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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 IndoInternet Tbk Piotroski F-Score Related Terms
PT IndoInternet Tbk Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for PT IndoInternet 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.
ISX:EDGE vs IBM, ACN, FISV: Piotroski F-Score Comparison
For the Information Technology Services subindustry, PT IndoInternet 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 IndoInternet Tbk Piotroski F-Score vs Software Industry
For the Software industry and Technology sector, PT IndoInternet Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT IndoInternet 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 18873 + 26838 + 39549 + 34404 = Rp119,664 Mil. Cash Flow from Operations was 166633 + 62573 + 130988 + -101788 = Rp258,406 Mil. Revenue was 189884 + 220050 + 247004 + 243024 = Rp899,962 Mil. Gross Profit was 83259 + 104355 + 122928 + 117204 = Rp427,746 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(3653191 + 3898735 + 4017885 + 5455007 + 7485322) / 5 = Rp4902028 Mil. Total Assets at the begining of this year (Mar25) was Rp3,653,191 Mil. Long-Term Debt & Capital Lease Obligation was Rp4,017,193 Mil. Total Current Assets was Rp989,014 Mil. Total Current Liabilities was Rp1,565,095 Mil.
Net Income was 68781 + 39074 + 56199 + 35604 = Rp199,658 Mil.
Revenue was 259631 + 259173 + 247050 + 185179 = Rp951,033 Mil. Gross Profit was 117084 + 87610 + 105220 + 89882 = Rp399,796 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(2773785 + 2858498 + 3139277 + 3511833 + 3653191) / 5 = Rp3187316.8 Mil. Total Assets at the begining of last year (Mar24) was Rp2,773,785 Mil. Long-Term Debt & Capital Lease Obligation was Rp1,186,294 Mil. Total Current Assets was Rp585,914 Mil. Total Current Liabilities was Rp692,779 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 IndoInternet Tbk's current Net Income (TTM) was 119,664.
==> 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 IndoInternet Tbk's current Cash Flow from Operations (TTM) was 258,406.
==> 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 IndoInternet Tbk's return on assets of this year was 0.03275602. PT IndoInternet Tbk's return on assets of last year was 0.07198034.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
PT IndoInternet Tbk's gearing of this year was 0.81949614. PT IndoInternet Tbk's gearing of last year was 0.37219206.
==> 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 IndoInternet Tbk's current ratio of this year was 0.63191947. PT IndoInternet Tbk's current ratio of last year was 0.84574446.
==> 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 IndoInternet Tbk's number of shares in issue this year was 2020.25. PT IndoInternet Tbk's number of shares in issue last year was 2020.25.
==> 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 IndoInternet Tbk's gross margin of this year was 0.4752934. PT IndoInternet Tbk's gross margin of last year was 0.42038079.
==> 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 IndoInternet Tbk's asset turnover of this year was 0.24634956. PT IndoInternet Tbk's asset turnover of last year was 0.34286471.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT IndoInternet Tbk has an F-score of 5 indicating the company's financial situation is typical for a stable company.
PT IndoInternet Tbk (ISX:EDGE) has a Piotroski F-Score of 5 as of Jul. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT IndoInternet Tbk and its competitors. This is near median its historical median of 5.00. Over the past decade, PT IndoInternet Tbk's Piotroski F-Score has ranged from 4.00 to 7.00.
Is PT IndoInternet Tbk's Piotroski F-Score too high?
PT IndoInternet Tbk's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Software industry median Piotroski F-Score is 5.00. PT IndoInternet Tbk's value of 5 is 0% at this industry median. Overall, PT IndoInternet Tbk has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does PT IndoInternet Tbk's Piotroski F-Score compare to IBM and ACN?
PT IndoInternet Tbk's Piotroski F-Score of 5 can be compared against companies in the Software industry. The industry median Piotroski F-Score is 5.00. PT IndoInternet Tbk's value of 5 is 0% at this benchmark. Historically, PT IndoInternet Tbk's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, PT IndoInternet 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 a Software company?
The median Piotroski F-Score among Software companies is 5.00, based on 2,737 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 IndoInternet Tbk's current Piotroski F-Score of 5 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 IndoInternet Tbk and its competitors. For the Software 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 IndoInternet Tbk's current Piotroski F-Score is 5, which is near 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 PT IndoInternet Tbk stock overvalued right now?
PT IndoInternet Tbk (ISX:EDGE) has a current Piotroski F-Score of 5. The stock's GF Value™ is Rp3,685.36, compared to a current price of Rp4,790.00 — trading 30% above its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Software industry median of 5.00. PT IndoInternet Tbk's overall GF Score™ is 75/100 with 6 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 IndoInternet Tbk (ISX:EDGE), the current Piotroski F-Score is 5 as of Jul. 16, 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 IndoInternet Tbk (ISX:EDGE) Overvalued in 2026?
Based on GuruFocus' analysis, PT IndoInternet Tbk stock appears to be overvalued.
The current stock price of Rp4,790.00 is trading 30% above its estimated GF Value™ of Rp3,685.36.
Key valuation signals for ISX:EDGE:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: Rp3,685.36 vs. price of Rp4,790.00 (30% above fair value)
No single metric tells the full story. See the ISX:EDGE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT IndoInternet Tbk is a digital infrastructure provider in Indonesia. The company engages in the telecommunications business, information service activities, programming activities, computer consulting, and other related business activities. Its business includes Internet Service Provider (ISP), cable telecommunications, hosting, and any activities related hereto, computer consulting and management of other computer facilities, and satellite telecommunications activities. In addition, the company also carries out supporting business activities through holding company activities. Its segments include Connectivity, Data center, Cloud services, and Other services. It derives the majority of the revenue from the data center segment.
75GF Score
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