Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Bangladesh Steel Re-Rolling Mills Piotroski F-Score Related Terms
Bangladesh Steel Re-Rolling Mills Piotroski F-Score Historical Data
* 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.
DHA:BSRMLTD vs NUE, STLD, RS: Piotroski F-Score Comparison
For the Steel subindustry, Bangladesh Steel Re-Rolling Mills'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.
Bangladesh Steel Re-Rolling Mills Piotroski F-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Bangladesh Steel Re-Rolling Mills's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Bangladesh Steel Re-Rolling Mills'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 1870.833 + 1239.711 + 787.086 + 2614.43 = BDT6,512 Mil. Cash Flow from Operations was 0 + 1817.651 + 1588.751 + 3519.796 = BDT6,926 Mil. Revenue was 27262.24 + 23450.327 + 24110.305 + 33317.367 = BDT108,140 Mil. Gross Profit was 2874.109 + 1703.537 + 1349.955 + 4106.23 = BDT10,034 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(90579.118 + 93743.171 + 95228.096 + 94008.592 + 93946.695) / 5 = BDT93501.1344 Mil. Total Assets at the begining of this year (Mar25) was BDT90,579 Mil. Long-Term Debt & Capital Lease Obligation was BDT2,234 Mil. Total Current Assets was BDT43,101 Mil. Total Current Liabilities was BDT33,617 Mil.
Net Income was 989.362 + 1126.064 + 885.399 + 2259.882 = BDT5,261 Mil.
Revenue was 20360.888 + 19052.93 + 21138.586 + 29184.315 = BDT89,737 Mil. Gross Profit was 2296.43 + 2766.401 + 2179.935 + 3594.026 = BDT10,837 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(100094.947 + 99574.59 + 108629.409 + 97438.94 + 90579.118) / 5 = BDT99263.4008 Mil. Total Assets at the begining of last year (Mar24) was BDT100,095 Mil. Long-Term Debt & Capital Lease Obligation was BDT1,098 Mil. Total Current Assets was BDT43,268 Mil. Total Current Liabilities was BDT36,269 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.
Bangladesh Steel Re-Rolling Mills's current Net Income (TTM) was 6,512.
==> 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.
Score 1 if positive, 0 if negative.
Bangladesh Steel Re-Rolling Mills's current Cash Flow from Operations (TTM) was 6,926.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Bangladesh Steel Re-Rolling Mills's return on assets of this year was 0.07189361. Bangladesh Steel Re-Rolling Mills's return on assets of last year was 0.05255717.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Bangladesh Steel Re-Rolling Mills's gearing of this year was 0.02389746. Bangladesh Steel Re-Rolling Mills's gearing of last year was 0.01106124.
==> 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
Bangladesh Steel Re-Rolling Mills's current ratio of this year was 1.28213549. Bangladesh Steel Re-Rolling Mills's current ratio of last year was 1.1929744.
==> 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.
Bangladesh Steel Re-Rolling Mills's number of shares in issue this year was 298.792. Bangladesh Steel Re-Rolling Mills's number of shares in issue last year was 298.531.
==> 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.
Bangladesh Steel Re-Rolling Mills's gross margin of this year was 0.09278536. Bangladesh Steel Re-Rolling Mills's gross margin of last year was 0.12076207.
==> 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
Bangladesh Steel Re-Rolling Mills's asset turnover of this year was 1.19387604. Bangladesh Steel Re-Rolling Mills's asset turnover of last year was 0.89651597.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Bangladesh Steel Re-Rolling Mills has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Bangladesh Steel Re-Rolling Mills (DHA:BSRMLTD) has a Piotroski F-Score of 6 as of Jul. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Bangladesh Steel Re-Rolling Mills and its competitors. This is near median its historical median of 6.00. Over the past decade, Bangladesh Steel Re-Rolling Mills' Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Bangladesh Steel Re-Rolling Mills ranks #134 out of 622 companies in the Steel industry, placing it in the top 21.5%.
Is Bangladesh Steel Re-Rolling Mills' Piotroski F-Score too high?
Bangladesh Steel Re-Rolling Mills' current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Steel industry median Piotroski F-Score is 5.00. Bangladesh Steel Re-Rolling Mills' value of 6 is 20% above this industry median. Based on the distribution chart, Bangladesh Steel Re-Rolling Mills ranks #134 out of 622 companies in the Steel industry, which is in the top quartile — a strong position relative to peers. Overall, Bangladesh Steel Re-Rolling Mills has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bangladesh Steel Re-Rolling Mills' Piotroski F-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Bangladesh Steel Re-Rolling Mills ranks #134 out of 622 companies for Piotroski F-Score. This places Bangladesh Steel Re-Rolling Mills in the top 22% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Bangladesh Steel Re-Rolling Mills' value of 6 is 20% above this benchmark. Historically, Bangladesh Steel Re-Rolling Mills' own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Bangladesh Steel Re-Rolling Mills has consistently been above 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 622 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. Bangladesh Steel Re-Rolling Mills's current Piotroski F-Score of 6 is 20% above 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 Bangladesh Steel Re-Rolling Mills 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. Bangladesh Steel Re-Rolling Mills's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bangladesh Steel Re-Rolling Mills stock overvalued right now?
Based on GuruFocus' analysis, Bangladesh Steel Re-Rolling Mills (DHA:BSRMLTD) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT94.78, compared to a current price of BDT109.40 — trading 15.4% above its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Steel industry median of 5.00. Bangladesh Steel Re-Rolling Mills' overall GF Score™ is 86/100 with 8 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 Bangladesh Steel Re-Rolling Mills (DHA:BSRMLTD), the current Piotroski F-Score is 6 as of Jul. 17, 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 Bangladesh Steel Re-Rolling Mills (DHA:BSRMLTD) Overvalued in 2026?
Based on GuruFocus' analysis, Bangladesh Steel Re-Rolling Mills stock appears to be overvalued.
The current stock price of BDT109.40 is trading 15.4% above its estimated GF Value™ of BDT94.78.
GuruFocus considers Bangladesh Steel Re-Rolling Mills to be Modestly Overvalued.
Key valuation signals for DHA:BSRMLTD:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: BDT94.78 vs. price of BDT109.40 (15.4% above fair value)
Industry Position: 20% above the Steel median (#134 of 622)
No single metric tells the full story. See the DHA:BSRMLTD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bangladesh Steel Re-Rolling Mills Business Description
Bangladesh Steel Re-Rolling Mills Ltd is a Bangladesh-based steel manufacturing company. The company also deals in the sale of M.S. products like angle, channel, I Beam, H Beam, MS plate, and others. Its steel products are used inside Buildings, Bridges, and National Infrastructures. The company's products consist of XTREME 500W, XTREME 500W-STIRRUP, XTREME 500W-BEND CUT, MS SQUARE BAR, M.S ANGEL-MANUFACTURED, RIBBED WIRE ROD. The company generates the majority of its revenue from XTREME 500W sales.
86GF Score
Get the complete analysis for DHA:BSRMLTD
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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