Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
PT Merck TbkISX:MERK +0.53%84 Piotroski F-Score is 7 as of Jul. 14, 2026, which is 17% above its 10-year median of 6.00. GuruFocus rates ISX:MERK with a GF Score™ of 84/100 and a GF Value™ of Rp4,944.61 (Modestly Undervalued). Among 979 Drug Manufacturers companies, PT Merck Tbk ranks better than 91.93% on this metric.
Good Sign:
Piotroski F-Score is 7, 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 Merck Tbk has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for PT Merck Tbk's Piotroski F-Score or its related term are showing as below:
ISX:MERK'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 7
During the past 13 years, the highest Piotroski F-Score of PT Merck Tbk was 9. The lowest was 3. 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 Merck Tbk Piotroski F-Score Related Terms
PT Merck Tbk Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for PT Merck 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:MERK vs ZTS, UTHR, VTRS: Piotroski F-Score Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, PT Merck 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 Merck Tbk Piotroski F-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, PT Merck Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Merck 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 9316.489 + 79589.009 + 141797.089 + 65179.144 = Rp295,882 Mil. Cash Flow from Operations was 137627.177 + 17554.414 + 198473.184 + 86542.635 = Rp440,197 Mil. Revenue was 264995.649 + 333953.182 + 386556.715 + 283105.215 = Rp1,268,611 Mil. Gross Profit was 63557.759 + 152209.164 + 292431.194 + 113652.571 = Rp621,851 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(982689.924 + 1007228.303 + 987926.145 + 1272202.396 + 1324073.588) / 5 = Rp1114824.0712 Mil. Total Assets at the begining of this year (Mar25) was Rp982,690 Mil. Long-Term Debt & Capital Lease Obligation was Rp16,082 Mil. Total Current Assets was Rp1,098,874 Mil. Total Current Liabilities was Rp223,714 Mil.
Net Income was 23543.55 + 29859.377 + 76405.936 + 13193.847 = Rp143,003 Mil.
Revenue was 221709.455 + 282532.316 + 283009.826 + 215161.233 = Rp1,002,413 Mil. Gross Profit was 77419.117 + 88801.185 + 161659.668 + 63103.758 = Rp390,984 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(1067335.979 + 969372.194 + 916911.402 + 956936.728 + 982689.924) / 5 = Rp978649.2454 Mil. Total Assets at the begining of last year (Mar24) was Rp1,067,336 Mil. Long-Term Debt & Capital Lease Obligation was Rp11,162 Mil. Total Current Assets was Rp734,016 Mil. Total Current Liabilities was Rp120,834 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 Merck Tbk's current Net Income (TTM) was 295,882.
==> 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 Merck Tbk's return on assets of this year was 0.30109369. PT Merck Tbk's return on assets of last year was 0.13398097.
==> 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 Merck Tbk's gearing of this year was 0.01442597. PT Merck Tbk's gearing of last year was 0.01140556.
==> 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 Merck Tbk's current ratio of this year was 4.911956. PT Merck Tbk's current ratio of last year was 6.07459986.
==> 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 Merck Tbk's number of shares in issue this year was 448. PT Merck Tbk's number of shares in issue last year was 448.
==> 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 Merck Tbk's gross margin of this year was 0.49018242. PT Merck Tbk's gross margin of last year was 0.39004262.
==> 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 Merck Tbk's asset turnover of this year was 1.29095733. PT Merck Tbk's asset turnover of last year was 0.93917272.
==> 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
+
0
+
1
+
1
+
1
=
7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Merck Tbk has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
PT Merck Tbk (ISX:MERK) has a Piotroski F-Score of 7 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Merck Tbk and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, PT Merck Tbk's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, PT Merck Tbk ranks #79 out of 979 companies in the Drug Manufacturers industry, placing it in the top 8.1%.
Is PT Merck Tbk's Piotroski F-Score too high?
PT Merck Tbk's current Piotroski F-Score of 7 is 17% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Drug Manufacturers industry median Piotroski F-Score is 5.00. PT Merck Tbk's value of 7 is 40% above this industry median. Based on the distribution chart, PT Merck Tbk ranks #79 out of 979 companies in the Drug Manufacturers industry, which is in the top quartile — a strong position relative to peers. Overall, PT Merck Tbk has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Merck Tbk's Piotroski F-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, PT Merck Tbk ranks #79 out of 979 companies for Piotroski F-Score. This places PT Merck Tbk in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. PT Merck Tbk's value of 7 is 40% above this benchmark. Historically, PT Merck Tbk's own Piotroski F-Score has ranged from 3.00 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 Merck 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 Drug Manufacturers company?
The median Piotroski F-Score among Drug Manufacturers companies is 5.00, based on 979 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 Merck Tbk's current Piotroski F-Score of 7 is 40% 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 Merck Tbk and its competitors. For the Drug Manufacturers 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 Merck Tbk's current Piotroski F-Score is 7, which is 17% 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 Merck Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Merck Tbk (ISX:MERK) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp4,944.61, compared to a current price of Rp3,760.00 — trading 24% below its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 40% above the Drug Manufacturers industry median of 5.00. PT Merck Tbk's overall GF Score™ is 84/100. 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 Merck Tbk (ISX:MERK), the current Piotroski F-Score is 7 as of Jul. 14, 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 Merck Tbk (ISX:MERK) Overvalued in 2026?
Based on GuruFocus' analysis, PT Merck Tbk stock appears to be undervalued.
The current stock price of Rp3,760.00 is trading 24% below its estimated GF Value™ of Rp4,944.61.
GuruFocus considers PT Merck Tbk to be Modestly Undervalued.
Key valuation signals for ISX:MERK:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: Rp4,944.61 vs. price of Rp3,760.00 (24% below fair value)
Industry Position: 40% above the Drug Manufacturers median (#79 of 979)
No single metric tells the full story. See the ISX:MERK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Merck Tbk engages in the manufacture and sale of pharmaceutical products in Indonesia. The company operates in three segments: Biopharma, Consumer Health, and Others. The company offers pharmaceutical and biological prescription medicines for colorectal cancer, head and neck tumors, multiple sclerosis, infertility, growth hormone disorders, cardiovascular disorders, diabetes, as well as thyroid disorders such as hypothyroidism.
84GF Score
Get the complete analysis for ISX:MERK
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
ISX:MERK has been successfully added to your 
