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RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) 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.
RAK Ceramics (Bangladesh) Piotroski F-Score Related Terms
RAK Ceramics (Bangladesh) 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:RAKCERAMIC vs TT, JCI, CARR: Piotroski F-Score Comparison
For the Building Products & Equipment subindustry, RAK Ceramics (Bangladesh)'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.
RAK Ceramics (Bangladesh) Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, RAK Ceramics (Bangladesh)'s Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where RAK Ceramics (Bangladesh)'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 (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 24.288 + -209.836 + -55.732 + 78.532 = BDT-163 Mil. Cash Flow from Operations was 76.776 + 279.388 + 202.229 + 0 = BDT558 Mil. Revenue was 2064.083 + 2208.68 + 1746.832 + 1994.666 = BDT8,014 Mil. Gross Profit was 359.593 + 147.137 + 293.507 + 426.228 = BDT1,226 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(11858.793 + 11670.88 + 11251.371 + 11638.594 + 11554.288) / 5 = BDT11594.7852 Mil. Total Assets at the begining of this year (Jun25) was BDT11,859 Mil. Long-Term Debt & Capital Lease Obligation was BDT457 Mil. Total Current Assets was BDT7,144 Mil. Total Current Liabilities was BDT4,646 Mil.
Net Income was -147.67 + 83.592 + -25.38 + -185.003 = BDT-274 Mil.
Revenue was 1344.607 + 2139.295 + 1468.995 + 1631.544 = BDT6,584 Mil. Gross Profit was 170.408 + 318.398 + 299.763 + 164.462 = BDT953 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(16342.401 + 16113.819 + 11480.544 + 16161.953 + 11858.793) / 5 = BDT14391.502 Mil. Total Assets at the begining of last year (Jun24) was BDT16,342 Mil. Long-Term Debt & Capital Lease Obligation was BDT458 Mil. Total Current Assets was BDT7,417 Mil. Total Current Liabilities was BDT4,667 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.
RAK Ceramics (Bangladesh)'s current Net Income (TTM) was -163.
==> 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.
Score 1 if positive, 0 if negative.
RAK Ceramics (Bangladesh)'s current Cash Flow from Operations (TTM) was 558.
==> 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.
RAK Ceramics (Bangladesh)'s return on assets of this year was -0.01372383. RAK Ceramics (Bangladesh)'s return on assets of last year was -0.01679441.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
RAK Ceramics (Bangladesh)'s gearing of this year was 0.03938978. RAK Ceramics (Bangladesh)'s gearing of last year was 0.03183031.
==> 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
RAK Ceramics (Bangladesh)'s current ratio of this year was 1.53777506. RAK Ceramics (Bangladesh)'s current ratio of last year was 1.58941327.
==> 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.
RAK Ceramics (Bangladesh)'s number of shares in issue this year was 436.292. RAK Ceramics (Bangladesh)'s number of shares in issue last year was 430.241.
==> 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.
RAK Ceramics (Bangladesh)'s gross margin of this year was 0.15303532. RAK Ceramics (Bangladesh)'s gross margin of last year was 0.14473985.
==> 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
RAK Ceramics (Bangladesh)'s asset turnover of this year was 0.67580748. RAK Ceramics (Bangladesh)'s asset turnover of last year was 0.40290536.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
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Que. 6
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Que. 7
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Que. 9
=
0
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1
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1
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1
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=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
RAK Ceramics (Bangladesh) has an F-score of 5 indicating the company's financial situation is typical for a stable company.
RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) has a Piotroski F-Score of 5 as of Aug. 31, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on RAK Ceramics (Bangladesh) and its competitors. This is near median its historical median of 5.00. Over the past decade, RAK Ceramics (Bangladesh)'s Piotroski F-Score has ranged from 1.00 to 9.00. According to the industry distribution chart, RAK Ceramics (Bangladesh) ranks #795 out of 1743 companies in the Construction industry, placing it in the top 45.6%.
Is RAK Ceramics (Bangladesh)'s Piotroski F-Score too high?
RAK Ceramics (Bangladesh)'s current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 9.00. The Construction industry median Piotroski F-Score is 5.00. RAK Ceramics (Bangladesh)'s value of 5 is 0% at this industry median. Based on the distribution chart, RAK Ceramics (Bangladesh) ranks #795 out of 1743 companies in the Construction industry, which is above the industry midpoint. Overall, RAK Ceramics (Bangladesh) has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does RAK Ceramics (Bangladesh)'s Piotroski F-Score compare to TT and JCI?
According to the Construction industry distribution chart, RAK Ceramics (Bangladesh) ranks #795 out of 1743 companies for Piotroski F-Score. This puts RAK Ceramics (Bangladesh) in the upper half of its industry. The industry median Piotroski F-Score is 5.00. RAK Ceramics (Bangladesh)'s value of 5 is 0% at this benchmark. Historically, RAK Ceramics (Bangladesh)'s own Piotroski F-Score has ranged from 1.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, RAK Ceramics (Bangladesh) has consistently been at 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 Construction company?
The median Piotroski F-Score among Construction companies is 5.00, based on 1,743 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. RAK Ceramics (Bangladesh)'s current Piotroski F-Score of 5 is 0% at 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 RAK Ceramics (Bangladesh) and its competitors. For the Construction 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. RAK Ceramics (Bangladesh)'s current Piotroski F-Score is 5, which is near 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 RAK Ceramics (Bangladesh) stock overvalued right now?
Based on GuruFocus' analysis, RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) is currently considered Fairly Valued. The stock's GF Value™ is BDT27.61, compared to a current price of BDT29.70 — trading 7.6% above its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Construction industry median of 5.00. RAK Ceramics (Bangladesh)'s overall GF Score™ is 71/100 with 9 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 RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC), the current Piotroski F-Score is 5 as of Aug. 31, 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 RAK Ceramics (Bangladesh) (DHA:RAKCERAMIC) Overvalued in 2026?
Based on GuruFocus' analysis, RAK Ceramics (Bangladesh) stock appears to be overvalued.
The current stock price of BDT29.70 is trading 7.6% above its estimated GF Value™ of BDT27.61.
GuruFocus considers RAK Ceramics (Bangladesh) to be Fairly Valued.
Key valuation signals for DHA:RAKCERAMIC:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: BDT27.61 vs. price of BDT29.70 (7.6% above fair value)
Industry Position: 0% at the Construction median (#795 of 1743)
No single metric tells the full story. See the DHA:RAKCERAMIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
RAK Ceramics (Bangladesh) Ltd is a tile and sanitary ware brand in Bangladesh. The core business of RAK Ceramics is to manufacture and sell ceramics and gres porcellanato (porcelain/ fully vitrified) tiles, bathroom sets, and all types of sanitary ware. The operating segments of the group are Ceramic and sanitary ware, Power and Security, and services. Substantial revenue for the group is derived from the Ceramics and sanitary ware segment that engages in manufacturing and marketing of ceramic tiles, bathroom sets, and all types of sanitary ware.
71GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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