Macro MetalsASX:M4M Piotroski F-Score is 3 as of Jun. 26, 2026, which is at its 10-year median of 3.00. The stock has 2 warning signs investors should review. Among 624 Steel companies, Macro Metals ranks worse than 81.25% on this metric.
Warning Sign:
Piotroski F-Score of 3 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
Macro Metals 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 Macro Metals's Piotroski F-Score or its related term are showing as below:
ASX:M4M'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 3 Max: 4
Current: 3
During the past 13 years, the highest Piotroski F-Score of Macro Metals was 4. The lowest was 2. And the median was 3.
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.
Macro Metals Piotroski F-Score Related Terms
Macro Metals Piotroski F-Score Historical Data
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The historical data trend for Macro Metals'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:M4M vs NUE, STLD, RS: Piotroski F-Score Comparison
For the Steel subindustry, Macro Metals'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.
Macro Metals Piotroski F-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Macro Metals's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Macro Metals'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.
Macro Metals's current Net Income (TTM) was -6.89.
==> 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.
Macro Metals's return on assets of this year was -0.73227761. Macro Metals's return on assets of last year was -2.32749416.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Macro Metals's current ratio of this year was 1.56788079. Macro Metals's current ratio of last year was 5.20526316.
==> 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.
Macro Metals's number of shares in issue this year was 3774.001. Macro Metals's number of shares in issue last year was 2583.237.
==> 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.
Macro Metals's gross margin of this year was 1. Macro Metals's gross margin of last year was .
==> 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
Macro Metals's asset turnover of this year was 0.00148794. Macro Metals's asset turnover of last year was 0.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Macro Metals has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Macro Metals (ASX:M4M) has a Piotroski F-Score of 3 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Macro Metals and its competitors. This is near median its historical median of 3.00. Over the past decade, Macro Metals' Piotroski F-Score has ranged from 2.00 to 4.00. According to the industry distribution chart, Macro Metals ranks #507 out of 624 companies in the Steel industry, placing it in the top 81.2%.
Is Macro Metals' Piotroski F-Score too high?
Macro Metals' current Piotroski F-Score of 3 is near median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 4.00. The Steel industry median Piotroski F-Score is 5.00. Macro Metals' value of 3 is 40% below this industry median. Based on the distribution chart, Macro Metals ranks #507 out of 624 companies in the Steel industry, which is in the bottom quartile relative to peers.
How does Macro Metals' Piotroski F-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Macro Metals ranks #507 out of 624 companies for Piotroski F-Score. This places Macro Metals in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Macro Metals' value of 3 is 40% below this benchmark. Historically, Macro Metals' own Piotroski F-Score has ranged from 2.00 to 4.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 5.00, Macro Metals 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 Steel company?
The median Piotroski F-Score among Steel companies is 5.00, based on 624 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. Macro Metals's current Piotroski F-Score of 3 is 40% 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 Macro Metals and its competitors. For the Steel 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. Macro Metals's current Piotroski F-Score is 3, which is near 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 Macro Metals stock overvalued right now?
Macro Metals (ASX:M4M) has a current Piotroski F-Score of 3. The current Piotroski F-Score is 3, which is near median its 10-year median of 3.00 and 40% below the Steel 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 Macro Metals (ASX:M4M), the current Piotroski F-Score is 3 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.
Macro Metals Ltd is a mineral exploration company. The principal activities of the company consist of exploration and evaluation of WA iron ore tenements, acquisition of additional prospective tenements in WA, proposed acquisition of Chilean lithium projects and continued evaluation of Agbaja Cast Steel Project. It operates in one industry segment, which is mineral exploration, evaluation, and development, and operates in two geographic segments: the Federal Republic of Nigeria and Australia.
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