BTS Group HoldingsBKK:BTS +0.94%50 Piotroski F-Score is 3 as of Jul. 13, 2026, which is 25% below its 10-year median of 4.00. GuruFocus rates BKK:BTS with a GF Score™ of 50/100 and a GF Value™ of ฿5.22 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 978 Transportation companies, BTS Group Holdings ranks worse than 88.45% 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
BTS Group Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for BTS Group Holdings's Piotroski F-Score or its related term are showing as below:
BKK:BTS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 4 Max: 7
Current: 3
During the past 13 years, the highest Piotroski F-Score of BTS Group Holdings was 7. The lowest was 2. And the median was 4.
BTS Group Holdings (BKK:BTS) 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.
BTS Group Holdings Piotroski F-Score Related Terms
BTS Group Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for BTS Group Holdings'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.
BKK:BTS vs UNP, CSX, NSC: Piotroski F-Score Comparison
For the Railroads subindustry, BTS Group Holdings'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.
BTS Group Holdings Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, BTS Group Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where BTS Group Holdings'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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was -229.567 + 102.363 + -957.827 + -66.792 = ฿-1,152 Mil. Cash Flow from Operations was -417.962 + 1450.04 + 33024.439 + 2459.122 = ฿36,516 Mil. Revenue was 5272.129 + 5191.594 + 5468.58 + 5196.827 = ฿21,129 Mil. Gross Profit was 1524.577 + 1434.236 + 1470.234 + 1682.533 = ฿6,112 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(322410.36 + 322393.039 + 327084.114 + 321736.567 + 322205.884) / 5 = ฿323165.9928 Mil. Total Assets at the begining of this year (Mar25) was ฿322,410 Mil. Long-Term Debt & Capital Lease Obligation was ฿146,378 Mil. Total Current Assets was ฿69,308 Mil. Total Current Liabilities was ฿55,770 Mil.
Net Income was -374.22 + -354.674 + 2842.38 + 210.426 = ฿2,324 Mil.
Revenue was 3654.009 + 3881.435 + 4997.412 + 5386.341 = ฿17,919 Mil. Gross Profit was 1011.998 + 1198.243 + 1460.832 + 1716.402 = ฿5,387 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(271832.588 + 257479.901 + 250915.969 + 326429.586 + 322410.36) / 5 = ฿285813.6808 Mil. Total Assets at the begining of last year (Mar24) was ฿271,833 Mil. Long-Term Debt & Capital Lease Obligation was ฿156,618 Mil. Total Current Assets was ฿52,977 Mil. Total Current Liabilities was ฿37,396 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.
BTS Group Holdings's current Net Income (TTM) was -1,152.
==> 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.
BTS Group Holdings's return on assets of this year was -0.00357254. BTS Group Holdings's return on assets of last year was 0.00854906.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
BTS Group Holdings's gearing of this year was 0.45294873. BTS Group Holdings's gearing of last year was 0.54797337.
==> 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
BTS Group Holdings's current ratio of this year was 1.24274957. BTS Group Holdings's current ratio of last year was 1.41667363.
==> 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.
BTS Group Holdings's number of shares in issue this year was 16094. BTS Group Holdings's number of shares in issue last year was 16093.784.
==> 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.
BTS Group Holdings's gross margin of this year was 0.28924901. BTS Group Holdings's gross margin of last year was 0.30065382.
==> 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
BTS Group Holdings's asset turnover of this year was 0.0655349. BTS Group Holdings's asset turnover of last year was 0.06591997.
==> 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
BTS Group Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
BTS Group Holdings (BKK:BTS) has a Piotroski F-Score of 3 as of Jul. 13, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on BTS Group Holdings and its competitors. This is 25% below median its historical median of 4.00. Over the past decade, BTS Group Holdings' Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, BTS Group Holdings ranks #865 out of 978 companies in the Transportation industry, placing it in the top 88.4%.
Is BTS Group Holdings' Piotroski F-Score too high?
BTS Group Holdings' current Piotroski F-Score of 3 is 25% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The Transportation industry median Piotroski F-Score is 6.00. BTS Group Holdings' value of 3 is 50% below this industry median. Based on the distribution chart, BTS Group Holdings ranks #865 out of 978 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, BTS Group Holdings has a GF Score™ of 50/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does BTS Group Holdings' Piotroski F-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, BTS Group Holdings ranks #865 out of 978 companies for Piotroski F-Score. This places BTS Group Holdings in the lower half of its industry. The industry median Piotroski F-Score is 6.00. BTS Group Holdings' value of 3 is 50% below this benchmark. Historically, BTS Group Holdings' own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 6.00, BTS Group Holdings 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 Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 978 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. BTS Group Holdings's current Piotroski F-Score of 3 is 50% 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 BTS Group Holdings and its competitors. For the Transportation industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BTS Group Holdings's current Piotroski F-Score is 3, which is 25% below 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 BTS Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, BTS Group Holdings (BKK:BTS) is currently considered Possible Value Trap. The stock's GF Value™ is ฿5.22, compared to a current price of ฿2.14 — trading 59% below its estimated fair value. The current Piotroski F-Score is 3, which is 25% below median its 10-year median of 4.00 and 50% below the Transportation industry median of 6.00. BTS Group Holdings' overall GF Score™ is 50/100 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 BTS Group Holdings (BKK:BTS), the current Piotroski F-Score is 3 as of Jul. 13, 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 BTS Group Holdings (BKK:BTS) Overvalued in 2026?
Based on GuruFocus' analysis, BTS Group Holdings stock appears to be undervalued.
The current stock price of ฿2.14 is trading 59% below its estimated GF Value™ of ฿5.22.
GuruFocus considers BTS Group Holdings to be Possible Value Trap.
Key valuation signals for BKK:BTS:
Piotroski F-Score: 3 (25% below median its 10-year median of 4.00)
GF Value™: ฿5.22 vs. price of ฿2.14 (59% below fair value)
Industry Position: 50% below the Transportation median (#865 of 978)
No single metric tells the full story. See the BKK:BTS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
BTS Group Holdings PLC is principally engaged in the provision of transportation (Move), comprehensive marketing (Mix), and the capture of opportunities and creation of synergies through a shared system platform (Match). The group's reportable segments are MOVE, MIX, and MATCH. The majority of its revenue is generated from the MOVE segment, which provides mass transportation services for rail and other modes. This segment generates revenue through farebox collection, operating and maintenance, elevated rail's installation and construction, train procurement, and other related services, as well as the operation and maintenance of the Bus Rapid Transit and Automated People Mover (APM) systems. Geographically, the group generates maximum revenue from Thailand.
50GF Score
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