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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 Krakatau Steel (Persero) Tbk Piotroski F-Score Related Terms
PT Krakatau Steel (Persero) Tbk Piotroski F-Score Historical Data
* 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:KRAS vs NUE, STLD, RS: Piotroski F-Score Comparison
For the Steel subindustry, PT Krakatau Steel (Persero) 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 Krakatau Steel (Persero) Tbk Piotroski F-Score vs Steel Industry
For the Steel industry and Basic Materials sector, PT Krakatau Steel (Persero) Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Krakatau Steel (Persero) 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 -981908.268 + 2134393.159 + 5066953.806 + 43779.309 = Rp6,263,218 Mil. Cash Flow from Operations was -356305.849 + 62896.197 + 455720.269 + -2464490.68 = Rp-2,302,180 Mil. Revenue was 3686942.737 + 4048715.663 + 4239533.403 + 4441636.053 = Rp16,416,828 Mil. Gross Profit was 342671.405 + 316131.801 + -39595.888 + 646362.728 = Rp1,265,570 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(48063229.976 + 47497671.87 + 46561245.378 + 46208785.609 + 49270869.661) / 5 = Rp47520360.4988 Mil. Total Assets at the begining of this year (Mar25) was Rp48,063,230 Mil. Long-Term Debt & Capital Lease Obligation was Rp14,959,285 Mil. Total Current Assets was Rp12,035,586 Mil. Total Current Liabilities was Rp15,093,450 Mil.
Net Income was -571572.232 + -1857809.709 + 489284.867 + -772530.846 = Rp-2,712,628 Mil.
Revenue was 3475274.097 + 3266147.595 + 4763872.586 + 3866227.94 = Rp15,371,522 Mil. Gross Profit was 461851.651 + 246380.103 + 684023.836 + 213335.705 = Rp1,605,591 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(43885136.143 + 44328616.486 + 42262965.032 + 46417534.204 + 48063229.976) / 5 = Rp44991496.3682 Mil. Total Assets at the begining of last year (Mar24) was Rp43,885,136 Mil. Long-Term Debt & Capital Lease Obligation was Rp1,046,043 Mil. Total Current Assets was Rp10,480,557 Mil. Total Current Liabilities was Rp37,362,931 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 Krakatau Steel (Persero) Tbk's current Net Income (TTM) was 6,263,218.
==> 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 Krakatau Steel (Persero) Tbk's current Cash Flow from Operations (TTM) was -2,302,180.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
PT Krakatau Steel (Persero) Tbk's return on assets of this year was 0.13031205. PT Krakatau Steel (Persero) Tbk's return on assets of last year was -0.061812.
==> 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 Krakatau Steel (Persero) Tbk's gearing of this year was 0.31479738. PT Krakatau Steel (Persero) Tbk's gearing of last year was 0.0232498.
==> 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 Krakatau Steel (Persero) Tbk's current ratio of this year was 0.79740453. PT Krakatau Steel (Persero) Tbk's current ratio of last year was 0.28050682.
==> 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 Krakatau Steel (Persero) Tbk's number of shares in issue this year was 25933.223. PT Krakatau Steel (Persero) Tbk's number of shares in issue last year was 34518.811.
==> 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 Krakatau Steel (Persero) Tbk's gross margin of this year was 0.0770898. PT Krakatau Steel (Persero) Tbk's gross margin of last year was 0.10445233.
==> 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
PT Krakatau Steel (Persero) Tbk's asset turnover of this year was 0.3415673. PT Krakatau Steel (Persero) Tbk's asset turnover of last year was 0.35026716.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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1
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Krakatau Steel (Persero) Tbk has an F-score of 4 indicating the company's financial situation is typical for a stable company.
PT Krakatau Steel (Persero) Tbk (ISX:KRAS) has a Piotroski F-Score of 4 as of Jul. 15, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Krakatau Steel (Persero) Tbk and its competitors. This is near median its historical median of 4.00. Over the past decade, PT Krakatau Steel (Persero) Tbk's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, PT Krakatau Steel (Persero) Tbk ranks #393 out of 622 companies in the Steel industry, placing it in the top 63.2%.
Is PT Krakatau Steel (Persero) Tbk's Piotroski F-Score too high?
PT Krakatau Steel (Persero) Tbk's current Piotroski F-Score of 4 is near median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Steel industry median Piotroski F-Score is 5.00. PT Krakatau Steel (Persero) Tbk's value of 4 is 20% below this industry median. Based on the distribution chart, PT Krakatau Steel (Persero) Tbk ranks #393 out of 622 companies in the Steel industry, which is below the industry midpoint. Overall, PT Krakatau Steel (Persero) Tbk has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Krakatau Steel (Persero) Tbk's Piotroski F-Score compare to NUE and STLD?
According to the Steel industry distribution chart, PT Krakatau Steel (Persero) Tbk ranks #393 out of 622 companies for Piotroski F-Score. This places PT Krakatau Steel (Persero) Tbk in the lower half of its industry. The industry median Piotroski F-Score is 5.00. PT Krakatau Steel (Persero) Tbk's value of 4 is 20% below this benchmark. Historically, PT Krakatau Steel (Persero) Tbk's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, PT Krakatau Steel (Persero) Tbk 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 Steel company?
The median Piotroski F-Score among Steel companies is 5.00, based on 622 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 Krakatau Steel (Persero) Tbk's current Piotroski F-Score of 4 is 20% 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 PT Krakatau Steel (Persero) Tbk and its competitors. For the Steel 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 Krakatau Steel (Persero) Tbk's current Piotroski F-Score is 4, which is near median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Krakatau Steel (Persero) Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Krakatau Steel (Persero) Tbk (ISX:KRAS) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp147.89, compared to a current price of Rp228.00 — trading 54.2% above its estimated fair value. The current Piotroski F-Score is 4, which is near median its 10-year median of 4.00 and 20% below the Steel industry median of 5.00. PT Krakatau Steel (Persero) Tbk's overall GF Score™ is 44/100 with 7 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 Krakatau Steel (Persero) Tbk (ISX:KRAS), the current Piotroski F-Score is 4 as of Jul. 15, 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 Krakatau Steel (Persero) Tbk (ISX:KRAS) Overvalued in 2026?
Based on GuruFocus' analysis, PT Krakatau Steel (Persero) Tbk stock appears to be overvalued.
The current stock price of Rp228.00 is trading 54.2% above its estimated GF Value™ of Rp147.89.
GuruFocus considers PT Krakatau Steel (Persero) Tbk to be Significantly Overvalued.
Key valuation signals for ISX:KRAS:
Piotroski F-Score: 4 (near median its 10-year median of 4.00)
GF Value™: Rp147.89 vs. price of Rp228.00 (54.2% above fair value)
Industry Position: 20% below the Steel median (#393 of 622)
No single metric tells the full story. See the ISX:KRAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Krakatau Steel (Persero) Tbk Business Description
PT Krakatau Steel (Persero) Tbk is a steel producer in Indonesia. The company's products include Hot Rolled Coil, Cold Rolled Coil, and Wire Rod. Along with its subsidiaries, The Company's core business activities include the production and sale of steel products, such as Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), wire rods, steel pipes, steel sections, and reinforcing bars, as well as related services including coating and tolling. It operates in four segments: Steel Products; Infrastructure facilities segment; Engineering and Construction; and Other Services. It derives the majority of its revenue from the Steel Products segment.
44GF Score
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