Punjab National BankNSE:PNB -0.25%69 Piotroski F-Score is 4 as of Jul. 01, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates NSE:PNB with a GF Score™ of 69/100 and a GF Value™ of ₹111.52 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,498 Banks companies, Punjab National Bank ranks worse than 75.77% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Punjab National Bank has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Punjab National Bank's Piotroski F-Score or its related term are showing as below:
NSE:PNB'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 6 Max: 8
Current: 4
During the past 13 years, the highest Piotroski F-Score of Punjab National Bank was 8. The lowest was 1. And the median was 6.
Punjab National Bank (NSE:PNB) 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.
Punjab National Bank Piotroski F-Score Related Terms
Punjab National Bank Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Punjab National Bank'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.
Punjab National Bank Piotroski F-Score Competitor Comparison
For the Banks - Regional subindustry, Punjab National Bank'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.
Punjab National Bank Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, Punjab National Bank's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Punjab National Bank'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.
Punjab National Bank's current Net Income (TTM) was 183,927.
==> 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.
Punjab National Bank's current Cash Flow from Operations (TTM) was 256,354.
==> 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.
Punjab National Bank's return on assets of this year was 0.00990162. Punjab National Bank's return on assets of last year was 0.01156004.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Punjab National Bank's gearing of this year was 0.04434388. Punjab National Bank's gearing of last year was 0.04166396.
==> 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
* 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.
Punjab National Bank's current ratio of this year was 1.08002561. Punjab National Bank's current ratio of last year was 1.07760074.
==> 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.
Punjab National Bank's number of shares in issue this year was 11492.943. Punjab National Bank's number of shares in issue last year was 11256.601.
==> 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.
* 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.
Punjab National Bank's net margin of this year was 0.29371924. Punjab National Bank's net margin of last year was 0.30923895.
==> Last year's net 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
Punjab National Bank's asset turnover of this year was 0.03371117. Punjab National Bank's asset turnover of last year was 0.03738221.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
0
+
1
+
0
+
0
+
0
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Punjab National Bank has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Punjab National Bank (NSE:PNB) has a Piotroski F-Score of 4 as of Jul. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Punjab National Bank and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Punjab National Bank's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, Punjab National Bank ranks #1135 out of 1498 companies in the Banks industry, placing it in the top 75.8%.
Is Punjab National Bank's Piotroski F-Score too high?
Punjab National Bank's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Banks industry median Piotroski F-Score is 6.00. Punjab National Bank's value of 4 is 33.3% below this industry median. Based on the distribution chart, Punjab National Bank ranks #1135 out of 1498 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Punjab National Bank has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Punjab National Bank's Piotroski F-Score compare to competitors?
According to the Banks industry distribution chart, Punjab National Bank ranks #1135 out of 1498 companies for Piotroski F-Score. This places Punjab National Bank in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Punjab National Bank's value of 4 is 33.3% below this benchmark. Historically, Punjab National Bank's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Punjab National Bank 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 Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,498 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. Punjab National Bank'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 Punjab National Bank 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. Punjab National Bank's current Piotroski F-Score is 4, which is 33% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Punjab National Bank stock overvalued right now?
Based on GuruFocus' analysis, Punjab National Bank (NSE:PNB) is currently considered Fairly Valued. The stock's GF Value™ is ₹111.52, compared to a current price of ₹106.69 — trading 4.3% below its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 33.3% below the Banks industry median of 6.00. Punjab National Bank's overall GF Score™ is 69/100 with 3 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 Punjab National Bank (NSE:PNB), the current Piotroski F-Score is 4 as of Jul. 01, 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 Punjab National Bank (NSE:PNB) Overvalued in 2026?
Based on GuruFocus' analysis, Punjab National Bank stock appears to be undervalued.
The current stock price of ₹106.69 is trading 4.3% below its estimated GF Value™ of ₹111.52.
GuruFocus considers Punjab National Bank to be Fairly Valued.
Key valuation signals for NSE:PNB:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: ₹111.52 vs. price of ₹106.69 (4.3% below fair value)
Industry Position: 33.3% below the Banks median (#1135 of 1498)
No single metric tells the full story. See the NSE:PNB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Punjab National Bank is an Indian public sector bank. It provides all banking products and financial services including acceptance of various kinds of deposits like savings, term, current, recurring deposits etc. and credit financing. Its banking operations cater to individuals, corporates, farmers, government entities, start-ups, MSMEs, and other constituents, offering comprehensive Product offering and services. Its primary segments are Treasury, Retail Banking, Corporate / Wholesale Banking, and Other Banking Operations. The bank generates majority of revenue from Corporate / Wholesale Banking includes all advances which are not included under Retail Banking. Secondary segments are Domestic operations, and Foreign Operations. It generates majority of income from Domestic operations.
69GF Score
Get the complete analysis for NSE:PNB
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:PNB has been successfully added to your 
