Emmi AG (XSWX:EMMN) Piotroski F-Score: 6 (As of Jun. 24, 2026) — 14% Below Median


XSWX:EMMN Emmi AG XSWX:EMMN
89 GF Score
Price CHF860.00
GF Value CHF965.46
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Emmi AG Piotroski F-Score?

Emmi AG XSWX:EMMN +1.18% 89 Piotroski F-Score is 6 as of Jun. 24, 2026, which is 14% below its 10-year median of 7.00. GuruFocus rates XSWX:EMMN with a GF Score™ of 89/100 and a GF Value™ of CHF965.46 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,912 Consumer Packaged Goods companies, Emmi AG ranks better than 73.33% 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

Emmi AG 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 Emmi AG's Piotroski F-Score or its related term are showing as below:

XSWX:EMMN' s Piotroski F-Score Range Over the Past 10 Years
Min: 6   Med: 7   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Emmi AG was 8. The lowest was 6. And the median was 7.

Emmi AG  (XSWX:EMMN) 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.


Emmi AG Piotroski F-Score Related Terms


Emmi AG Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Emmi AG'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.

Emmi AG Piotroski F-Score Chart

Emmi AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 6.00 6.00 6.00 6.00

Emmi AG Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 6.00 0.00 6.00 0.00 6.00

XSWX:EMMN vs KHC, GIS, JBS: Piotroski F-Score Comparison

For the Packaged Foods subindustry, Emmi AG'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.


Emmi AG Piotroski F-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Emmi AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Emmi AG's Piotroski F-Score falls into.


XSWX:EMMN
89GF Score
Emmi AG XSWX:EMMN
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

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 (Dec25) TTM:Last Year (Dec24) TTM:
Net Income was CHF227 Mil.
Cash Flow from Operations was CHF397 Mil.
Revenue was CHF4,746 Mil.
Gross Profit was CHF1,878 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was (3359.527 + 3481.214) / 2 = CHF3420.3705 Mil.
Total Assets at the begining of this year (Dec24) was CHF3,360 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,099 Mil.
Total Current Assets was CHF1,701 Mil.
Total Current Liabilities was CHF996 Mil.
Net Income was CHF220 Mil.

Revenue was CHF4,349 Mil.
Gross Profit was CHF1,665 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was (2714.507 + 3359.527) / 2 = CHF3037.017 Mil.
Total Assets at the begining of last year (Dec23) was CHF2,715 Mil.
Long-Term Debt & Capital Lease Obligation was CHF1,265 Mil.
Total Current Assets was CHF1,553 Mil.
Total Current Liabilities was CHF784 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.

Emmi AG's current Net Income (TTM) was 227. ==> 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.

Score 1 if positive, 0 if negative.

Emmi AG's current Cash Flow from Operations (TTM) was 397. ==> 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 (Dec24)
=227.056/3359.527
=0.0675857

ROA (Last Year)=Net Income/Total Assets (Dec23)
=220.288/2714.507
=0.08115212

Emmi AG's return on assets of this year was 0.0675857. Emmi AG's return on assets of last year was 0.08115212. ==> 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.

Emmi AG's current Net Income (TTM) was 227. Emmi AG's current Cash Flow from Operations (TTM) was 397. ==> 397 > 227 ==> 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: Dec25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec24 to Dec25
=1098.666/3420.3705
=0.32121257

Gearing (Last Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=1265.11/3037.017
=0.41656336

Emmi AG's gearing of this year was 0.32121257. Emmi AG's gearing of last year was 0.41656336. ==> 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: Dec25)=Total Current Assets/Total Current Liabilities
=1700.657/995.584
=1.70820041

Current Ratio (Last Year: Dec24)=Total Current Assets/Total Current Liabilities
=1552.529/783.678
=1.98108024

Emmi AG's current ratio of this year was 1.70820041. Emmi AG's current ratio of last year was 1.98108024. ==> 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.

Emmi AG's number of shares in issue this year was 5.35. Emmi AG's number of shares in issue last year was 5.35. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1878.068/4745.69
=0.39574182

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1664.934/4348.812
=0.38284801

Emmi AG's gross margin of this year was 0.39574182. Emmi AG's gross margin of last year was 0.38284801. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec24)
=4745.69/3359.527
=1.4126066

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec23)
=4348.812/2714.507
=1.60206328

Emmi AG's asset turnover of this year was 1.4126066. Emmi AG's asset turnover of last year was 1.60206328. ==> 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
=1+1+0+1+1+0+1+1+0
=6

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

Emmi AG has an F-score of 6 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 6 mean?
Emmi AG (XSWX:EMMN) has a Piotroski F-Score of 6 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Emmi AG and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, Emmi AG's Piotroski F-Score has ranged from 6.00 to 8.00. According to the industry distribution chart, Emmi AG ranks #510 out of 1912 companies in the Consumer Packaged Goods industry, placing it in the top 26.7%.
Is Emmi AG's Piotroski F-Score too high?
Emmi AG's current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 6.00 to a high of 8.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Emmi AG's value of 6 is 20% above this industry median. Based on the distribution chart, Emmi AG ranks #510 out of 1912 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Emmi AG has a GF Score™ of 89/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Emmi AG's Piotroski F-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Emmi AG ranks #510 out of 1912 companies for Piotroski F-Score. This puts Emmi AG in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Emmi AG's value of 6 is 20% above this benchmark. Historically, Emmi AG's own Piotroski F-Score has ranged from 6.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Emmi AG 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,912 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. Emmi AG'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 Emmi AG and its competitors. For the Consumer Packaged Goods 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. Emmi AG's current Piotroski F-Score is 6, which is 14% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emmi AG stock overvalued right now?
Based on GuruFocus' analysis, Emmi AG (XSWX:EMMN) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF965.46, compared to a current price of CHF860.00 — trading 10.9% below its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 20% above the Consumer Packaged Goods industry median of 5.00. Emmi AG's overall GF Score™ is 89/100 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 Emmi AG (XSWX:EMMN), the current Piotroski F-Score is 6 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.

Is Emmi AG (XSWX:EMMN) Overvalued in 2026?

Based on GuruFocus' analysis, Emmi AG stock appears to be undervalued. The current stock price of CHF860.00 is trading 10.9% below its estimated GF Value™ of CHF965.46. GuruFocus considers Emmi AG to be Modestly Undervalued.

Key valuation signals for XSWX:EMMN:

  • Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
  • GF Value™: CHF965.46 vs. price of CHF860.00 (10.9% below fair value)
  • GF Score™: 89/100 with 4 warning signs
  • Industry Position: 20% above the Consumer Packaged Goods median (#510 of 1912)

No single metric tells the full story. See the XSWX:EMMN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Emmi AG Business Description

Address Landenbergstrasse 1, Lucerne, CHE, CH-6005
Emmi AG is a Swiss dairy products manufacturer. The company generates revenue in Switzerland, the Americas, other European countries, and the rest of the world. By product category, dairy products, cheese, and fresh products are the main segments. The company also offers powder/concentrates among other products/services.
89GF Score

Get the complete analysis for XSWX:EMMN

Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF860.00
Price
CHF965.46
GF Value