MrMax HoldingsFSE:8203 72 Piotroski F-Score is 6 as of Jun. 28, 2026, which is 14% below its 10-year median of 7.00. GuruFocus rates FSE:8203 with a GF Score™ of 72/100 and a GF Value™ of 円798.46. The stock has 2 warning signs investors should review. Among 296 Retail - Defensive companies, MrMax Holdings ranks better than 70.61% 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
MrMax Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for MrMax Holdings's Piotroski F-Score or its related term are showing as below:
FSE:8203'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 7 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of MrMax Holdings was 8. The lowest was 5. And the median was 7.
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.
MrMax Holdings Piotroski F-Score Related Terms
MrMax Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for MrMax 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.
FSE:8203 vs WMT, COST, TGT: Piotroski F-Score Comparison
For the Discount Stores subindustry, MrMax 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.
MrMax Holdings Piotroski F-Score vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, MrMax Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where MrMax 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.
MrMax Holdings's current Net Income (TTM) was 2,715.
==> 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.
MrMax Holdings's return on assets of this year was 0.0326326. MrMax Holdings's return on assets of last year was 0.02966076.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
MrMax Holdings's gearing of this year was 0.16558396. MrMax Holdings's gearing of last year was 0.16218583.
==> 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
MrMax Holdings's current ratio of this year was 0.72090585. MrMax Holdings's current ratio of last year was 0.69352234.
==> 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.
MrMax Holdings's number of shares in issue this year was 33.314. MrMax Holdings's number of shares in issue last year was 33.277.
==> 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.
MrMax Holdings's gross margin of this year was 0.24841722. MrMax Holdings's gross margin of last year was 0.24893826.
==> 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
MrMax Holdings's asset turnover of this year was 1.77505739. MrMax Holdings's asset turnover of last year was 1.63532948.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
1
+
1
+
0
+
1
+
0
+
0
+
1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
MrMax Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
MrMax Holdings (FSE:8203) has a Piotroski F-Score of 6 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on MrMax Holdings and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, MrMax Holdings' Piotroski F-Score has ranged from 5.00 to 8.00. According to the industry distribution chart, MrMax Holdings ranks #87 out of 296 companies in the Retail - Defensive industry, placing it in the top 29.4%.
Is MrMax Holdings' Piotroski F-Score too high?
MrMax Holdings' current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 8.00. The Retail - Defensive industry median Piotroski F-Score is 6.00. MrMax Holdings' value of 6 is 0% at this industry median. Based on the distribution chart, MrMax Holdings ranks #87 out of 296 companies in the Retail - Defensive industry, which is above the industry midpoint. Overall, MrMax Holdings has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.
How does MrMax Holdings' Piotroski F-Score compare to WMT and COST?
According to the Retail - Defensive industry distribution chart, MrMax Holdings ranks #87 out of 296 companies for Piotroski F-Score. This puts MrMax Holdings in the upper half of its industry. The industry median Piotroski F-Score is 6.00. MrMax Holdings' value of 6 is 0% at this benchmark. Historically, MrMax Holdings' own Piotroski F-Score has ranged from 5.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, MrMax Holdings 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 Retail - Defensive company?
The median Piotroski F-Score among Retail - Defensive companies is 6.00, based on 296 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. MrMax Holdings's current Piotroski F-Score of 6 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 MrMax Holdings and its competitors. For the Retail - Defensive industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MrMax Holdings's current Piotroski F-Score is 6, which is 14% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MrMax Holdings stock overvalued right now?
MrMax Holdings (FSE:8203) has a current Piotroski F-Score of 6. The stock's GF Value™ is 円798.46, compared to a current price of 円817.00 — trading 2.3% above its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 0% at the Retail - Defensive industry median of 6.00. MrMax Holdings' overall GF Score™ is 72/100 with 2 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 MrMax Holdings (FSE:8203), the current Piotroski F-Score is 6 as of Jun. 28, 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 MrMax Holdings (FSE:8203) Overvalued in 2026?
Based on GuruFocus' analysis, MrMax Holdings stock appears to be overvalued.
The current stock price of 円817.00 is trading 2.3% above its estimated GF Value™ of 円798.46.
Key valuation signals for FSE:8203:
Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
GF Value™: 円798.46 vs. price of 円817.00 (2.3% above fair value)
Industry Position: 0% at the Retail - Defensive median (#87 of 296)
No single metric tells the full story. See the FSE:8203 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MrMax Holdings Ltd is an online and physical discount store that sells household and consumer products. The company offers products such as T.V, phones, kitchen and household electronic appliances, sanitary products, clothes, sports goods, foods, and beverages, carry cases, and others.
72GF Score
Get the complete analysis for FSE:8203
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FSE:8203 has been successfully added to your 
