Euronext Athens HoldingMEX:HEEN 89 Piotroski F-Score is 8 as of Jun. 27, 2026, which is 14% above its 10-year median of 7.00. GuruFocus rates MEX:HEEN with a GF Score™ of 89/100 and a GF Value™ of MXN167.89. The stock has 4 warning signs investors should review. Among 782 Capital Markets companies, Euronext Athens Holding ranks better than 98.34% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Euronext Athens Holding has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Euronext Athens Holding's Piotroski F-Score or its related term are showing as below:
MEX:HEEN'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 7 Max: 9
Current: 8
During the past 13 years, the highest Piotroski F-Score of Euronext Athens Holding was 9. The lowest was 4. And the median was 7.
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.
Euronext Athens Holding Piotroski F-Score Related Terms
Euronext Athens Holding Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Euronext Athens Holding'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.
MEX:HEEN vs SPGI, CME, ICE: Piotroski F-Score Comparison
For the Financial Data & Stock Exchanges subindustry, Euronext Athens Holding'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.
Euronext Athens Holding Piotroski F-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Euronext Athens Holding's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Euronext Athens Holding'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.
This Year (Dec25) TTM:
Last Year (Dec24) TTM:
Net Income was 126.487 + 168.638 + 287.026 + 101.561 = MXN684 Mil. Cash Flow from Operations was 185.495 + 316.839 + 429.022 + 225.029 = MXN1,156 Mil. Revenue was 348.077 + 392.373 + 656.946 + 453.263 = MXN1,851 Mil. Gross Profit was 240.743 + 281.222 + 511.592 + 340.422 = MXN1,374 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was
(10721.795 + 11010.493 + 12145.116 + 13280.555 + 14829.823) / 5 = MXN12397.5564 Mil. Total Assets at the begining of this year (Dec24) was MXN10,722 Mil. Long-Term Debt & Capital Lease Obligation was MXN3 Mil. Total Current Assets was MXN13,560 Mil. Total Current Liabilities was MXN11,717 Mil.
Net Income was 78.471 + 99.074 + 84.684 + 89.254 = MXN351 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.
Euronext Athens Holding's current Net Income (TTM) was 684.
==> Positive ==> Score 1.
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.
Euronext Athens Holding's current Cash Flow from Operations (TTM) was 1,156.
==> 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.
Euronext Athens Holding's return on assets of this year was 0.06376843. Euronext Athens Holding's return on assets of last year was 0.04790939.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Euronext Athens Holding's gearing of this year was 0.00027893. Euronext Athens Holding's gearing of last year was 0.00063881.
==> 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
Euronext Athens Holding's current ratio of this year was 1.15730646. Euronext Athens Holding's current ratio of last year was 1.1749762.
==> 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.
Euronext Athens Holding's number of shares in issue this year was 57.85. Euronext Athens Holding's number of shares in issue last year was 57.85.
==> 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.
Euronext Athens Holding's gross margin of this year was 0.74242689. Euronext Athens Holding's gross margin of last year was 0.69291815.
==> 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
Euronext Athens Holding's asset turnover of this year was 0.1726072. Euronext Athens Holding's asset turnover of last year was 0.1497382.
==> 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
Euronext Athens Holding has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Euronext Athens Holding (MEX:HEEN) has a Piotroski F-Score of 8 as of Jun. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Euronext Athens Holding and its competitors. This is 14% above median its historical median of 7.00. Over the past decade, Euronext Athens Holding's Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, Euronext Athens Holding ranks #13 out of 782 companies in the Capital Markets industry, placing it in the top 1.7%.
Is Euronext Athens Holding's Piotroski F-Score too high?
Euronext Athens Holding's current Piotroski F-Score of 8 is 14% above median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Capital Markets industry median Piotroski F-Score is 5.00. Euronext Athens Holding's value of 8 is 60% above this industry median. Based on the distribution chart, Euronext Athens Holding ranks #13 out of 782 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Euronext Athens Holding has a GF Score™ of 89/100, reflecting its overall financial health beyond just this single metric.
How does Euronext Athens Holding's Piotroski F-Score compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Euronext Athens Holding ranks #13 out of 782 companies for Piotroski F-Score. This places Euronext Athens Holding in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Euronext Athens Holding's value of 8 is 60% above this benchmark. Historically, Euronext Athens Holding's own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Euronext Athens Holding has consistently been above 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 782 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. Euronext Athens Holding's current Piotroski F-Score of 8 is 60% above 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 Euronext Athens Holding 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. Euronext Athens Holding's current Piotroski F-Score is 8, which is 14% above median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Euronext Athens Holding stock overvalued right now?
Euronext Athens Holding (MEX:HEEN) has a current Piotroski F-Score of 8. The stock's GF Value™ is MXN167.89, compared to a current price of MXN148.00 — trading 11.8% below its estimated fair value. The current Piotroski F-Score is 8, which is 14% above median its 10-year median of 7.00 and 60% above the Capital Markets industry median of 5.00. Euronext Athens Holding's overall GF Score™ is 89/100 with 4 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 Euronext Athens Holding (MEX:HEEN), the current Piotroski F-Score is 8 as of Jun. 27, 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 Euronext Athens Holding (MEX:HEEN) Overvalued in 2026?
Based on GuruFocus' analysis, Euronext Athens Holding stock appears to be undervalued.
The current stock price of MXN148.00 is trading 11.8% below its estimated GF Value™ of MXN167.89.
Key valuation signals for MEX:HEEN:
Piotroski F-Score: 8 (14% above median its 10-year median of 7.00)
GF Value™: MXN167.89 vs. price of MXN148.00 (11.8% below fair value)
Industry Position: 60% above the Capital Markets median (#13 of 782)
No single metric tells the full story. See the MEX:HEEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Euronext Athens Holding SA operates the Greek capital market, offering trading, clearing, settlement, and registry services for equities, derivatives, bonds, and energy markets.
89GF Score
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