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Heidelberg Pharma AGXTER:HPHA -1.92%32 Piotroski F-Score is 2 as of Jul. 16, 2026, which is 33% below its 10-year median of 3.00. GuruFocus rates XTER:HPHA with a GF Score™ of 32/100 and a GF Value™ of €2.87 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,333 Biotechnology companies, Heidelberg Pharma AG ranks worse than 72.92% on this metric.
Warning Sign:
Piotroski F-Score of 2 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Heidelberg Pharma AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Heidelberg Pharma AG's Piotroski F-Score or its related term are showing as below:
XTER:HPHA'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 3 Max: 6
Current: 2
During the past 13 years, the highest Piotroski F-Score of Heidelberg Pharma AG was 6. The lowest was 1. And the median was 3.
Heidelberg Pharma AG (XTER:HPHA) 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.
Heidelberg Pharma AG Piotroski F-Score Related Terms
Heidelberg Pharma AG Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Heidelberg Pharma 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.
XTER:HPHA vs VRTX, REGN, ALNY: Piotroski F-Score Comparison
For the Biotechnology subindustry, Heidelberg Pharma 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.
Heidelberg Pharma AG Piotroski F-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Heidelberg Pharma AG's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Heidelberg Pharma AG'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.
Heidelberg Pharma AG's current Net Income (TTM) was -33.10.
==> 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.
Heidelberg Pharma AG's current Cash Flow from Operations (TTM) was -24.80.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Heidelberg Pharma AG's return on assets of this year was -0.53001361. Heidelberg Pharma AG's return on assets of last year was -0.32383916.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Heidelberg Pharma AG's gearing of this year was 0.00099003. Heidelberg Pharma AG's gearing of last year was 0.00039843.
==> Last year is lower than this year ==> Score 0.
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
Heidelberg Pharma AG's current ratio of this year was 5.28541492. Heidelberg Pharma AG's current ratio of last year was 7.73926718.
==> 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.
Heidelberg Pharma AG's number of shares in issue this year was 46.784. Heidelberg Pharma AG's number of shares in issue last year was 46.605.
==> 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.
Heidelberg Pharma AG's gross margin of this year was 0.87494963. Heidelberg Pharma AG's gross margin of last year was 0.87544824.
==> 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
Heidelberg Pharma AG's asset turnover of this year was 0.11920583. Heidelberg Pharma AG's asset turnover of last year was 0.05811821.
==> 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
Heidelberg Pharma AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Heidelberg Pharma AG (XTER:HPHA) has a Piotroski F-Score of 2 as of Jul. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Heidelberg Pharma AG and its competitors. This is 33% below median its historical median of 3.00. Over the past decade, Heidelberg Pharma AG's Piotroski F-Score has ranged from 1.00 to 6.00. According to the industry distribution chart, Heidelberg Pharma AG ranks #972 out of 1333 companies in the Biotechnology industry, placing it in the top 72.9%.
Is Heidelberg Pharma AG's Piotroski F-Score too high?
Heidelberg Pharma AG's current Piotroski F-Score of 2 is 33% below median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 6.00. The Biotechnology industry median Piotroski F-Score is 3.00. Heidelberg Pharma AG's value of 2 is 33.3% below this industry median. Based on the distribution chart, Heidelberg Pharma AG ranks #972 out of 1333 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Heidelberg Pharma AG has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Heidelberg Pharma AG's Piotroski F-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Heidelberg Pharma AG ranks #972 out of 1333 companies for Piotroski F-Score. This places Heidelberg Pharma AG in the lower half of its industry. The industry median Piotroski F-Score is 3.00. Heidelberg Pharma AG's value of 2 is 33.3% below this benchmark. Historically, Heidelberg Pharma AG's own Piotroski F-Score has ranged from 1.00 to 6.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 3.00, Heidelberg Pharma AG 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 Biotechnology company?
The median Piotroski F-Score among Biotechnology companies is 3.00, based on 1,333 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. Heidelberg Pharma AG's current Piotroski F-Score of 2 is 33.3% 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 Heidelberg Pharma AG and its competitors. For the Biotechnology industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heidelberg Pharma AG's current Piotroski F-Score is 2, which is 33% below median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heidelberg Pharma AG stock overvalued right now?
Based on GuruFocus' analysis, Heidelberg Pharma AG (XTER:HPHA) is currently considered Significantly Overvalued. The stock's GF Value™ is €2.87, compared to a current price of €2.55 — trading 11.1% below its estimated fair value. The current Piotroski F-Score is 2, which is 33% below median its 10-year median of 3.00 and 33.3% below the Biotechnology industry median of 3.00. Heidelberg Pharma AG's overall GF Score™ is 32/100 with 5 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 Heidelberg Pharma AG (XTER:HPHA), the current Piotroski F-Score is 2 as of Jul. 16, 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 Heidelberg Pharma AG (XTER:HPHA) Overvalued in 2026?
Based on GuruFocus' analysis, Heidelberg Pharma AG stock appears to be undervalued.
The current stock price of €2.55 is trading 11.1% below its estimated GF Value™ of €2.87.
GuruFocus considers Heidelberg Pharma AG to be Significantly Overvalued.
Key valuation signals for XTER:HPHA:
Piotroski F-Score: 2 (33% below median its 10-year median of 3.00)
GF Value™: €2.87 vs. price of €2.55 (11.1% below fair value)
Industry Position: 33.3% below the Biotechnology median (#972 of 1333)
No single metric tells the full story. See the XTER:HPHA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heidelberg Pharma AG is a biopharmaceutical company developing oncology treatments through antibody drug conjugates (ADCs), which combine antibody specificity with toxin potency to selectively target and kill cancer cells. The Company researches, develops, and produces these ADCs, and has built an ADC toolbox using various antibodies and payloads to address multiple cancers and overcome tumor resistance. Its activities focus on its proprietary ATAC technology based on Amanitin, the toxin of the death cap mushroom, leveraging its biological mechanism as a novel cancer therapy. The ATAC platform is used to develop proprietary ADC candidates and is also applied in collaborations with third parties.
32GF Score
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