PT Gudang Garam TbkGGNPF +8.66%51 Piotroski F-Score is 9 as of Jun. 26, 2026, which is 50% above its 10-year median of 6.00. GuruFocus rates GGNPF with a GF Score™ of 51/100 and a GF Value™ of $0.85 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 47 Tobacco Products companies, PT Gudang Garam Tbk ranks better than 97.87% on this metric.
Good Sign:
Piotroski F-Score is 9, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Gudang Garam Tbk has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for PT Gudang Garam Tbk's Piotroski F-Score or its related term are showing as below:
GGNPF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 9
Current: 9
During the past 13 years, the highest Piotroski F-Score of PT Gudang Garam Tbk was 9. The lowest was 4. And the median was 6.
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.
PT Gudang Garam Tbk Piotroski F-Score Related Terms
PT Gudang Garam Tbk Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for PT Gudang Garam Tbk'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.
GGNPF vs PM, MO, TPB: Piotroski F-Score Comparison
For the Tobacco subindustry, PT Gudang Garam Tbk'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.
PT Gudang Garam Tbk Piotroski F-Score vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, PT Gudang Garam Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Gudang Garam Tbk'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.
PT Gudang Garam Tbk's current Net Income (TTM) was 88.
==> 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.
PT Gudang Garam Tbk's return on assets of this year was 0.01710336. PT Gudang Garam Tbk's return on assets of last year was 0.00508311.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT Gudang Garam Tbk's gearing of this year was 0. PT Gudang Garam Tbk's gearing of last year was 0.
==> 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
PT Gudang Garam Tbk's current ratio of this year was 3.86480466. PT Gudang Garam Tbk's current ratio of last year was 2.34109413.
==> 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.
PT Gudang Garam Tbk's number of shares in issue this year was 1924.088. PT Gudang Garam Tbk's number of shares in issue last year was 1924.088.
==> 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.
PT Gudang Garam Tbk's gross margin of this year was 0.11676617. PT Gudang Garam Tbk's gross margin of last year was 0.09005935.
==> 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
PT Gudang Garam Tbk's asset turnover of this year was 1.01557581. PT Gudang Garam Tbk's asset turnover of last year was 1.0028641.
==> 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
PT Gudang Garam Tbk has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
PT Gudang Garam Tbk (GGNPF) has a Piotroski F-Score of 9 as of Jun. 26, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Gudang Garam Tbk and its competitors. This is 50% above median its historical median of 6.00. Over the past decade, PT Gudang Garam Tbk's Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, PT Gudang Garam Tbk ranks #1 out of 47 companies in the Tobacco Products industry, placing it in the top 2.1%.
Is PT Gudang Garam Tbk's Piotroski F-Score too high?
PT Gudang Garam Tbk's current Piotroski F-Score of 9 is 50% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Tobacco Products industry median Piotroski F-Score is 5.00. PT Gudang Garam Tbk's value of 9 is 80% above this industry median. Based on the distribution chart, PT Gudang Garam Tbk ranks #1 out of 47 companies in the Tobacco Products industry, which is in the top quartile — a strong position relative to peers. Overall, PT Gudang Garam Tbk has a GF Score™ of 51/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Gudang Garam Tbk's Piotroski F-Score compare to PM and MO?
According to the Tobacco Products industry distribution chart, PT Gudang Garam Tbk ranks #1 out of 47 companies for Piotroski F-Score. This places PT Gudang Garam Tbk in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. PT Gudang Garam Tbk's value of 9 is 80% above this benchmark. Historically, PT Gudang Garam Tbk's own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, PT Gudang Garam Tbk 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 Tobacco Products company?
The median Piotroski F-Score among Tobacco Products companies is 5.00, based on 47 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. PT Gudang Garam Tbk's current Piotroski F-Score of 9 is 80% 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 PT Gudang Garam Tbk and its competitors. For the Tobacco Products 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. PT Gudang Garam Tbk's current Piotroski F-Score is 9, which is 50% above 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 PT Gudang Garam Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Gudang Garam Tbk (GGNPF) is currently considered Modestly Overvalued. The stock's GF Value™ is $0.85, compared to a current price of $0.96 — trading 13.1% above its estimated fair value. The current Piotroski F-Score is 9, which is 50% above median its 10-year median of 6.00 and 80% above the Tobacco Products industry median of 5.00. PT Gudang Garam Tbk's overall GF Score™ is 51/100 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 PT Gudang Garam Tbk (GGNPF), the current Piotroski F-Score is 9 as of Jun. 26, 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 PT Gudang Garam Tbk (GGNPF) Overvalued in 2026?
Based on GuruFocus' analysis, PT Gudang Garam Tbk stock appears to be overvalued.
The current stock price of $0.96 is trading 13.1% above its estimated GF Value™ of $0.85.
GuruFocus considers PT Gudang Garam Tbk to be Modestly Overvalued.
Key valuation signals for GGNPF:
Piotroski F-Score: 9 (50% above median its 10-year median of 6.00)
GF Value™: $0.85 vs. price of $0.96 (13.1% above fair value)
Industry Position: 80% above the Tobacco Products median (#1 of 47)
No single metric tells the full story. See the GGNPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Gudang Garam Tbk manufactures kretek cigarettes, which are clove cigarettes common in Indonesia. The firm's operations are almost entirely domestic, with its tobacco and clove farmers. Nearly majority of the company's sales are generated in Indonesia. The company's brand families include Gudang Garam, Merah, and others. Other brands include Sriwedari, which is a hand-rolled brand, and Klobot. The company's segment includes Cigarettes, Paperboard, Infrastructure, and Others. The company generates the majority of revenue from sale of Cigarettes.
51GF Score
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