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.
EvoAir Holdings Piotroski F-Score Related Terms
EvoAir Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for EvoAir 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.
EVOH vs SNRH, FINM, HHLA: Piotroski F-Score Comparison
For the Building Products & Equipment subindustry, EvoAir 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.
EvoAir Holdings Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, EvoAir Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where EvoAir 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.
*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.
EvoAir Holdings's current Net Income (TTM) was -10.78.
==> 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.
EvoAir Holdings's return on assets of this year was -0.19968519. EvoAir Holdings's return on assets of last year was -0.37839789.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
EvoAir Holdings's gearing of this year was 0.00020654. EvoAir Holdings's gearing of last year was 0.00092393.
==> 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
EvoAir Holdings's current ratio of this year was 0.12401768. EvoAir Holdings's current ratio of last year was 0.3049139.
==> 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.
EvoAir Holdings's number of shares in issue this year was 27.181. EvoAir Holdings's number of shares in issue last year was 27.181.
==> 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.
EvoAir Holdings's gross margin of this year was 0.08433735. EvoAir Holdings's gross margin of last year was 0.03267974.
==> 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
EvoAir Holdings's asset turnover of this year was 0.00461111. EvoAir Holdings's asset turnover of last year was 0.00401643.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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0
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
EvoAir Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
EvoAir Holdings (EVOH) has a Piotroski F-Score of 6 as of Jun. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on EvoAir Holdings and its competitors. This is 50% above median its historical median of 4.00. Over the past decade, EvoAir Holdings' Piotroski F-Score has ranged from 2.00 to 6.00.
Is EvoAir Holdings' Piotroski F-Score too high?
EvoAir Holdings' current Piotroski F-Score of 6 is 50% above 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 6.00. The Construction industry median Piotroski F-Score is 5.00. EvoAir Holdings' value of 6 is 20% above this industry median. Overall, EvoAir Holdings has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does EvoAir Holdings' Piotroski F-Score compare to SNRH and FINM?
EvoAir Holdings' Piotroski F-Score of 6 can be compared against companies in the Construction industry. The industry median Piotroski F-Score is 5.00. EvoAir Holdings' value of 6 is 20% above this benchmark. Historically, EvoAir Holdings' own Piotroski F-Score has ranged from 2.00 to 6.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, EvoAir Holdings 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 Construction company?
The median Piotroski F-Score among Construction companies is 5.00, based on 1,735 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. EvoAir Holdings'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 EvoAir Holdings 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. EvoAir Holdings's current Piotroski F-Score is 6, which is 50% above 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 EvoAir Holdings stock overvalued right now?
EvoAir Holdings (EVOH) has a current Piotroski F-Score of 6. The stock's GF Value™ is $0.11, compared to a current price of $23.00 — trading 20809.1% above its estimated fair value. The current Piotroski F-Score is 6, which is 50% above median its 10-year median of 4.00 and 20% above the Construction industry median of 5.00. EvoAir Holdings' overall GF Score™ is 40/100 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 EvoAir Holdings (EVOH), the current Piotroski F-Score is 6 as of Jun. 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.
Is EvoAir Holdings (EVOH) Overvalued in 2026?
Based on GuruFocus' analysis, EvoAir Holdings stock appears to be overvalued.
The current stock price of $23.00 is trading 20809.1% above its estimated GF Value™ of $0.11.
Key valuation signals for EVOH:
Piotroski F-Score: 6 (50% above median its 10-year median of 4.00)
GF Value™: $0.11 vs. price of $23.00 (20809.1% above fair value)
Industry Position: 20% above the Construction median
No single metric tells the full story. See the EVOH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
EvoAir Holdings Inc is engaged in the research and development, manufacturing, sale, and marketing of heating, ventilation, and air conditioning (HVAC) products. The company offers a line of HVAC and related products focusing on providing eco-friendly air conditioning and air purifying solutions through its heat emission control (HECS) technology. Its product portfolio includes e-Cond EVO, an eco-friendly air-conditioning system, E-Cond a line of air purifier products, EvoAir, and QCOV, among other air conditioning and air sanitizing products.
40GF 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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