C100 AB (publ) (XSAT:C100) Piotroski F-Score: 4 (As of Jun. 30, 2026) — 20% Below Median


What is C100 AB (publ) Piotroski F-Score?

C100 AB (publ) XSAT:C100 -1.49% Piotroski F-Score is 4 as of Jun. 30, 2026, which is 20% below its 10-year median of 5.00. The stock has 3 warning signs investors should review. Among 2,743 Software companies, C100 AB (publ) ranks worse than 60.12% 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

C100 AB (publ) has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for C100 AB (publ)'s Piotroski F-Score or its related term are showing as below:

XSAT:C100' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 4

During the past 6 years, the highest Piotroski F-Score of C100 AB (publ) was 7. The lowest was 2. And the median was 5.

C100 AB (publ)  (XSAT:C100) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


C100 AB (publ) Piotroski F-Score Related Terms


C100 AB (publ) Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for C100 AB (publ)'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.

C100 AB (publ) Piotroski F-Score Chart

C100 AB (publ) Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
Get a 7-Day Free Trial N/A N/A 2.00 5.00 5.00

C100 AB (publ) Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 5.00 4.00

XSAT:C100 vs IBM, ACN, FISV: Piotroski F-Score Comparison

For the Information Technology Services subindustry, C100 AB (publ)'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.


C100 AB (publ) Piotroski F-Score vs Software Industry

For the Software industry and Technology sector, C100 AB (publ)'s Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where C100 AB (publ)'s Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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 -1.185 + -1.925 + -2.472 + 0.578 = kr-5.00 Mil.
Cash Flow from Operations was 25.38 + 0 + 0 + 0 = kr25.38 Mil.
Revenue was 0 + 0 + 0 + 0 = kr0.00 Mil.
Gross Profit was -0.292 + -0.106 + -0.049 + -0.045 = kr-0.49 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(5.59 + 30.313 + 44.306 + 28.324 + 28.346) / 5 = kr27.3758 Mil.
Total Assets at the begining of this year (Mar25) was kr5.59 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Total Current Assets was kr1.55 Mil.
Total Current Liabilities was kr0.48 Mil.
Net Income was -1.784 + -0.838 + -0.258 + 2.396 = kr-0.48 Mil.

Revenue was 0.239 + 0.296 + 0.92 + 0.207 = kr1.66 Mil.
Gross Profit was -0.832 + 0.116 + 0.726 + -0.292 = kr-0.28 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(5.334 + 5.342 + 5.666 + 5.512 + 5.59) / 5 = kr5.4888 Mil.
Total Assets at the begining of last year (Mar24) was kr5.33 Mil.
Long-Term Debt & Capital Lease Obligation was kr0.00 Mil.
Total Current Assets was kr1.75 Mil.
Total Current Liabilities was kr0.72 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.

C100 AB (publ)'s current Net Income (TTM) was -5.00. ==> 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.

C100 AB (publ)'s current Cash Flow from Operations (TTM) was 25.38. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar25)
=-5.004/5.59
=-0.89516995

ROA (Last Year)=Net Income/Total Assets (Mar24)
=-0.484/5.334
=-0.09073866

C100 AB (publ)'s return on assets of this year was -0.89516995. C100 AB (publ)'s return on assets of last year was -0.09073866. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

C100 AB (publ)'s current Net Income (TTM) was -5.00. C100 AB (publ)'s current Cash Flow from Operations (TTM) was 25.38. ==> 25.38 > -5.00 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar26)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar25 to Mar26
=0/27.3758
=0

Gearing (Last Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=0/5.4888
=0

C100 AB (publ)'s gearing of this year was 0. C100 AB (publ)'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

Current Ratio (This Year: Mar26)=Total Current Assets/Total Current Liabilities
=1.545/0.484
=3.19214876

Current Ratio (Last Year: Mar25)=Total Current Assets/Total Current Liabilities
=1.754/0.723
=2.42600277

C100 AB (publ)'s current ratio of this year was 3.19214876. C100 AB (publ)'s current ratio of last year was 2.42600277. ==> 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.

C100 AB (publ)'s number of shares in issue this year was 321.111. C100 AB (publ)'s number of shares in issue last year was 19.123. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=-0.492/0
=

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-0.282/1.662
=-0.16967509

C100 AB (publ)'s gross margin of this year was . C100 AB (publ)'s gross margin of last year was -0.16967509. ==> Last year's gross 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar25)
=0/5.59
=0

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar24)
=1.662/5.334
=0.31158605

C100 AB (publ)'s asset turnover of this year was 0. C100 AB (publ)'s asset turnover of last year was 0.31158605. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+1+1+0+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

C100 AB (publ) has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 4 mean?
C100 AB (publ) (XSAT:C100) has a Piotroski F-Score of 4 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on C100 AB (publ) and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, C100 AB (publ)'s Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, C100 AB (publ) ranks #1649 out of 2743 companies in the Software industry, placing it in the top 60.1%.
Is C100 AB (publ)'s Piotroski F-Score too high?
C100 AB (publ)'s current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The Software industry median Piotroski F-Score is 5.00. C100 AB (publ)'s value of 4 is 20% below this industry median. Based on the distribution chart, C100 AB (publ) ranks #1649 out of 2743 companies in the Software industry, which is below the industry midpoint.
How does C100 AB (publ)'s Piotroski F-Score compare to IBM and ACN?
According to the Software industry distribution chart, C100 AB (publ) ranks #1649 out of 2743 companies for Piotroski F-Score. This places C100 AB (publ) in the lower half of its industry. The industry median Piotroski F-Score is 5.00. C100 AB (publ)'s value of 4 is 20% below this benchmark. Historically, C100 AB (publ)'s own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, C100 AB (publ) has consistently been below 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 Software company?
The median Piotroski F-Score among Software companies is 5.00, based on 2,743 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. C100 AB (publ)'s current Piotroski F-Score of 4 is 20% below 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 C100 AB (publ) and its competitors. For the Software 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. C100 AB (publ)'s current Piotroski F-Score is 4, which is 20% below 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 C100 AB (publ) stock overvalued right now?
C100 AB (publ) (XSAT:C100) has a current Piotroski F-Score of 4. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 20% below the Software industry median of 5.00. 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 C100 AB (publ) (XSAT:C100), the current Piotroski F-Score is 4 as of Jun. 30, 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.

C100 AB (publ) Business Description

Address Artillerigatan 26, Stockholm, SWE, 114 51
Vultus AB is an IT company. The company specializes in the development of digital platforms. The digital solutions consist, for example, of a fertilizer guide for farmers. Based on satellite and weather data, field-specific maps are created for spreading fertilizer, unique to the different needs of each field. Its products comprise of Nitrogen Prescriptions, Crop Specific Plant Health, Water Stress, and Soil Moisture.