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Zhejiang Expressway CoFRA:ZHJ 72 Piotroski F-Score is 3 as of Jul. 17, 2026, which is 40% below its 10-year median of 5.00. GuruFocus rates FRA:ZHJ with a GF Score™ of 72/100 and a GF Value™ of €0.85 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,731 Construction companies, Zhejiang Expressway Co ranks worse than 82.09% 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
Zhejiang Expressway Co 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 Zhejiang Expressway Co's Piotroski F-Score or its related term are showing as below:
FRA:ZHJ'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 7
Current: 3
During the past 13 years, the highest Piotroski F-Score of Zhejiang Expressway Co was 7. The lowest was 3. And the median was 5.
Zhejiang Expressway Co (FRA:ZHJ) 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.
Zhejiang Expressway Co Piotroski F-Score Related Terms
Zhejiang Expressway Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Zhejiang Expressway Co'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.
Zhejiang Expressway Co Piotroski F-Score Competitor Comparison
For the Infrastructure Operations subindustry, Zhejiang Expressway Co'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.
Zhejiang Expressway Co Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, Zhejiang Expressway Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Zhejiang Expressway Co'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.
Zhejiang Expressway Co's current Net Income (TTM) was 486.
==> 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.
Zhejiang Expressway Co's return on assets of this year was 0.01838069. Zhejiang Expressway Co's return on assets of last year was 0.02056393.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Zhejiang Expressway Co's gearing of this year was 0.14291784. Zhejiang Expressway Co's gearing of last year was 0.
==> 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
Zhejiang Expressway Co's current ratio of this year was 1.31575942. Zhejiang Expressway Co's current ratio of last year was 1.42393173.
==> 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.
Zhejiang Expressway Co's number of shares in issue this year was 6008.748. Zhejiang Expressway Co's number of shares in issue last year was 6104.252.
==> 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.
Zhejiang Expressway Co's gross margin of this year was 0.31887553. Zhejiang Expressway Co's gross margin of last year was 0.42007727.
==> 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
Zhejiang Expressway Co's asset turnover of this year was 0.07571578. Zhejiang Expressway Co's asset turnover of last year was 0.06466939.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Zhejiang Expressway Co has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Zhejiang Expressway Co (FRA:ZHJ) has a Piotroski F-Score of 3 as of Jul. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Zhejiang Expressway Co and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, Zhejiang Expressway Co's Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, Zhejiang Expressway Co ranks #1421 out of 1731 companies in the Construction industry, placing it in the top 82.1%.
Is Zhejiang Expressway Co's Piotroski F-Score too high?
Zhejiang Expressway Co's current Piotroski F-Score of 3 is 40% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The Construction industry median Piotroski F-Score is 5.00. Zhejiang Expressway Co's value of 3 is 40% below this industry median. Based on the distribution chart, Zhejiang Expressway Co ranks #1421 out of 1731 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Zhejiang Expressway Co has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zhejiang Expressway Co's Piotroski F-Score compare to competitors?
According to the Construction industry distribution chart, Zhejiang Expressway Co ranks #1421 out of 1731 companies for Piotroski F-Score. This places Zhejiang Expressway Co in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Zhejiang Expressway Co's value of 3 is 40% below this benchmark. Historically, Zhejiang Expressway Co's own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Zhejiang Expressway Co 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 Construction company?
The median Piotroski F-Score among Construction companies is 5.00, based on 1,731 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. Zhejiang Expressway Co's current Piotroski F-Score of 3 is 40% 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 Zhejiang Expressway Co 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. Zhejiang Expressway Co's current Piotroski F-Score is 3, which is 40% 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 Zhejiang Expressway Co stock overvalued right now?
Based on GuruFocus' analysis, Zhejiang Expressway Co (FRA:ZHJ) is currently considered Modestly Undervalued. The stock's GF Value™ is €0.85, compared to a current price of €0.71 — trading 17.1% below its estimated fair value. The current Piotroski F-Score is 3, which is 40% below median its 10-year median of 5.00 and 40% below the Construction industry median of 5.00. Zhejiang Expressway Co's overall GF Score™ is 72/100 with 4 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 Zhejiang Expressway Co (FRA:ZHJ), the current Piotroski F-Score is 3 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 Zhejiang Expressway Co (FRA:ZHJ) Overvalued in 2026?
Based on GuruFocus' analysis, Zhejiang Expressway Co stock appears to be undervalued.
The current stock price of €0.71 is trading 17.1% below its estimated GF Value™ of €0.85.
GuruFocus considers Zhejiang Expressway Co to be Modestly Undervalued.
Key valuation signals for FRA:ZHJ:
Piotroski F-Score: 3 (40% below median its 10-year median of 5.00)
GF Value™: €0.85 vs. price of €0.71 (17.1% below fair value)
Industry Position: 40% below the Construction median (#1421 of 1731)
No single metric tells the full story. See the FRA:ZHJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zhejiang Expressway Co Ltd is a Chinese infrastructure company that, through its subsidiaries, develops, maintains, and operates high-grade roads. The company organizes itself into three segments: toll operation, securities business, and other business. The company derives the majority of revenue and earnings from the toll road business. The securities business, the next segment, provides brokerage services, including advisory, margin lending, and asset management. The company earns the entirety of its revenue domestically.
72GF Score
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