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Aquaporin AS (OCSE:AQP) 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.
Aquaporin AS Piotroski F-Score Related Terms
Aquaporin AS Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Aquaporin AS'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.
OCSE:AQP vs AWK, WTRG, AWR: Piotroski F-Score Comparison
For the Utilities - Regulated Water subindustry, Aquaporin AS'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.
Aquaporin AS Piotroski F-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Aquaporin AS's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Aquaporin AS'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.
Aquaporin AS's current Net Income (TTM) was -85.28.
==> Negative ==> Score 0.
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.
Aquaporin AS's return on assets of this year was -0.32478043. Aquaporin AS's return on assets of last year was -0.33412433.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Aquaporin AS's gearing of this year was 0.16349315. Aquaporin AS's gearing of last year was 0.18857342.
==> 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
Aquaporin AS's current ratio of this year was 4.79803601. Aquaporin AS's current ratio of last year was 1.56556225.
==> 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.
Aquaporin AS's number of shares in issue this year was 17.102. Aquaporin AS's number of shares in issue last year was 10.539.
==> 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.
Aquaporin AS's gross margin of this year was 0.31194516. Aquaporin AS's gross margin of last year was 0.32458719.
==> 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
Aquaporin AS's asset turnover of this year was 0.15444733. Aquaporin AS's asset turnover of last year was 0.22004021.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aquaporin AS has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Aquaporin AS (OCSE:AQP) has a Piotroski F-Score of 4 as of Jul. 31, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Aquaporin AS and its competitors. This is near median its historical median of 4.00. Over the past decade, Aquaporin AS's Piotroski F-Score has ranged from 3.00 to 5.00.
Is Aquaporin AS's Piotroski F-Score too high?
Aquaporin AS's current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 5.00. The Utilities - Regulated industry median Piotroski F-Score is 6.00. Aquaporin AS's value of 4 is 33.3% below this industry median. Overall, Aquaporin AS has a GF Score™ of 47/100, reflecting its overall financial health beyond just this single metric.
How does Aquaporin AS's Piotroski F-Score compare to AWK and WTRG?
Aquaporin AS's Piotroski F-Score of 4 can be compared against companies in the Utilities - Regulated industry. The industry median Piotroski F-Score is 6.00. Aquaporin AS's value of 4 is 33.3% below this benchmark. Historically, Aquaporin AS's own Piotroski F-Score has ranged from 3.00 to 5.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 6.00, Aquaporin AS 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 490 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. Aquaporin AS'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 Aquaporin AS 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. Aquaporin AS's current Piotroski F-Score is 4, which is near median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aquaporin AS stock overvalued right now?
Aquaporin AS (OCSE:AQP) has a current Piotroski F-Score of 4. The stock's GF Value™ is kr10.57, compared to a current price of kr0.57 — trading 94.6% below its estimated fair value. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 33.3% below the Utilities - Regulated industry median of 6.00. Aquaporin AS's overall GF Score™ is 47/100 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 Aquaporin AS (OCSE:AQP), the current Piotroski F-Score is 4 as of Jul. 31, 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 Aquaporin AS (OCSE:AQP) Overvalued in 2026?
Based on GuruFocus' analysis, Aquaporin AS stock appears to be undervalued.
The current stock price of kr0.57 is trading 94.6% below its estimated GF Value™ of kr10.57.
Key valuation signals for OCSE:AQP:
Piotroski F-Score: 4 (near median its 10-year median of 4.00)
GF Value™: kr10.57 vs. price of kr0.57 (94.6% below fair value)
Industry Position: 33.3% below the Utilities - Regulated median
No single metric tells the full story. See the OCSE:AQP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aquaporin AS is a water technology company dedicated to rethinking water filtration using its Aquaporin Inside technology. Its CLEAR series of products is designed for industries and businesses committed to energy-saving and water reuse targets, and includes Clear Eco, Clear Ultra, Clear Plus, Clear Plus FR, Clear Classic, and others, which provide high-performing water purification. The company offers both residential and industrial product ranges, in all sizes of membrane elements. Geographically, it generates maximum revenue from the Asia-Pacific (APAC) regions, and the rest from the Americas, and Europe, the Middle East and Africa (EMEA).
47GF Score
Get the complete analysis for OCSE:AQP
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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