Air WaterTSE:4088 -2.87%83 Piotroski F-Score is 6 as of Jun. 29, 2026, which is 20% above its 10-year median of 5.00. GuruFocus rates TSE:4088 with a GF Score™ of 83/100 and a GF Value™ of 円2,209.90 (Modestly Overvalued). The stock has 14 warning signs investors should review. Among 1,563 Chemicals companies, Air Water ranks better than 76.33% 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
Air Water 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 Air Water's Piotroski F-Score or its related term are showing as below:
TSE:4088'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 7
Current: 6
During the past 13 years, the highest Piotroski F-Score of Air Water was 7. The lowest was 3. And the median was 5.
Air Water (TSE:4088) 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.
Air Water Piotroski F-Score Related Terms
Air Water Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Air Water'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.
TSE:4088 vs LIN, SHW, ECL: Piotroski F-Score Comparison
For the Specialty Chemicals subindustry, Air Water'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.
Air Water Piotroski F-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Water's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Air Water'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.
Air Water's current Net Income (TTM) was 10,720.
==> 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.
Air Water's return on assets of this year was 0.00901637. Air Water's return on assets of last year was 0.03781604.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Air Water's current ratio of this year was 1.38353852. Air Water's current ratio of last year was 1.36031517.
==> 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.
Air Water's number of shares in issue this year was 229.177. Air Water's number of shares in issue last year was 228.463.
==> 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.
Air Water's gross margin of this year was 0.21896026. Air Water's gross margin of last year was 0.21653663.
==> 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
Air Water's asset turnover of this year was 0.91506105. Air Water's asset turnover of last year was 0.89975611.
==> 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
Air Water has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Air Water (TSE:4088) has a Piotroski F-Score of 6 as of Jun. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Air Water and its competitors. This is 20% above median its historical median of 5.00. Over the past decade, Air Water's Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, Air Water ranks #370 out of 1563 companies in the Chemicals industry, placing it in the top 23.7%.
Is Air Water's Piotroski F-Score too high?
Air Water'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 3.00 to a high of 7.00. The Chemicals industry median Piotroski F-Score is 5.00. Air Water's value of 6 is 20% above this industry median. Based on the distribution chart, Air Water ranks #370 out of 1563 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Air Water has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Air Water's Piotroski F-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Air Water ranks #370 out of 1563 companies for Piotroski F-Score. This places Air Water in the top 24% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Air Water's value of 6 is 20% above this benchmark. Historically, Air Water's own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Air Water 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 Chemicals company?
The median Piotroski F-Score among Chemicals companies is 5.00, based on 1,563 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. Air Water'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 Air Water and its competitors. For the Chemicals 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. Air Water'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 Air Water stock overvalued right now?
Based on GuruFocus' analysis, Air Water (TSE:4088) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,209.90, compared to a current price of 円2,778.00 — trading 25.7% 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 20% above the Chemicals industry median of 5.00. Air Water's overall GF Score™ is 83/100 with 14 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 Air Water (TSE:4088), the current Piotroski F-Score is 6 as of Jun. 29, 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 Air Water (TSE:4088) Overvalued in 2026?
Based on GuruFocus' analysis, Air Water stock appears to be overvalued.
The current stock price of 円2,778.00 is trading 25.7% above its estimated GF Value™ of 円2,209.90.
GuruFocus considers Air Water to be Modestly Overvalued.
Key valuation signals for TSE:4088:
Piotroski F-Score: 6 (20% above median its 10-year median of 5.00)
GF Value™: 円2,209.90 vs. price of 円2,778.00 (25.7% above fair value)
Industry Position: 20% above the Chemicals median (#370 of 1563)
No single metric tells the full story. See the TSE:4088 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Air Water Inc is a diversified conglomerate engaged in the supply of industrial gases and various other businesses and services. The company operates through five segments. The Agri & Foods segment covers the processing and distribution of fruits and vegetables, frozen foods, meat products, and contract manufacturing of beverages. The Digital & Industry segment focuses on industrial gases, electrical, and functional materials. The Energy Solutions segment deals with LP gas, kerosene, and related equipment. The Health & Safety segment provides medical gases, dental and protective materials, hospital equipment, and home medical care services. The Other Businesses segment includes logistics, salt production, overseas industrial gas operations, biomass power, and high-output UPS solutions.
83GF Score
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