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.
Spectrum Brands Holdings Piotroski F-Score Related Terms
Spectrum Brands Holdings 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.
STU:H221 vs COTY, NWL, EPC: Piotroski F-Score Comparison
For the Household & Personal Products subindustry, Spectrum Brands Holdings'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.
Spectrum Brands Holdings Piotroski F-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Spectrum Brands Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Spectrum Brands Holdings'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.
Spectrum Brands Holdings's current Net Income (TTM) was 108.
==> 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.
Spectrum Brands Holdings's current Cash Flow from Operations (TTM) was 283.
==> 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.
Spectrum Brands Holdings's return on assets of this year was 0.03300828. Spectrum Brands Holdings's return on assets of last year was 0.01250231.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Spectrum Brands Holdings's gearing of this year was 0.19771725. Spectrum Brands Holdings's gearing of last year was 0.18097374.
==> 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
Spectrum Brands Holdings's current ratio of this year was 2.29460716. Spectrum Brands Holdings's current ratio of last year was 2.3430488.
==> Last year's current ratio is higher ==> Score 0.
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.
Spectrum Brands Holdings's number of shares in issue this year was 23.3. Spectrum Brands Holdings's number of shares in issue last year was 26.2.
==> 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.
Spectrum Brands Holdings's gross margin of this year was 0.36640016. Spectrum Brands Holdings's gross margin of last year was 0.37624978.
==> 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
Spectrum Brands Holdings's asset turnover of this year was 0.74054237. Spectrum Brands Holdings's asset turnover of last year was 0.62039199.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Spectrum Brands Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Spectrum Brands Holdings (STU:H221) has a Piotroski F-Score of 6 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Spectrum Brands Holdings and its competitors. This is near median its historical median of 6.00. Over the past decade, Spectrum Brands Holdings' Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Spectrum Brands Holdings ranks #510 out of 1909 companies in the Consumer Packaged Goods industry, placing it in the top 26.7%.
Is Spectrum Brands Holdings' Piotroski F-Score too high?
Spectrum Brands Holdings' current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Spectrum Brands Holdings' value of 6 is 20% above this industry median. Based on the distribution chart, Spectrum Brands Holdings ranks #510 out of 1909 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Spectrum Brands Holdings has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does Spectrum Brands Holdings' Piotroski F-Score compare to COTY and NWL?
According to the Consumer Packaged Goods industry distribution chart, Spectrum Brands Holdings ranks #510 out of 1909 companies for Piotroski F-Score. This puts Spectrum Brands Holdings in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Spectrum Brands Holdings' value of 6 is 20% above this benchmark. Historically, Spectrum Brands Holdings' own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Spectrum Brands Holdings 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,909 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. Spectrum Brands Holdings's current Piotroski F-Score of 6 is 20% 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 Spectrum Brands Holdings and its competitors. For the Consumer Packaged Goods industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spectrum Brands Holdings's current Piotroski F-Score is 6, which is near 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 Spectrum Brands Holdings stock overvalued right now?
Spectrum Brands Holdings (STU:H221) has a current Piotroski F-Score of 6. The stock's GF Value™ is €97.27, compared to a current price of €74.50 — trading 23.4% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Consumer Packaged Goods industry median of 5.00. Spectrum Brands Holdings' overall GF Score™ is 76/100 with 7 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 Spectrum Brands Holdings (STU:H221), the current Piotroski F-Score is 6 as of Jun. 30, 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 Spectrum Brands Holdings (STU:H221) Overvalued in 2026?
Based on GuruFocus' analysis, Spectrum Brands Holdings stock appears to be undervalued.
The current stock price of €74.50 is trading 23.4% below its estimated GF Value™ of €97.27.
Key valuation signals for STU:H221:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: €97.27 vs. price of €74.50 (23.4% below fair value)
Industry Position: 20% above the Consumer Packaged Goods median (#510 of 1909)
No single metric tells the full story. See the STU:H221 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spectrum Brands Holdings Inc is consumer products and home essentials company. The company is a supplier of consumer batteries, residential locksets, residential builders' hardware, grooming products and personal care products. The company manages the businesses in product-focused segments; Home and Personal Care, global Pet Care, and Home and Garden. The Company manufactures, markets and distributes its products globally in the North America, Europe, Middle East & Africa, Latin America, and Asia-Pacific.
76GF Score
Get the complete analysis for STU:H221
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