Piotroski F-Score is 9, 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
National Bank Of Malawi has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for National Bank Of Malawi's Piotroski F-Score or its related term are showing as below:
MSW:NBM'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 8 Max: 9
Current: 9
During the past 11 years, the highest Piotroski F-Score of National Bank Of Malawi was 9. The lowest was 3. And the median was 8.
National Bank Of Malawi (MSW:NBM) 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.
National Bank Of Malawi Piotroski F-Score Related Terms
National Bank Of Malawi Piotroski F-Score Historical Data
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The historical data trend for National Bank Of Malawi'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.
For the Banks - Regional subindustry, National Bank Of Malawi'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.
National Bank Of Malawi Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, National Bank Of Malawi's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where National Bank Of Malawi'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.
National Bank Of Malawi's current Net Income (TTM) was 194,556.
==> 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.
National Bank Of Malawi's current Cash Flow from Operations (TTM) was 837,389.
==> 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.
National Bank Of Malawi's return on assets of this year was 0.11244679. National Bank Of Malawi's return on assets of last year was 0.08041142.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
National Bank Of Malawi's gearing of this year was 0.0098433. National Bank Of Malawi's gearing of last year was 0.01369529.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
National Bank Of Malawi's current ratio of this year was 1.1987506. National Bank Of Malawi's current ratio of last year was 1.18545272.
==> 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.
National Bank Of Malawi's number of shares in issue this year was 467. National Bank Of Malawi's number of shares in issue last year was 467.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
National Bank Of Malawi's net margin of this year was 0.38252417. National Bank Of Malawi's net margin of last year was 0.325486.
==> This year's net 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
National Bank Of Malawi's asset turnover of this year was 0.29395996. National Bank Of Malawi's asset turnover of last year was 0.24705031.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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9
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Bank Of Malawi has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
National Bank Of Malawi (MSW:NBM) has a Piotroski F-Score of 9 as of Jun. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on National Bank Of Malawi and its competitors. This is 13% above median its historical median of 8.00. Over the past decade, National Bank Of Malawi's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, National Bank Of Malawi ranks #1 out of 1501 companies in the Banks industry, placing it in the top 0.099999999999994%.
Is National Bank Of Malawi's Piotroski F-Score too high?
National Bank Of Malawi's current Piotroski F-Score of 9 is 13% above median its 10-year median of 8.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Banks industry median Piotroski F-Score is 6.00. National Bank Of Malawi's value of 9 is 50% above this industry median. Based on the distribution chart, National Bank Of Malawi ranks #1 out of 1501 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, National Bank Of Malawi has a GF Score™ of 100/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Bank Of Malawi's Piotroski F-Score compare to PNC and USB?
According to the Banks industry distribution chart, National Bank Of Malawi ranks #1 out of 1501 companies for Piotroski F-Score. This places National Bank Of Malawi in the top 0% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. National Bank Of Malawi's value of 9 is 50% above this benchmark. Historically, National Bank Of Malawi's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 8.00 vs. the industry median of 6.00, National Bank Of Malawi 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 Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,501 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. National Bank Of Malawi's current Piotroski F-Score of 9 is 50% 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 National Bank Of Malawi and its competitors. For the Banks 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. National Bank Of Malawi's current Piotroski F-Score is 9, which is 13% above median its own 10-year median of 8.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Bank Of Malawi stock overvalued right now?
Based on GuruFocus' analysis, National Bank Of Malawi (MSW:NBM) is currently considered Modestly Overvalued. The stock's GF Value™ is MWK7,675.67, compared to a current price of MWK9,998.89 — trading 30.3% above its estimated fair value. The current Piotroski F-Score is 9, which is 13% above median its 10-year median of 8.00 and 50% above the Banks industry median of 6.00. National Bank Of Malawi's overall GF Score™ is 100/100 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 National Bank Of Malawi (MSW:NBM), the current Piotroski F-Score is 9 as of Jun. 29, 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 National Bank Of Malawi (MSW:NBM) Overvalued in 2026?
Based on GuruFocus' analysis, National Bank Of Malawi stock appears to be overvalued.
The current stock price of MWK9,998.89 is trading 30.3% above its estimated GF Value™ of MWK7,675.67.
GuruFocus considers National Bank Of Malawi to be Modestly Overvalued.
Key valuation signals for MSW:NBM:
Piotroski F-Score: 9 (13% above median its 10-year median of 8.00)
GF Value™: MWK7,675.67 vs. price of MWK9,998.89 (30.3% above fair value)
Industry Position: 50% above the Banks median (#1 of 1501)
No single metric tells the full story. See the MSW:NBM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Bank Of Malawi PLC provides personal, corporate, and investment banking as well as stockbroking, insurance, and pension administration services in Malawi. Its business operations are divided into three segments including Retail and corporate banking that incorporates savings, deposits, investment savings products, consumer loans, current accounts, overdrafts, loans, and other credit facilities, trade finance, and corporate leasing; Treasury segment offers financial instruments trading, dealings in foreign currency, stock broking and derivative products; and Other operations comprising fund management, custodial services and providing training services. Revenue from Retail and corporate banking is one of the majority sources of income for the Bank.
100GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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