo Pak Gida Maddelerin Ve Ticaret AS's gearing of this year was 0.1259871. Frigo Pak Gida Maddelerin Ve Ticaret AS's gearing of last year was 0.13825789.
==> 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
Frigo Pak Gida Maddelerin Ve Ticaret AS's current ratio of this year was 1.63158847. Frigo Pak Gida Maddelerin Ve Ticaret AS's current ratio of last year was 2.04146582.
==> 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS's number of shares in issue this year was 850. Frigo Pak Gida Maddelerin Ve Ticaret AS's number of shares in issue last year was 800.321.
==> 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.
Frigo Pak Gida Maddelerin Ve Ticaret AS's gross margin of this year was -0.07873083. Frigo Pak Gida Maddelerin Ve Ticaret AS's gross margin of last year was 0.09395972.
==> 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
Frigo Pak Gida Maddelerin Ve Ticaret AS's asset turnover of this year was 0.52061526. Frigo Pak Gida Maddelerin Ve Ticaret AS's asset turnover of last year was 1.02733875.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Frigo Pak Gida Maddelerin Ve Ticaret AS has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Frigo Pak Gida Maddelerin Ve Ticaret AS (IST:FRIGO) has a Piotroski F-Score of 3 as of Jul. 11, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Frigo Pak Gida Maddelerin Ve Ticaret AS and its competitors. This is 25% below median its historical median of 4.00. Over the past decade, Frigo Pak Gida Maddelerin Ve Ticaret AS's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Frigo Pak Gida Maddelerin Ve Ticaret AS ranks #1615 out of 1911 companies in the Consumer Packaged Goods industry, placing it in the top 84.5%.
Is Frigo Pak Gida Maddelerin Ve Ticaret AS's Piotroski F-Score too high?
Frigo Pak Gida Maddelerin Ve Ticaret 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 2.00 to a high of 8.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Frigo Pak Gida Maddelerin Ve Ticaret AS's value of 3 is 40% below this industry median. Based on the distribution chart, Frigo Pak Gida Maddelerin Ve Ticaret AS ranks #1615 out of 1911 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Frigo Pak Gida Maddelerin Ve Ticaret AS has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Frigo Pak Gida Maddelerin Ve Ticaret AS's Piotroski F-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Frigo Pak Gida Maddelerin Ve Ticaret AS ranks #1615 out of 1911 companies for Piotroski F-Score. This places Frigo Pak Gida Maddelerin Ve Ticaret AS in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Frigo Pak Gida Maddelerin Ve Ticaret AS's value of 3 is 40% below this benchmark. Historically, Frigo Pak Gida Maddelerin Ve Ticaret AS's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Frigo Pak Gida Maddelerin Ve Ticaret 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,911 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. Frigo Pak Gida Maddelerin Ve Ticaret 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 Frigo Pak Gida Maddelerin Ve Ticaret AS 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. Frigo Pak Gida Maddelerin Ve Ticaret 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 Frigo Pak Gida Maddelerin Ve Ticaret AS stock overvalued right now?
Based on GuruFocus' analysis, Frigo Pak Gida Maddelerin Ve Ticaret AS (IST:FRIGO) is currently considered Modestly Overvalued. The stock's GF Value™ is ₺1.67, compared to a current price of ₺2.02 — trading 21% above its estimated fair value. The current Piotroski F-Score is 3, which is 25% below median its 10-year median of 4.00 and 40% below the Consumer Packaged Goods industry median of 5.00. Frigo Pak Gida Maddelerin Ve Ticaret AS's overall GF Score™ is 49/100 with 6 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 Frigo Pak Gida Maddelerin Ve Ticaret AS (IST:FRIGO), the current Piotroski F-Score is 3 as of Jul. 11, 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 Frigo Pak Gida Maddelerin Ve Ticaret AS (IST:FRIGO) Overvalued in 2026?
Based on GuruFocus' analysis, Frigo Pak Gida Maddelerin Ve Ticaret AS stock appears to be overvalued.
The current stock price of ₺2.02 is trading 21% above its estimated GF Value™ of ₺1.67.
GuruFocus considers Frigo Pak Gida Maddelerin Ve Ticaret AS to be Modestly Overvalued.
Key valuation signals for IST:FRIGO:
Piotroski F-Score: 3 (25% below median its 10-year median of 4.00)
GF Value™: ₺1.67 vs. price of ₺2.02 (21% above fair value)
Industry Position: 40% below the Consumer Packaged Goods median (#1615 of 1911)
No single metric tells the full story. See the IST:FRIGO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Frigo Pak Gida Maddelerin Ve Ticaret AS Business Description
Frigo Pak Gida Maddeleri San Ve Ticaret AS is a food producer and exporter. The company manufactures gas and non-carbonated beverages, fruit juice, canned, frozen food as well as puree and sauces. It exports its products to more than 10 countries. The company products include sunpride, sunpride organic, strawberry canned, Erik canned food, mexican beans, and sour cherry.
49GF Score
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