SAFE (STU:OR9) Piotroski F-Score: 3 (As of Jun. 26, 2026) — 40% Below Median


STU:OR9 SAFE STU:OR9
8 GF Score
Price €1.40
! 4 Warning Signs
View Full Analysis

What is SAFE Piotroski F-Score?

SAFE STU:OR9 8 Piotroski F-Score is 3 as of Jun. 26, 2026, which is 40% below its 10-year median of 5.00. GuruFocus rates STU:OR9 with a GF Score™ of 8/100. The stock has 4 warning signs investors should review. Among 805 Medical Devices & Instruments companies, SAFE ranks worse than 77.02% on this metric.

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

SAFE has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for SAFE's Piotroski F-Score or its related term are showing as below:

STU:OR9' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 5
Current: 3

During the past 13 years, the highest Piotroski F-Score of SAFE was 5. The lowest was 3. And the median was 5.

SAFE  (STU:OR9) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


SAFE Piotroski F-Score Related Terms


SAFE Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for SAFE'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.

SAFE Piotroski F-Score Chart

SAFE Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 5.00 5.00 3.00

SAFE Semi-Annual Data
Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Dec23 Jun24 Dec24 Jun25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 0.00 3.00 0.00

STU:OR9 vs ISRG, BDX, MDLN: Piotroski F-Score Comparison

For the Medical Instruments & Supplies subindustry, SAFE'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.


SAFE Piotroski F-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, SAFE's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where SAFE's Piotroski F-Score falls into.


STU:OR9
8GF Score
SAFE STU:OR9
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

How is the Piotroski F-Score calculated?

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was €-1,929.32 Mil.
Cash Flow from Operations was €-3.27 Mil.
Revenue was €5.04 Mil.
Gross Profit was €2.65 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was (77.925 + 11.033) / 2 = €44.479 Mil.
Total Assets at the begining of this year (Dec23) was €77.93 Mil.
Long-Term Debt & Capital Lease Obligation was €0.83 Mil.
Total Current Assets was €7.00 Mil.
Total Current Liabilities was €17.96 Mil.
Net Income was €-205.44 Mil.

Revenue was €5.81 Mil.
Gross Profit was €4.32 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was (16.518 + 77.925) / 2 = €47.2215 Mil.
Total Assets at the begining of last year (Dec22) was €16.52 Mil.
Long-Term Debt & Capital Lease Obligation was €2.79 Mil.
Total Current Assets was €8.46 Mil.
Total Current Liabilities was €275.24 Mil.

*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.

SAFE's current Net Income (TTM) was -1,929.32. ==> 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.

SAFE'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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=-1929.323/77.925
=-24.75871671

ROA (Last Year)=Net Income/Total Assets (Dec22)
=-205.444/16.518
=-12.43758324

SAFE's return on assets of this year was -24.75871671. SAFE's return on assets of last year was -12.43758324. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

SAFE's current Net Income (TTM) was -1,929.32. SAFE's current Cash Flow from Operations (TTM) was -3.27. ==> -3.27 > -1,929.32 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=0.828/44.479
=0.01861553

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=2.792/47.2215
=0.05912561

SAFE's gearing of this year was 0.01861553. SAFE's gearing of last year was 0.05912561. ==> 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

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=6.997/17.959
=0.38960967

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=8.459/275.235
=0.03073374

SAFE's current ratio of this year was 0.38960967. SAFE's current ratio of last year was 0.03073374. ==> 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.

SAFE's number of shares in issue this year was 0.008. SAFE's number of shares in issue last year was 0. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2.65/5.041
=0.52568935

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=4.323/5.81
=0.74406196

SAFE's gross margin of this year was 0.52568935. SAFE's gross margin of last year was 0.74406196. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=5.041/77.925
=0.06469041

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=5.81/16.518
=0.3517375

SAFE's asset turnover of this year was 0.06469041. SAFE's asset turnover of last year was 0.3517375. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+1+1+1+0+0+0
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

SAFE has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 3 mean?
SAFE (STU:OR9) has a Piotroski F-Score of 3 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on SAFE and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, SAFE's Piotroski F-Score has ranged from 3.00 to 5.00. According to the industry distribution chart, SAFE ranks #620 out of 805 companies in the Medical Devices & Instruments industry, placing it in the top 77%.
Is SAFE's Piotroski F-Score too high?
SAFE's current Piotroski F-Score of 3 is 40% below 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 5.00. The Medical Devices & Instruments industry median Piotroski F-Score is 5.00. SAFE's value of 3 is 40% below this industry median. Based on the distribution chart, SAFE ranks #620 out of 805 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, SAFE has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does SAFE's Piotroski F-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, SAFE ranks #620 out of 805 companies for Piotroski F-Score. This places SAFE in the lower half of its industry. The industry median Piotroski F-Score is 5.00. SAFE's value of 3 is 40% below this benchmark. Historically, SAFE'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 5.00 vs. the industry median of 5.00, SAFE 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 a Medical Devices & Instruments company?
The median Piotroski F-Score among Medical Devices & Instruments companies is 5.00, based on 805 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. SAFE's current Piotroski F-Score of 3 is 40% 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 SAFE and its competitors. For the Medical Devices & Instruments 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. SAFE's current Piotroski F-Score is 3, which is 40% below 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 SAFE stock overvalued right now?
SAFE (STU:OR9) has a current Piotroski F-Score of 3. The current Piotroski F-Score is 3, which is 40% below median its 10-year median of 5.00 and 40% below the Medical Devices & Instruments industry median of 5.00. SAFE's overall GF Score™ is 8/100 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 SAFE (STU:OR9), the current Piotroski F-Score is 3 as of Jun. 26, 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.

SAFE Business Description

Other Exchanges ALSAF:FranceOR9:Germany
Address Parc des Bellevues, Allee R. Luxemburg, Le Californie, Eragny sur Oise, FRA, 95610
SAFE, formerly SAFE Orthopaedics SA is engaged in the medical industry. The company manufactures implants used for spine correction surgeries.
8GF Score

Get the complete analysis for STU:OR9

Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€1.40
Price