HAV Group ASAOSL:HAV 63 Piotroski F-Score is 6 as of Jul. 03, 2026, which is 20% above its 10-year median of 5.00. GuruFocus rates OSL:HAV with a GF Score™ of 63/100 and a GF Value™ of kr12.47 (Fairly Valued). The stock has 4 warning signs investors should review. Among 974 Transportation companies, HAV Group ASA ranks better than 72.48% 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
HAV Group ASA has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for HAV Group ASA's Piotroski F-Score or its related term are showing as below:
OSL:HAV'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 5 Max: 9
Current: 6
During the past 9 years, the highest Piotroski F-Score of HAV Group ASA was 9. The lowest was 2. And the median was 5.
HAV Group ASA (OSL:HAV) 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.
HAV Group ASA Piotroski F-Score Related Terms
HAV Group ASA Piotroski F-Score Historical Data
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The historical data trend for HAV Group ASA'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.
HAV Group ASA Piotroski F-Score Competitor Comparison
For the Marine Shipping subindustry, HAV Group 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.
HAV Group ASA Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, HAV Group ASA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where HAV Group 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.
HAV Group ASA's current Net Income (TTM) was 11.4.
==> 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.
HAV Group ASA's return on assets of this year was 0.01643157. HAV Group ASA's return on assets of last year was -0.03252351.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
HAV Group ASA's gearing of this year was 5.472E-5. HAV Group ASA's gearing of last year was 0.01147195.
==> 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
HAV Group ASA's current ratio of this year was 1.02314555. HAV Group ASA's current ratio of last year was 1.00516099.
==> 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.
HAV Group ASA's number of shares in issue this year was 33.969. HAV Group ASA's number of shares in issue last year was 35.386.
==> 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.
HAV Group ASA's gross margin of this year was 0.12223067. HAV Group ASA's gross margin of last year was 0.05634029.
==> 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
HAV Group ASA's asset turnover of this year was 1.27671639. HAV Group ASA's asset turnover of last year was 1.38865096.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
HAV Group ASA has an F-score of 6 indicating the company's financial situation is typical for a stable company.
HAV Group ASA (OSL:HAV) has a Piotroski F-Score of 6 as of Jul. 03, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on HAV Group ASA and its competitors. This is 20% above median its historical median of 5.00. Over the past decade, HAV Group ASA's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, HAV Group ASA ranks #268 out of 974 companies in the Transportation industry, placing it in the top 27.5%.
Is HAV Group ASA's Piotroski F-Score too high?
HAV Group ASA's current Piotroski F-Score of 6 is 20% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Transportation industry median Piotroski F-Score is 6.00. HAV Group ASA's value of 6 is 0% at this industry median. Based on the distribution chart, HAV Group ASA ranks #268 out of 974 companies in the Transportation industry, which is above the industry midpoint. Overall, HAV Group ASA has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does HAV Group ASA's Piotroski F-Score compare to competitors?
According to the Transportation industry distribution chart, HAV Group ASA ranks #268 out of 974 companies for Piotroski F-Score. This puts HAV Group ASA in the upper half of its industry. The industry median Piotroski F-Score is 6.00. HAV Group ASA's value of 6 is 0% at this benchmark. Historically, HAV Group ASA's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, HAV Group ASA has consistently been at 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 974 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. HAV Group ASA's current Piotroski F-Score of 6 is 0% at 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 HAV Group 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. HAV Group ASA's current Piotroski F-Score is 6, which is 20% 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 HAV Group ASA stock overvalued right now?
Based on GuruFocus' analysis, HAV Group ASA (OSL:HAV) is currently considered Fairly Valued. The stock's GF Value™ is kr12.47, compared to a current price of kr13.50 — trading 8.3% above its estimated fair value. The current Piotroski F-Score is 6, which is 20% above median its 10-year median of 5.00 and 0% at the Transportation industry median of 6.00. HAV Group ASA's overall GF Score™ is 63/100 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 HAV Group ASA (OSL:HAV), the current Piotroski F-Score is 6 as of Jul. 03, 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 HAV Group ASA (OSL:HAV) Overvalued in 2026?
Based on GuruFocus' analysis, HAV Group ASA stock appears to be overvalued.
The current stock price of kr13.50 is trading 8.3% above its estimated GF Value™ of kr12.47.
GuruFocus considers HAV Group ASA to be Fairly Valued.
Key valuation signals for OSL:HAV:
Piotroski F-Score: 6 (20% above median its 10-year median of 5.00)
GF Value™: kr12.47 vs. price of kr13.50 (8.3% above fair value)
Industry Position: 0% at the Transportation median (#268 of 974)
No single metric tells the full story. See the OSL:HAV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HAV Group ASA is a provider of solutions and technology to the marine and maritime industries. The group's vision is to contribute to the green shift through solutions and high-end products for the ocean industries. The Group's main activities are: HAV Design, i.e., providing ship design and system packages for offshore, transport, and fishing vessels; Norwegian Electric Systems, i.e., specializing in design, engineering, and installation of electric systems and delivery of control and automation systems for ships; Norwegian Greentech, i.e., specializing in the delivery of ballast water treatment systems. HAV Hydrogen, i.e., delivers complete and scalable hydrogen systems that are designed for operation in heavy seas. Other/Elimination includes intercompany and the mother company.
63GF Score
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