Tomra Systems ASATMRAY +2.52%86 Piotroski F-Score is 5 as of Jun. 24, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates TMRAY with a GF Score™ of 86/100 and a GF Value™ of $16.08 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 240 Waste Management companies, Tomra Systems ASA ranks better than 57.92% 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
Tomra Systems ASA has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Tomra Systems ASA's Piotroski F-Score or its related term are showing as below:
TMRAY'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 5
During the past 13 years, the highest Piotroski F-Score of Tomra Systems ASA was 9. The lowest was 3. And the median was 6.
Tomra Systems ASA (OTCPK:TMRAY) 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.
Tomra Systems ASA Piotroski F-Score Related Terms
Tomra Systems ASA Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Tomra Systems 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.
TMRAY vs WM, RSG, WCN: Piotroski F-Score Comparison
For the Waste Management subindustry, Tomra Systems 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.
Tomra Systems ASA Piotroski F-Score vs Waste Management Industry
For the Waste Management industry and Industrials sector, Tomra Systems ASA's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tomra Systems 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.
Tomra Systems ASA's current Net Income (TTM) was 94.
==> 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.
Tomra Systems ASA's return on assets of this year was 0.05305915. Tomra Systems ASA's return on assets of last year was 0.06853982.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tomra Systems ASA's gearing of this year was 0.36350413. Tomra Systems ASA's gearing of last year was 0.28713744.
==> 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
Tomra Systems ASA's current ratio of this year was 1.54598977. Tomra Systems ASA's current ratio of last year was 2.89068896.
==> 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.
Tomra Systems ASA's number of shares in issue this year was 300. Tomra Systems ASA's number of shares in issue last year was 333.333.
==> 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.
Tomra Systems ASA's gross margin of this year was 0.58562055. Tomra Systems ASA's gross margin of last year was 0.56817762.
==> 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
Tomra Systems ASA's asset turnover of this year was 0.88031952. Tomra Systems ASA's asset turnover of last year was 0.91357073.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tomra Systems ASA has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Tomra Systems ASA (TMRAY) has a Piotroski F-Score of 5 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Tomra Systems ASA and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Tomra Systems ASA's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Tomra Systems ASA ranks #101 out of 240 companies in the Waste Management industry, placing it in the top 42.1%.
Is Tomra Systems ASA's Piotroski F-Score too high?
Tomra Systems ASA's current Piotroski F-Score of 5 is 17% below 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 9.00. The Waste Management industry median Piotroski F-Score is 5.00. Tomra Systems ASA's value of 5 is 0% at this industry median. Based on the distribution chart, Tomra Systems ASA ranks #101 out of 240 companies in the Waste Management industry, which is above the industry midpoint. Overall, Tomra Systems ASA has a GF Score™ of 86/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tomra Systems ASA's Piotroski F-Score compare to WM and RSG?
According to the Waste Management industry distribution chart, Tomra Systems ASA ranks #101 out of 240 companies for Piotroski F-Score. This puts Tomra Systems ASA in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Tomra Systems ASA's value of 5 is 0% at this benchmark. Historically, Tomra Systems ASA's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Tomra Systems 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 Waste Management company?
The median Piotroski F-Score among Waste Management companies is 5.00, based on 240 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. Tomra Systems ASA's current Piotroski F-Score of 5 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 Tomra Systems ASA and its competitors. For the Waste Management 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. Tomra Systems ASA's current Piotroski F-Score is 5, which is 17% below 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 Tomra Systems ASA stock overvalued right now?
Based on GuruFocus' analysis, Tomra Systems ASA (TMRAY) is currently considered Significantly Undervalued. The stock's GF Value™ is $16.08, compared to a current price of $9.78 — trading 39.2% below its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Waste Management industry median of 5.00. Tomra Systems ASA's overall GF Score™ is 86/100 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 Tomra Systems ASA (TMRAY), the current Piotroski F-Score is 5 as of Jun. 24, 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 Tomra Systems ASA (TMRAY) Overvalued in 2026?
Based on GuruFocus' analysis, Tomra Systems ASA stock appears to be undervalued.
The current stock price of $9.78 is trading 39.2% below its estimated GF Value™ of $16.08.
GuruFocus considers Tomra Systems ASA to be Significantly Undervalued.
Key valuation signals for TMRAY:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: $16.08 vs. price of $9.78 (39.2% below fair value)
Industry Position: 0% at the Waste Management median (#101 of 240)
No single metric tells the full story. See the TMRAY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tomra Systems ASA provides sorting and recycling solutions to equip customers for handling waste. The company creates and delivers sensor-based solutions that contribute to optimal resource productivity, in packaging, collection, compaction, recycling, ore sorting, and food production. It provides reverse vending machines, sensor-based sorting machines integrated post-harvest solutions, sensors for waste sorting applications, and other related products and solutions. The company's operating segments are; TOMRA Collection which generates key revenue, TOMRA Recycling, TOMRA Horizon, and TOMRA Food. Geographically, the company generates maximum revenue from Europe region followed by America, Asia, and Oceania.
86GF Score
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