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United Projects Co for Aviation Services KSCC (KUW:UPAC) 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.
United Projects Co for Aviation Services KSCC Piotroski F-Score Related Terms
United Projects Co for Aviation Services KSCC 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.
United Projects Co for Aviation Services KSCC Piotroski F-Score Chart
United Projects Co for Aviation Services KSCC Annual Data
KUW:UPAC vs JOBY, CAAP: Piotroski F-Score Comparison
For the Airports & Air Services subindustry, United Projects Co for Aviation Services KSCC'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.
United Projects Co for Aviation Services KSCC Piotroski F-Score vs Transportation Industry
* 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.
United Projects Co for Aviation Services KSCC's current Net Income (TTM) was -2.17.
==> 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.
United Projects Co for Aviation Services KSCC's current Cash Flow from Operations (TTM) was -0.49.
==> 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.
United Projects Co for Aviation Services KSCC's return on assets of this year was -0.00835631. United Projects Co for Aviation Services KSCC's return on assets of last year was 0.00337722.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
United Projects Co for Aviation Services KSCC's gearing of this year was 0. United Projects Co for Aviation Services KSCC'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
United Projects Co for Aviation Services KSCC's current ratio of this year was 0.07586118. United Projects Co for Aviation Services KSCC's current ratio of last year was 0.09779657.
==> 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.
United Projects Co for Aviation Services KSCC's number of shares in issue this year was 377.676. United Projects Co for Aviation Services KSCC's number of shares in issue last year was 377.676.
==> 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.
United Projects Co for Aviation Services KSCC's gross margin of this year was 0.88259293. United Projects Co for Aviation Services KSCC's gross margin of last year was 0.8406145.
==> This year's gross margin is higher. ==> Score 1.
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
United Projects Co for Aviation Services KSCC's asset turnover of this year was 0.0085067. United Projects Co for Aviation Services KSCC's asset turnover of last year was 0.03570939.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
United Projects Co for Aviation Services KSCC has an F-score of 4 indicating the company's financial situation is typical for a stable company.
United Projects Co for Aviation Services KSCC (KUW:UPAC) has a Piotroski F-Score of 4 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on United Projects Co for Aviation Services KSCC and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, United Projects Co for Aviation Services KSCC's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, United Projects Co for Aviation Services KSCC ranks #720 out of 978 companies in the Transportation industry, placing it in the top 73.6%.
Is United Projects Co for Aviation Services KSCC's Piotroski F-Score too high?
United Projects Co for Aviation Services KSCC's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Transportation industry median Piotroski F-Score is 6.00. United Projects Co for Aviation Services KSCC's value of 4 is 33.3% below this industry median. Based on the distribution chart, United Projects Co for Aviation Services KSCC ranks #720 out of 978 companies in the Transportation industry, which is below the industry midpoint. Overall, United Projects Co for Aviation Services KSCC has a GF Score™ of 24/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does United Projects Co for Aviation Services KSCC's Piotroski F-Score compare to JOBY and CAAP?
According to the Transportation industry distribution chart, United Projects Co for Aviation Services KSCC ranks #720 out of 978 companies for Piotroski F-Score. This places United Projects Co for Aviation Services KSCC in the lower half of its industry. The industry median Piotroski F-Score is 6.00. United Projects Co for Aviation Services KSCC's value of 4 is 33.3% below this benchmark. Historically, United Projects Co for Aviation Services KSCC'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 5.00 vs. the industry median of 6.00, United Projects Co for Aviation Services KSCC 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 Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 978 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. United Projects Co for Aviation Services KSCC's current Piotroski F-Score of 4 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 United Projects Co for Aviation Services KSCC and its competitors. For the Transportation industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. United Projects Co for Aviation Services KSCC's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Projects Co for Aviation Services KSCC stock overvalued right now?
Based on GuruFocus' analysis, United Projects Co for Aviation Services KSCC (KUW:UPAC) is currently considered Significantly Overvalued. The stock's GF Value™ is KWD0.04, compared to a current price of KWD0.20 — trading 392.5% above its estimated fair value. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 33.3% below the Transportation industry median of 6.00. United Projects Co for Aviation Services KSCC's overall GF Score™ is 24/100 with 5 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 United Projects Co for Aviation Services KSCC (KUW:UPAC), the current Piotroski F-Score is 4 as of Jul. 14, 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 United Projects Co for Aviation Services KSCC (KUW:UPAC) Overvalued in 2026?
Based on GuruFocus' analysis, United Projects Co for Aviation Services KSCC stock appears to be overvalued.
The current stock price of KWD0.20 is trading 392.5% above its estimated GF Value™ of KWD0.04.
GuruFocus considers United Projects Co for Aviation Services KSCC to be Significantly Overvalued.
Key valuation signals for KUW:UPAC:
Piotroski F-Score: 4 (20% below median its 10-year median of 5.00)
GF Value™: KWD0.04 vs. price of KWD0.20 (392.5% above fair value)
Industry Position: 33.3% below the Transportation median (#720 of 978)
No single metric tells the full story. See the KUW:UPAC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
United Projects Co for Aviation Services KSCC Business Description
United Projects Co for Aviation Services KSCC is a Kuwait-based company that provides full-service commercial real estate and facilities management. Its services include real estate management, project management and consultancy, as well as maintenance and facilities management services. The company's services are used by retailers, food and beverage companies, airline companies, and financial institutions. It is organised in two operating segments: Investments: consists of investing in the Project and surplus funds in investment portfolios. Service operations: consist of managing projects and providing airplane ground and cleaning services, and other service facilities. The Service Operations segment generates the maximum revenue for the company.
24GF Score
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