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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
NIS AD Piotroski F-Score Related Terms
NIS AD Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for NIS AD'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.
XBEL:NIIS vs PSX, MPC, VLO: Piotroski F-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, NIS AD'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.
NIS AD Piotroski F-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NIS AD's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where NIS AD'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.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 3597.919 + -5009.619 + 2963.809 + 7029.683 = RSD8,582 Mil. Cash Flow from Operations was 24982.962 + 0 + 16716.69 + -134.667 = RSD41,565 Mil. Revenue was 83868.7 + 60436.351 + 66171.423 + 105547.027 = RSD316,024 Mil. Gross Profit was 15314.897 + 9573.888 + 14550.355 + 27935.038 = RSD67,374 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(487583.607 + 495685.956 + 462007.504 + 474006.004 + 484594.527) / 5 = RSD480775.5196 Mil. Total Assets at the begining of this year (Jun25) was RSD487,584 Mil. Long-Term Debt & Capital Lease Obligation was RSD27,372 Mil. Total Current Assets was RSD134,419 Mil. Total Current Liabilities was RSD70,661 Mil.
Net Income was 2900.047 + 2289.133 + 1698.302 + -4838.149 = RSD2,049 Mil.
Revenue was 106208.887 + 103453.881 + 72302.84 + 73513.685 = RSD355,479 Mil. Gross Profit was 15840.932 + 15709.437 + 12037.607 + 5600.866 = RSD49,189 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(517245.052 + 521719.328 + 507049.897 + 493067.357 + 487583.607) / 5 = RSD505333.0482 Mil. Total Assets at the begining of last year (Jun24) was RSD517,245 Mil. Long-Term Debt & Capital Lease Obligation was RSD41,708 Mil. Total Current Assets was RSD128,331 Mil. Total Current Liabilities was RSD68,457 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.
NIS AD's current Net Income (TTM) was 8,582.
==> 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.
NIS AD's current ratio of this year was 1.90231505. NIS AD's current ratio of last year was 1.87461438.
==> 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.
NIS AD's number of shares in issue this year was 163. NIS AD's number of shares in issue last year was 163.
==> 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.
NIS AD's gross margin of this year was 0.21319357. NIS AD's gross margin of last year was 0.1383733.
==> 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
NIS AD's asset turnover of this year was 0.64814218. NIS AD's asset turnover of last year was 0.68725509.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
NIS AD has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
NIS AD (XBEL:NIIS) has a Piotroski F-Score of 8 as of Aug. 22, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on NIS AD and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, NIS AD's Piotroski F-Score has ranged from 3.00 to 9.00.
Is NIS AD's Piotroski F-Score too high?
NIS AD's current Piotroski F-Score of 8 is 33% above 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 Oil & Gas industry median Piotroski F-Score is 5.00. NIS AD's value of 8 is 60% above this industry median. Overall, NIS AD has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does NIS AD's Piotroski F-Score compare to PSX and MPC?
NIS AD's Piotroski F-Score of 8 can be compared against companies in the Oil & Gas industry. The industry median Piotroski F-Score is 5.00. NIS AD's value of 8 is 60% above this benchmark. Historically, NIS AD'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, NIS AD 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 an Oil & Gas company?
The median Piotroski F-Score among Oil & Gas companies is 5.00, based on 992 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. NIS AD's current Piotroski F-Score of 8 is 60% 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 NIS AD and its competitors. For the Oil & Gas 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. NIS AD's current Piotroski F-Score is 8, which is 33% above 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 NIS AD stock overvalued right now?
NIS AD (XBEL:NIIS) has a current Piotroski F-Score of 8. The stock's GF Value™ is RSD705.03, compared to a current price of RSD705.00 — trading 0% below its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Oil & Gas industry median of 5.00. NIS AD's overall GF Score™ is 18/100 with 3 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 NIS AD (XBEL:NIIS), the current Piotroski F-Score is 8 as of Aug. 22, 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 NIS AD (XBEL:NIIS) Overvalued in 2026?
Based on GuruFocus' analysis, NIS AD stock appears to be undervalued.
The current stock price of RSD705.00 is trading 0% below its estimated GF Value™ of RSD705.03.
Key valuation signals for XBEL:NIIS:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: RSD705.03 vs. price of RSD705.00 (0% below fair value)
No single metric tells the full story. See the XBEL:NIIS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NIS AD is vertically-integrated energy company operating in Serbia. It engages in the exploration, production, and development of crude oil and gas as well as the production of refined petroleum products, petroleum products and gas trading and electric generation and trading. NIS operates through two segments namely Upstream and Downstream. The Upstream segment includes exploration, development, and production of crude oil and natural gas and oil field services whereas the Downstream segment includes refining and marketing, processing of crude oil into refined products and purchases, sale and transport of crude and refined petroleum products. The company's products are compressed natural gas, motor fuels, energy fuels, oils and lubricants, petrochemical products, and other products.
18GF Score
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