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Indef ManufacturingBOM:544364 +1.55%17 Piotroski F-Score is 4 as of Aug. 27, 2026, which is 20% below its 10-year median of 5.00. GuruFocus rates BOM:544364 with a GF Score™ of 17/100. The stock has 3 warning signs investors should review. Among 208 Farm & Heavy Construction Machinery companies, Indef Manufacturing ranks worse than 69.23% 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
Indef Manufacturing 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 Indef Manufacturing's Piotroski F-Score or its related term are showing as below:
BOM:544364'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 5 Max: 6
Current: 4
During the past 4 years, the highest Piotroski F-Score of Indef Manufacturing was 6. The lowest was 4. And the median was 5.
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.
Indef Manufacturing Piotroski F-Score Related Terms
Indef Manufacturing Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Indef Manufacturing'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.
BOM:544364 vs CAT, DE, PCAR: Piotroski F-Score Comparison
For the Farm & Heavy Construction Machinery subindustry, Indef Manufacturing'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.
Indef Manufacturing Piotroski F-Score vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Indef Manufacturing's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Indef Manufacturing'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.
Indef Manufacturing's current Net Income (TTM) was 236.
==> 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.
Indef Manufacturing's return on assets of this year was 0.07839469. Indef Manufacturing's return on assets of last year was 1041.47256098.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Indef Manufacturing's gearing of this year was 0.00150876. Indef Manufacturing's gearing of last year was 0.01376484.
==> 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
Indef Manufacturing's current ratio of this year was 1.34494285. Indef Manufacturing's current ratio of last year was 1.93252142.
==> 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.
Indef Manufacturing's number of shares in issue this year was 32. Indef Manufacturing's number of shares in issue last year was 32.
==> 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.
Indef Manufacturing's gross margin of this year was 0.38756879. Indef Manufacturing's gross margin of last year was 0.40879104.
==> 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
Indef Manufacturing's asset turnover of this year was 0.68201882. Indef Manufacturing's asset turnover of last year was 5410.78658537.
==> 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
Indef Manufacturing has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Indef Manufacturing (BOM:544364) has a Piotroski F-Score of 4 as of Aug. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Indef Manufacturing and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Indef Manufacturing's Piotroski F-Score has ranged from 4.00 to 6.00. According to the industry distribution chart, Indef Manufacturing ranks #144 out of 208 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 69.2%.
Is Indef Manufacturing's Piotroski F-Score too high?
Indef Manufacturing's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 6.00. The Farm & Heavy Construction Machinery industry median Piotroski F-Score is 5.00. Indef Manufacturing's value of 4 is 20% below this industry median. Based on the distribution chart, Indef Manufacturing ranks #144 out of 208 companies in the Farm & Heavy Construction Machinery industry, which is below the industry midpoint. Overall, Indef Manufacturing has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Indef Manufacturing's Piotroski F-Score compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Indef Manufacturing ranks #144 out of 208 companies for Piotroski F-Score. This places Indef Manufacturing in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Indef Manufacturing's value of 4 is 20% below this benchmark. Historically, Indef Manufacturing's own Piotroski F-Score has ranged from 4.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Indef Manufacturing 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 Farm & Heavy Construction Machinery company?
The median Piotroski F-Score among Farm & Heavy Construction Machinery companies is 5.00, based on 208 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. Indef Manufacturing'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 Indef Manufacturing and its competitors. For the Farm & Heavy Construction Machinery 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. Indef Manufacturing's current Piotroski F-Score is 4, which is 20% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indef Manufacturing stock overvalued right now?
Indef Manufacturing (BOM:544364) has a current Piotroski F-Score of 4. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 20% below the Farm & Heavy Construction Machinery industry median of 5.00. Indef Manufacturing's overall GF Score™ is 17/100 with 3 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 Indef Manufacturing (BOM:544364), the current Piotroski F-Score is 4 as of Aug. 27, 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.
Indef Manufacturing Ltd specializes in producing high-quality industrial components. The company focuses on precision engineering and manufacturing techniques. The company serves diverse sectors including automotive, aerospace, and construction. Committed to quality and sustainability and delivers reliable products globally.
17GF Score
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