PT Darma Henwa TbkISX:DEWA +2.74%65 Piotroski F-Score is 4 as of Jul. 02, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates ISX:DEWA with a GF Score™ of 65/100 and a GF Value™ of Rp58.14 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 174 Other Energy Sources companies, PT Darma Henwa Tbk ranks better than 62.07% 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
PT Darma Henwa Tbk has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for PT Darma Henwa Tbk's Piotroski F-Score or its related term are showing as below:
ISX:DEWA'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 9
Current: 4
During the past 13 years, the highest Piotroski F-Score of PT Darma Henwa 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 Darma Henwa Tbk Piotroski F-Score Related Terms
PT Darma Henwa Tbk Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for PT Darma Henwa 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.
For the Thermal Coal subindustry, PT Darma Henwa 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 Darma Henwa Tbk Piotroski F-Score vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, PT Darma Henwa Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Darma Henwa 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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 99107.132 + 71144.507 + 4067590.664 + 92717.138 = Rp4,330,559 Mil. Cash Flow from Operations was 441257.331 + 253143.796 + 157217.284 + 163343.603 = Rp1,014,962 Mil. Revenue was 1524437.397 + 1541540.327 + 1742389.489 + 1549301.627 = Rp6,357,669 Mil. Gross Profit was 229723.727 + 196722.172 + 289022.803 + 268761.338 = Rp984,230 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(9699737.754 + 10043486.585 + 10831697.888 + 16734972.389 + 15952540.404) / 5 = Rp12652487.004 Mil. Total Assets at the begining of this year (Mar25) was Rp9,699,738 Mil. Long-Term Debt & Capital Lease Obligation was Rp2,812,690 Mil. Total Current Assets was Rp2,811,789 Mil. Total Current Liabilities was Rp2,868,407 Mil.
Net Income was 6255.807 + 24378.83 + 16614.19 + 68892.494 = Rp116,141 Mil.
Revenue was 1468256.125 + 1602836.964 + 1508468.272 + 1584388.602 = Rp6,163,950 Mil. Gross Profit was 76501.89 + 108359.852 + 113705.944 + 246706.27 = Rp545,274 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(7909907.44 + 7485333.147 + 7653376.027 + 8534262.123 + 9699737.754) / 5 = Rp8256523.2982 Mil. Total Assets at the begining of last year (Mar24) was Rp7,909,907 Mil. Long-Term Debt & Capital Lease Obligation was Rp1,580,310 Mil. Total Current Assets was Rp2,956,646 Mil. Total Current Liabilities was Rp2,821,476 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.
PT Darma Henwa Tbk's current Net Income (TTM) was 4,330,559.
==> 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.
Score 1 if positive, 0 if negative.
PT Darma Henwa Tbk's current Cash Flow from Operations (TTM) was 1,014,962.
==> 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.
PT Darma Henwa Tbk's return on assets of this year was 0.4464615. PT Darma Henwa Tbk's return on assets of last year was 0.01468302.
==> 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 Darma Henwa Tbk's gearing of this year was 0.22230335. PT Darma Henwa Tbk's gearing of last year was 0.19140138.
==> 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
PT Darma Henwa Tbk's current ratio of this year was 0.98026131. PT Darma Henwa Tbk's current ratio of last year was 1.04790746.
==> 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.
PT Darma Henwa Tbk's number of shares in issue this year was 39381.009. PT Darma Henwa Tbk's number of shares in issue last year was 28759.424.
==> 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.
PT Darma Henwa Tbk's gross margin of this year was 0.15480989. PT Darma Henwa Tbk's gross margin of last year was 0.08846178.
==> 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 Darma Henwa Tbk's asset turnover of this year was 0.6554475. PT Darma Henwa Tbk's asset turnover of last year was 0.77926954.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Darma Henwa Tbk has an F-score of 4 indicating the company's financial situation is typical for a stable company.
PT Darma Henwa Tbk (ISX:DEWA) has a Piotroski F-Score of 4 as of Jul. 02, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Darma Henwa Tbk and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, PT Darma Henwa Tbk's Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, PT Darma Henwa Tbk ranks #66 out of 174 companies in the Other Energy Sources industry, placing it in the top 37.9%.
Is PT Darma Henwa Tbk's Piotroski F-Score too high?
PT Darma Henwa Tbk's current Piotroski F-Score of 4 is 33% below 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 Other Energy Sources industry median Piotroski F-Score is 4.00. PT Darma Henwa Tbk's value of 4 is 0% at this industry median. Based on the distribution chart, PT Darma Henwa Tbk ranks #66 out of 174 companies in the Other Energy Sources industry, which is above the industry midpoint. Overall, PT Darma Henwa Tbk has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Darma Henwa Tbk's Piotroski F-Score compare to competitors?
According to the Other Energy Sources industry distribution chart, PT Darma Henwa Tbk ranks #66 out of 174 companies for Piotroski F-Score. This puts PT Darma Henwa Tbk in the upper half of its industry. The industry median Piotroski F-Score is 4.00. PT Darma Henwa Tbk's value of 4 is 0% at this benchmark. Historically, PT Darma Henwa 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 4.00, PT Darma Henwa Tbk 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 an Other Energy Sources company?
The median Piotroski F-Score among Other Energy Sources companies is 4.00, based on 174 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 Darma Henwa Tbk's current Piotroski F-Score of 4 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 PT Darma Henwa Tbk and its competitors. For the Other Energy Sources industry, the median Piotroski F-Score is 4.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Darma Henwa Tbk's current Piotroski F-Score is 4, which is 33% below 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 Darma Henwa Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Darma Henwa Tbk (ISX:DEWA) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp58.14, compared to a current price of Rp300.00 — trading 416% above its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 0% at the Other Energy Sources industry median of 4.00. PT Darma Henwa Tbk's overall GF Score™ is 65/100 with 8 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 Darma Henwa Tbk (ISX:DEWA), the current Piotroski F-Score is 4 as of Jul. 02, 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 Darma Henwa Tbk (ISX:DEWA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Darma Henwa Tbk stock appears to be overvalued.
The current stock price of Rp300.00 is trading 416% above its estimated GF Value™ of Rp58.14.
GuruFocus considers PT Darma Henwa Tbk to be Significantly Overvalued.
Key valuation signals for ISX:DEWA:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: Rp58.14 vs. price of Rp300.00 (416% above fair value)
Industry Position: 0% at the Other Energy Sources median (#66 of 174)
No single metric tells the full story. See the ISX:DEWA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressJalan. Jenderal Sudirman Kav. 52-53, Prosperity Tower 39th Floor, SCBD, Lot 28, District 8, Kelurahan Senayan, Kecamatan Kebayoran Baru, Jakarta, IDN, 12190
PT Darma Henwa Tbk is an Indonesia-based company. Its business activities are focused on mining contractor services, general mining services, and equipment maintenance. It mainly operates its business across various mining projects across Indonesia. The majority of its revenue comes from coal production with the remaining through operational activities like land clearing, topsoiling, overburden removal, and equipment rental. The firm operates its business into two business segments, Mining services and other services Out of which the Mining services segment derives the majority of revenue.
65GF Score
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