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Concord Enviro SystemsNSE:CEWATER +0.47%17 Piotroski F-Score is 1 as of Aug. 29, 2026, which is 86% below its 10-year median of 7.00. GuruFocus rates NSE:CEWATER with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 496 Utilities - Regulated companies, Concord Enviro Systems ranks worse than 99.4% on this metric.
Warning Sign:
Piotroski F-Score of 1 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
Concord Enviro Systems has an F-score of 1. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Concord Enviro Systems's Piotroski F-Score or its related term are showing as below:
NSE:CEWATER'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 7 Max: 7
Current: 1
During the past 5 years, the highest Piotroski F-Score of Concord Enviro Systems was 7. The lowest was 1. And the median was 7.
Concord Enviro Systems (NSE:CEWATER) 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.
Concord Enviro Systems Piotroski F-Score Related Terms
Concord Enviro Systems Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Concord Enviro Systems'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.
NSE:CEWATER vs AWK, WTRG, AWR: Piotroski F-Score Comparison
For the Utilities - Regulated Water subindustry, Concord Enviro Systems'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.
Concord Enviro Systems Piotroski F-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Concord Enviro Systems's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Concord Enviro Systems'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.
Concord Enviro Systems's current Net Income (TTM) was 198.
==> 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.
Concord Enviro Systems's current Cash Flow from Operations (TTM) was -232.
==> 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.
Concord Enviro Systems's return on assets of this year was 0.023279. Concord Enviro Systems's return on assets of last year was 0.08203768.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Concord Enviro Systems's gearing of this year was 0.01847889. Concord Enviro Systems's gearing of last year was 0.01301562.
==> Last year is lower than this year ==> Score 0.
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
Concord Enviro Systems's current ratio of this year was 2.00419708. Concord Enviro Systems's current ratio of last year was 2.11921759.
==> 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.
Concord Enviro Systems's number of shares in issue this year was 20.688. Concord Enviro Systems's number of shares in issue last year was 18.869.
==> 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.
Concord Enviro Systems's gross margin of this year was 0.37790577. Concord Enviro Systems's gross margin of last year was 0.42523791.
==> 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
Concord Enviro Systems's asset turnover of this year was 0.6573026. Concord Enviro Systems's asset turnover of last year was 0.94704903.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Concord Enviro Systems has an F-score of 1. It is a bad or low score, which usually implies poor business operation.
Concord Enviro Systems (NSE:CEWATER) has a Piotroski F-Score of 1 as of Aug. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Concord Enviro Systems and its competitors. This is 86% below median its historical median of 7.00. Over the past decade, Concord Enviro Systems' Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, Concord Enviro Systems ranks #493 out of 496 companies in the Utilities - Regulated industry, placing it in the top 99.4%.
Is Concord Enviro Systems' Piotroski F-Score too high?
Concord Enviro Systems' current Piotroski F-Score of 1 is 86% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The Utilities - Regulated industry median Piotroski F-Score is 6.00. Concord Enviro Systems' value of 1 is 83.3% below this industry median. Based on the distribution chart, Concord Enviro Systems ranks #493 out of 496 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Concord Enviro Systems has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Concord Enviro Systems' Piotroski F-Score compare to AWK and WTRG?
According to the Utilities - Regulated industry distribution chart, Concord Enviro Systems ranks #493 out of 496 companies for Piotroski F-Score. This places Concord Enviro Systems in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Concord Enviro Systems' value of 1 is 83.3% below this benchmark. Historically, Concord Enviro Systems' own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, Concord Enviro Systems 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 Utilities - Regulated company?
The median Piotroski F-Score among Utilities - Regulated companies is 6.00, based on 496 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. Concord Enviro Systems's current Piotroski F-Score of 1 is 83.3% 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 Concord Enviro Systems and its competitors. For the Utilities - Regulated 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. Concord Enviro Systems's current Piotroski F-Score is 1, which is 86% below 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 Concord Enviro Systems stock overvalued right now?
Concord Enviro Systems (NSE:CEWATER) has a current Piotroski F-Score of 1. The current Piotroski F-Score is 1, which is 86% below median its 10-year median of 7.00 and 83.3% below the Utilities - Regulated industry median of 6.00. Concord Enviro Systems' overall GF Score™ is 17/100 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 Concord Enviro Systems (NSE:CEWATER), the current Piotroski F-Score is 1 as of Aug. 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.
Concord Enviro Systems Ltd is engaged in the business of manufacturing water treatment systems, water pollution control equipment, bio filters, resource recovery systems using membrane technology, and operational and maintenance services. Geographically, the company generates maximum revenue from its business in India, and also caters to international market to some extent.
17GF Score
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