Delaware Investments Natl MuniomeVFL +0.10%32 Piotroski F-Score is 5 as of Jun. 24, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates VFL with a GF Score™ of 32/100. The stock has 4 warning signs investors should review. Among 1,601 Asset Management companies, Delaware Investments Natl Muniome ranks better than 65.08% 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
Delaware Investments Natl Muniome 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 Delaware Investments Natl Muniome's Piotroski F-Score or its related term are showing as below:
VFL'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 5
During the past 13 years, the highest Piotroski F-Score of Delaware Investments Natl Muniome was 8. The lowest was 3. And the median was 6.
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.
Delaware Investments Natl Muniome Piotroski F-Score Related Terms
Delaware Investments Natl Muniome 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.
VFL vs DMO, OXSQ, WEA: Piotroski F-Score Comparison
For the Asset Management subindustry, Delaware Investments Natl Muniome'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.
Delaware Investments Natl Muniome Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Delaware Investments Natl Muniome'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.
Delaware Investments Natl Muniome's current Net Income (TTM) was -5.13.
==> 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.
Delaware Investments Natl Muniome's current Cash Flow from Operations (TTM) was 7.12.
==> 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.
Delaware Investments Natl Muniome's return on assets of this year was -0.02033654. Delaware Investments Natl Muniome's return on assets of last year was 0.12376578.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Delaware Investments Natl Muniome's gearing of this year was 0. Delaware Investments Natl Muniome's gearing of last year was 0.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Delaware Investments Natl Muniome's current ratio of this year was 2.38172717. Delaware Investments Natl Muniome's current ratio of last year was 2.50118534.
==> 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.
Delaware Investments Natl Muniome's number of shares in issue this year was 12.21. Delaware Investments Natl Muniome's number of shares in issue last year was 12.221.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Delaware Investments Natl Muniome's net margin of this year was 7.4643377. Delaware Investments Natl Muniome's net margin of last year was 0.85837746.
==> This year's net 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
Delaware Investments Natl Muniome's asset turnover of this year was -0.00272449. Delaware Investments Natl Muniome's asset turnover of last year was 0.14418573.
==> 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
Delaware Investments Natl Muniome has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Delaware Investments Natl Muniome (VFL) 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 Delaware Investments Natl Muniome and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Delaware Investments Natl Muniome's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Delaware Investments Natl Muniome ranks #559 out of 1601 companies in the Asset Management industry, placing it in the top 34.9%.
Is Delaware Investments Natl Muniome's Piotroski F-Score too high?
Delaware Investments Natl Muniome'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 8.00. The Asset Management industry median Piotroski F-Score is 5.00. Delaware Investments Natl Muniome's value of 5 is 0% at this industry median. Based on the distribution chart, Delaware Investments Natl Muniome ranks #559 out of 1601 companies in the Asset Management industry, which is above the industry midpoint. Overall, Delaware Investments Natl Muniome has a GF Score™ of 32/100, reflecting its overall financial health beyond just this single metric.
How does Delaware Investments Natl Muniome's Piotroski F-Score compare to DMO and OXSQ?
According to the Asset Management industry distribution chart, Delaware Investments Natl Muniome ranks #559 out of 1601 companies for Piotroski F-Score. This puts Delaware Investments Natl Muniome in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Delaware Investments Natl Muniome's value of 5 is 0% at this benchmark. Historically, Delaware Investments Natl Muniome's 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, Delaware Investments Natl Muniome 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 an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,601 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. Delaware Investments Natl Muniome'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 Delaware Investments Natl Muniome and its competitors. For the Asset 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. Delaware Investments Natl Muniome'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 Delaware Investments Natl Muniome stock overvalued right now?
Delaware Investments Natl Muniome (VFL) has a current Piotroski F-Score of 5. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Asset Management industry median of 5.00. Delaware Investments Natl Muniome's overall GF Score™ is 32/100 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 Delaware Investments Natl Muniome (VFL), 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.
Delaware Investments Natl Muniome Business Description
Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital. The company's product portfolio includes Mutual funds, Exchange-traded funds, Private markets, and Closed-end funds.
32GF Score
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