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.
Relief Therapeutics Holding Piotroski F-Score Related Terms
Relief Therapeutics Holding 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.
RLFTF vs KTTA, OSRH, LIMN: Piotroski F-Score Comparison
For the Biotechnology subindustry, Relief Therapeutics Holding'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.
Relief Therapeutics Holding Piotroski F-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Relief Therapeutics Holding's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Relief Therapeutics Holding'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.
Relief Therapeutics Holding's current Net Income (TTM) was -19.20.
==> 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.
Score 1 if positive, 0 if negative.
Relief Therapeutics Holding's current Cash Flow from Operations (TTM) was -3.27.
==> 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.
Relief Therapeutics Holding's return on assets of this year was -0.21735931. Relief Therapeutics Holding's return on assets of last year was -0.56019935.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Relief Therapeutics Holding's gearing of this year was 0.02519794. Relief Therapeutics Holding's gearing of last year was 0.01657772.
==> 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
Relief Therapeutics Holding's current ratio of this year was 3.95168218. Relief Therapeutics Holding's current ratio of last year was 2.64575.
==> 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.
Relief Therapeutics Holding's number of shares in issue this year was 12.54. Relief Therapeutics Holding's number of shares in issue last year was 11.752.
==> 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.
Relief Therapeutics Holding's gross margin of this year was 0.6940678. Relief Therapeutics Holding's gross margin of last year was 0.71229931.
==> 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
Relief Therapeutics Holding's asset turnover of this year was 0.10686833. Relief Therapeutics Holding's asset turnover of last year was 0.03442218.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Relief Therapeutics Holding has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Relief Therapeutics Holding (RLFTF) has a Piotroski F-Score of 4 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Relief Therapeutics Holding and its competitors. This is 33% above median its historical median of 3.00. Over the past decade, Relief Therapeutics Holding's Piotroski F-Score has ranged from 1.00 to 4.00.
Is Relief Therapeutics Holding's Piotroski F-Score too high?
Relief Therapeutics Holding's current Piotroski F-Score of 4 is 33% above median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 4.00. The Biotechnology industry median Piotroski F-Score is 3.00. Relief Therapeutics Holding's value of 4 is 33.3% above this industry median. Overall, Relief Therapeutics Holding has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Relief Therapeutics Holding's Piotroski F-Score compare to KTTA and OSRH?
Relief Therapeutics Holding's Piotroski F-Score of 4 can be compared against companies in the Biotechnology industry. The industry median Piotroski F-Score is 3.00. Relief Therapeutics Holding's value of 4 is 33.3% above this benchmark. Historically, Relief Therapeutics Holding's own Piotroski F-Score has ranged from 1.00 to 4.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 3.00, Relief Therapeutics Holding 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 Biotechnology company?
The median Piotroski F-Score among Biotechnology companies is 3.00, based on 1,341 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. Relief Therapeutics Holding's current Piotroski F-Score of 4 is 33.3% 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 Relief Therapeutics Holding and its competitors. For the Biotechnology industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Relief Therapeutics Holding's current Piotroski F-Score is 4, which is 33% above median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Relief Therapeutics Holding stock overvalued right now?
Relief Therapeutics Holding (RLFTF) has a current Piotroski F-Score of 4. The stock's GF Value™ is $0.61, compared to a current price of $0.29 — trading 53.3% below its estimated fair value. The current Piotroski F-Score is 4, which is 33% above median its 10-year median of 3.00 and 33.3% above the Biotechnology industry median of 3.00. Relief Therapeutics Holding's overall GF Score™ is 31/100 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 Relief Therapeutics Holding (RLFTF), the current Piotroski F-Score is 4 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 Relief Therapeutics Holding (RLFTF) Overvalued in 2026?
Based on GuruFocus' analysis, Relief Therapeutics Holding stock appears to be undervalued.
The current stock price of $0.29 is trading 53.3% below its estimated GF Value™ of $0.61.
Key valuation signals for RLFTF:
Piotroski F-Score: 4 (33% above median its 10-year median of 3.00)
GF Value™: $0.61 vs. price of $0.29 (53.3% below fair value)
Industry Position: 33.3% above the Biotechnology median
No single metric tells the full story. See the RLFTF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Relief Therapeutics Holding SA is engaged in the research, development, and commercialization of biopharmaceutical products. It mainly develops drugs of natural human origin. It has a focus on commercial products, and the development program pipeline is focused on three main areas: rare genetic, metabolic disorders, rare connective tissue disorders, and rare lung diseases. Its pipeline includes various drug candidates in their different stages of development, such as RLF-TD011 and RLF-100, among others. It also has commercial legacy products like Cambia, Setofilm, Voltadol, and Voltfast, among others. Geographically, the company generates a majority of its revenue from Europe (excluding Switzerland) and the rest from North America, Switzerland, and the rest of the world.
31GF 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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