Flagship InvestmentsASX:FSI -3.28%33 Piotroski F-Score is 4 as of Jun. 26, 2026, which is at its 10-year median of 4.00. GuruFocus rates ASX:FSI with a GF Score™ of 33/100. Among 1,597 Asset Management companies, Flagship Investments ranks worse than 56.79% 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
Flagship Investments 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 Flagship Investments's Piotroski F-Score or its related term are showing as below:
ASX:FSI'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 4 Max: 7
Current: 4
During the past 13 years, the highest Piotroski F-Score of Flagship Investments was 7. The lowest was 3. And the median was 4.
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.
Flagship Investments Piotroski F-Score Related Terms
Flagship Investments Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Flagship Investments'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.
ASX:FSI vs BLK, BX, KKR: Piotroski F-Score Comparison
For the Asset Management subindustry, Flagship Investments'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.
Flagship Investments Piotroski F-Score vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Flagship Investments's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Flagship Investments'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.
Flagship Investments's current Net Income (TTM) was -0.56.
==> 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.
Flagship Investments's return on assets of this year was -0.00633902. Flagship Investments's return on assets of last year was -0.03089705.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Flagship Investments's gearing of this year was 0.05293272. Flagship Investments's gearing of last year was 0.23151352.
==> 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.
Flagship Investments's current ratio of this year was 3.47471432. Flagship Investments's current ratio of last year was 3.22876391.
==> 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.
Flagship Investments's number of shares in issue this year was 25.857. Flagship Investments's number of shares in issue last year was 25.857.
==> 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.
* 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.
Flagship Investments's net margin of this year was 1.19700214. Flagship Investments's net margin of last year was 9.6440678.
==> 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
Flagship Investments's asset turnover of this year was -0.00529575. Flagship Investments's asset turnover of last year was -0.00320374.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Flagship Investments has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Flagship Investments (ASX:FSI) has a Piotroski F-Score of 4 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Flagship Investments and its competitors. This is near median its historical median of 4.00. Over the past decade, Flagship Investments' Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, Flagship Investments ranks #907 out of 1597 companies in the Asset Management industry, placing it in the top 56.8%.
Is Flagship Investments' Piotroski F-Score too high?
Flagship Investments' current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The Asset Management industry median Piotroski F-Score is 5.00. Flagship Investments' value of 4 is 20% below this industry median. Based on the distribution chart, Flagship Investments ranks #907 out of 1597 companies in the Asset Management industry, which is below the industry midpoint. Overall, Flagship Investments has a GF Score™ of 33/100, reflecting its overall financial health beyond just this single metric.
How does Flagship Investments' Piotroski F-Score compare to BLK and BX?
According to the Asset Management industry distribution chart, Flagship Investments ranks #907 out of 1597 companies for Piotroski F-Score. This places Flagship Investments in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Flagship Investments' value of 4 is 20% below this benchmark. Historically, Flagship Investments' own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Flagship Investments 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 an Asset Management company?
The median Piotroski F-Score among Asset Management companies is 5.00, based on 1,597 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. Flagship Investments'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 Flagship Investments and its competitors. For the Asset Management 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. Flagship Investments's current Piotroski F-Score is 4, which is near median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Flagship Investments stock overvalued right now?
Flagship Investments (ASX:FSI) has a current Piotroski F-Score of 4. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 20% below the Asset Management industry median of 5.00. Flagship Investments' overall GF Score™ is 33/100. 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 Flagship Investments (ASX:FSI), the current Piotroski F-Score is 4 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.
Flagship Investments Ltd is an investment company that provides its investors access to the portfolio of Australian growth companies. The company's investment objective is to achieve medium to long-term capital growth and income by investing in a diversified portfolio of Australian companies; to preserve and enhance the NTA backing per share after allowing for inflation; and to provide shareholders with a fully franked dividend, which will grow at a rate over the rate of inflation.
33GF Score
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