CAL BankXGHA:CAL Piotroski F-Score is 7 as of Jun. 26, 2026, which is 40% above its 10-year median of 5.00. The stock has 2 warning signs investors should review. Among 1,498 Banks companies, CAL Bank ranks better than 78.04% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CAL Bank has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for CAL Bank's Piotroski F-Score or its related term are showing as below:
XGHA:CAL'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of CAL Bank was 8. The lowest was 1. And the median was 5.
CAL Bank (XGHA:CAL) 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.
CAL Bank Piotroski F-Score Related Terms
CAL Bank Piotroski F-Score Historical Data
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The historical data trend for CAL Bank'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.
For the Banks - Regional subindustry, CAL Bank'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.
CAL Bank Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, CAL Bank's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where CAL Bank'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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 139.374 + 48.927 + 81.034 + 106.761 = GHS376 Mil. Cash Flow from Operations was 361.729 + -12.546 + 1257.236 + 1453.237 = GHS3,060 Mil. Revenue was 214.93 + 180.021 + 315.685 + 325.096 = GHS1,036 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(11839.912 + 10685.29 + 10894.291 + 11926.719 + 13427.372) / 5 = GHS11754.7168 Mil. Total Assets at the begining of this year (Mar25) was GHS11,840 Mil. Long-Term Debt & Capital Lease Obligation was GHS978 Mil. Total Assets was GHS13,427 Mil. Total Liabilities was GHS11,738 Mil.
Net Income was 110.006 + 66.005 + 43.824 + 35.576 = GHS255 Mil.
Revenue was 157.804 + 170.308 + 22.462 + 167.12 = GHS518 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(9876.405 + 10982.069 + 12319.047 + 11688.797 + 11839.912) / 5 = GHS11341.246 Mil. Total Assets at the begining of last year (Mar24) was GHS9,876 Mil. Long-Term Debt & Capital Lease Obligation was GHS1,935 Mil. Total Assets was GHS11,840 Mil. Total Liabilities was GHS11,532 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.
CAL Bank's current Net Income (TTM) was 376.
==> 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.
CAL Bank's gearing of this year was 0.08319818. CAL Bank's gearing of last year was 0.17061203.
==> 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.
CAL Bank's current ratio of this year was 1.14388025. CAL Bank's current ratio of last year was 1.02672096.
==> 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.
CAL Bank's number of shares in issue this year was 4232.863. CAL Bank's number of shares in issue last year was 2220.891.
==> 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.
* 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.
CAL Bank's net margin of this year was 0.36312096. CAL Bank's net margin of last year was 0.49336287.
==> Last year's net 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
CAL Bank's asset turnover of this year was 0.08747802. CAL Bank's asset turnover of last year was 0.05241725.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CAL Bank has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
CAL Bank (XGHA:CAL) has a Piotroski F-Score of 7 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on CAL Bank and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, CAL Bank's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, CAL Bank ranks #329 out of 1498 companies in the Banks industry, placing it in the top 22%.
Is CAL Bank's Piotroski F-Score too high?
CAL Bank's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Banks industry median Piotroski F-Score is 6.00. CAL Bank's value of 7 is 16.7% above this industry median. Based on the distribution chart, CAL Bank ranks #329 out of 1498 companies in the Banks industry, which is in the top quartile — a strong position relative to peers.
How does CAL Bank's Piotroski F-Score compare to PNC?
According to the Banks industry distribution chart, CAL Bank ranks #329 out of 1498 companies for Piotroski F-Score. This places CAL Bank in the top 22% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. CAL Bank's value of 7 is 16.7% above this benchmark. Historically, CAL Bank's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, CAL Bank 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 Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,498 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. CAL Bank's current Piotroski F-Score of 7 is 16.7% 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 CAL Bank and its competitors. For the Banks industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CAL Bank's current Piotroski F-Score is 7, which is 40% 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 CAL Bank stock overvalued right now?
CAL Bank (XGHA:CAL) has a current Piotroski F-Score of 7. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 16.7% above the Banks industry median of 6.00. 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 CAL Bank (XGHA:CAL), the current Piotroski F-Score is 7 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.
CAL Bank Ltd is mainly engaged in providing banking solutions in Ghana. Its reportable segments are: Corporate Banking, Consumer & Commercial Banking, Treasury, and Asset Management. Maximum revenue is derived from the Treasury segment, which undertakes the Bank's funding and centralised risk management activities. The Corporate Banking segment offers loans, deposits, and other services to corporate clients, institutional clients, and public sector entities; the Consumer & Commercial Banking segment provides traditional banking and other financial services such as funds transfer, standing orders, and ATM card service to small and medium enterprises, and individual customers; and the Asset Management segment offers asset and portfolio management and investment advisory services.
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