Norwegian Air Shuttle ASANWARF -3.56%70 Piotroski F-Score is 7 as of Jun. 25, 2026, which is 40% above its 10-year median of 5.00. GuruFocus rates NWARF with a GF Score™ of 70/100 and a GF Value™ of $1.50 (Fairly Valued). The stock has 4 warning signs investors should review. Among 979 Transportation companies, Norwegian Air Shuttle ASA ranks better than 86.82% on this metric.
Good Sign:
Piotroski F-Score is 7, 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
Norwegian Air Shuttle ASA has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Norwegian Air Shuttle ASA's Piotroski F-Score or its related term are showing as below:
NWARF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of Norwegian Air Shuttle ASA was 8. The lowest was 3. And the median was 5.
Norwegian Air Shuttle ASA (OTCPK:NWARF) 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.
Norwegian Air Shuttle ASA Piotroski F-Score Related Terms
Norwegian Air Shuttle ASA 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.
NWARF vs DAL, UAL, LUV: Piotroski F-Score Comparison
For the Airlines subindustry, Norwegian Air Shuttle ASA'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.
Norwegian Air Shuttle ASA Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Norwegian Air Shuttle ASA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Norwegian Air Shuttle ASA'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.
Norwegian Air Shuttle ASA's current Net Income (TTM) was 310.
==> 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.
Norwegian Air Shuttle ASA's current Cash Flow from Operations (TTM) was 1,018.
==> 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.
Norwegian Air Shuttle ASA's return on assets of this year was 0.08432013. Norwegian Air Shuttle ASA's return on assets of last year was 0.03983312.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Norwegian Air Shuttle ASA's gearing of this year was 0.35821161. Norwegian Air Shuttle ASA's gearing of last year was 0.31457432.
==> 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
Norwegian Air Shuttle ASA's current ratio of this year was 1.09838512. Norwegian Air Shuttle ASA's current ratio of last year was 0.88411458.
==> 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.
Norwegian Air Shuttle ASA's number of shares in issue this year was 1052.093. Norwegian Air Shuttle ASA's number of shares in issue last year was 963.88.
==> 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.
Norwegian Air Shuttle ASA's gross margin of this year was 0.19401543. Norwegian Air Shuttle ASA's gross margin of last year was 0.15545263.
==> 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
Norwegian Air Shuttle ASA's asset turnover of this year was 1.03749323. Norwegian Air Shuttle ASA's asset turnover of last year was 0.92613931.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Norwegian Air Shuttle ASA has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Norwegian Air Shuttle ASA (NWARF) has a Piotroski F-Score of 7 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Norwegian Air Shuttle ASA and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, Norwegian Air Shuttle ASA's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Norwegian Air Shuttle ASA ranks #129 out of 979 companies in the Transportation industry, placing it in the top 13.2%.
Is Norwegian Air Shuttle ASA's Piotroski F-Score too high?
Norwegian Air Shuttle ASA's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Transportation industry median Piotroski F-Score is 6.00. Norwegian Air Shuttle ASA's value of 7 is 16.7% above this industry median. Based on the distribution chart, Norwegian Air Shuttle ASA ranks #129 out of 979 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Norwegian Air Shuttle ASA has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Norwegian Air Shuttle ASA's Piotroski F-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, Norwegian Air Shuttle ASA ranks #129 out of 979 companies for Piotroski F-Score. This places Norwegian Air Shuttle ASA in the top 13% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Norwegian Air Shuttle ASA's value of 7 is 16.7% above this benchmark. Historically, Norwegian Air Shuttle ASA's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Norwegian Air Shuttle ASA 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 Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 979 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. Norwegian Air Shuttle ASA's current Piotroski F-Score of 7 is 16.7% 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 Norwegian Air Shuttle ASA 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. Norwegian Air Shuttle ASA's current Piotroski F-Score is 7, which is 40% above 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 Norwegian Air Shuttle ASA stock overvalued right now?
Based on GuruFocus' analysis, Norwegian Air Shuttle ASA (NWARF) is currently considered Fairly Valued. The stock's GF Value™ is $1.50, compared to a current price of $1.63 — trading 8.3% above its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 16.7% above the Transportation industry median of 6.00. Norwegian Air Shuttle ASA's overall GF Score™ is 70/100 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 Norwegian Air Shuttle ASA (NWARF), the current Piotroski F-Score is 7 as of Jun. 25, 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 Norwegian Air Shuttle ASA (NWARF) Overvalued in 2026?
Based on GuruFocus' analysis, Norwegian Air Shuttle ASA stock appears to be overvalued.
The current stock price of $1.63 is trading 8.3% above its estimated GF Value™ of $1.50.
GuruFocus considers Norwegian Air Shuttle ASA to be Fairly Valued.
Key valuation signals for NWARF:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: $1.50 vs. price of $1.63 (8.3% above fair value)
Industry Position: 16.7% above the Transportation median (#129 of 979)
No single metric tells the full story. See the NWARF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Norwegian Air Shuttle ASA is an airline that operates short-haul flights across the Nordic countries and to destinations in Europe. The company has organized its operations into four functional business areas, including Commercial, Operations, Wideroe and Support Functions. With over three hundred routes in its network, Norwegian Air Shuttle provides passengers with quality flights at affordable fares. The company's focus is on low-cost air travel for passengers, and it believes in offering friendly and helpful service while maintaining operational excellence.
70GF 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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