PT Suparma TbkISX:SPMA +0.98%78 Piotroski F-Score is 7 as of Jul. 02, 2026, which is 17% above its 10-year median of 6.00. GuruFocus rates ISX:SPMA with a GF Score™ of 78/100 and a GF Value™ of Rp239.19 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 282 Forest Products companies, PT Suparma Tbk ranks better than 93.97% 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 Suparma 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 Suparma Tbk's Piotroski F-Score or its related term are showing as below:
ISX:SPMA'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 6 Max: 8
Current: 7
During the past 9 years, the highest Piotroski F-Score of PT Suparma Tbk was 8. The lowest was 5. 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 Suparma Tbk Piotroski F-Score Related Terms
PT Suparma Tbk Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for PT Suparma 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 Paper & Paper Products subindustry, PT Suparma 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 Suparma Tbk Piotroski F-Score vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, PT Suparma Tbk's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where PT Suparma 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 39884.911 + 15364.602 + 37805.114 + 10233.943 = Rp103,289 Mil. Cash Flow from Operations was 118899.537 + 171291.776 + 195764.025 + 122533.529 = Rp608,489 Mil. Revenue was 651555.076 + 701684.069 + 750691.435 + 653027.489 = Rp2,756,958 Mil. Gross Profit was 96977.434 + 111689.453 + 120207.294 + 94641.602 = Rp423,516 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(3403067.38 + 3503066.593 + 3547490.669 + 3661123.776 + 3755254.591) / 5 = Rp3574000.6018 Mil. Total Assets at the begining of this year (Mar25) was Rp3,403,067 Mil. Long-Term Debt & Capital Lease Obligation was Rp156,716 Mil. Total Current Assets was Rp1,579,255 Mil. Total Current Liabilities was Rp833,067 Mil.
Net Income was 26417.989 + 65861.865 + -10029.894 + 13175.909 = Rp95,426 Mil.
Revenue was 618189.433 + 686135.481 + 767700.126 + 636810.996 = Rp2,708,836 Mil. Gross Profit was 107765.335 + 94377.419 + 93197.19 + 105560.535 = Rp400,900 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(3239599.848 + 3401240.177 + 3330426.153 + 3392686.914 + 3403067.38) / 5 = Rp3353404.0944 Mil. Total Assets at the begining of last year (Mar24) was Rp3,239,600 Mil. Long-Term Debt & Capital Lease Obligation was Rp252,816 Mil. Total Current Assets was Rp1,405,624 Mil. Total Current Liabilities was Rp500,532 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 Suparma Tbk's current Net Income (TTM) was 103,289.
==> 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 Suparma Tbk's return on assets of this year was 0.03035161. PT Suparma Tbk's return on assets of last year was 0.02945607.
==> 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 Suparma Tbk's gearing of this year was 0.04384892. PT Suparma Tbk's gearing of last year was 0.07539081.
==> 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 Suparma Tbk's current ratio of this year was 1.8957132. PT Suparma Tbk's current ratio of last year was 2.80825945.
==> 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 Suparma Tbk's number of shares in issue this year was 4100.317. PT Suparma Tbk's number of shares in issue last year was 4100.317.
==> 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 Suparma Tbk's gross margin of this year was 0.15361706. PT Suparma Tbk's gross margin of last year was 0.14799732.
==> 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 Suparma Tbk's asset turnover of this year was 0.81013914. PT Suparma Tbk's asset turnover of last year was 0.83616377.
==> Last year's asset turnover is higher ==> Score 0.
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
+
1
+
0
+
1
+
1
+
0
=
7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
PT Suparma Tbk has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
PT Suparma Tbk (ISX:SPMA) has a Piotroski F-Score of 7 as of Jul. 02, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on PT Suparma Tbk and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, PT Suparma Tbk's Piotroski F-Score has ranged from 5.00 to 8.00. According to the industry distribution chart, PT Suparma Tbk ranks #17 out of 282 companies in the Forest Products industry, placing it in the top 6%.
Is PT Suparma Tbk's Piotroski F-Score too high?
PT Suparma 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 5.00 to a high of 8.00. The Forest Products industry median Piotroski F-Score is 5.00. PT Suparma Tbk's value of 7 is 40% above this industry median. Based on the distribution chart, PT Suparma Tbk ranks #17 out of 282 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, PT Suparma Tbk has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Suparma Tbk's Piotroski F-Score compare to SLVM?
According to the Forest Products industry distribution chart, PT Suparma Tbk ranks #17 out of 282 companies for Piotroski F-Score. This places PT Suparma Tbk in the top 6% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. PT Suparma Tbk's value of 7 is 40% above this benchmark. Historically, PT Suparma Tbk's own Piotroski F-Score has ranged from 5.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, PT Suparma 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 Forest Products company?
The median Piotroski F-Score among Forest Products companies is 5.00, based on 282 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 Suparma 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 Suparma Tbk and its competitors. For the Forest 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 Suparma 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 Suparma Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Suparma Tbk (ISX:SPMA) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp239.19, compared to a current price of Rp206.00 — trading 13.9% 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 Forest Products industry median of 5.00. PT Suparma Tbk's overall GF Score™ is 78/100 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 Suparma Tbk (ISX:SPMA), the current Piotroski F-Score is 7 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 Suparma Tbk (ISX:SPMA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Suparma Tbk stock appears to be undervalued.
The current stock price of Rp206.00 is trading 13.9% below its estimated GF Value™ of Rp239.19.
GuruFocus considers PT Suparma Tbk to be Modestly Undervalued.
Key valuation signals for ISX:SPMA:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: Rp239.19 vs. price of Rp206.00 (13.9% below fair value)
Industry Position: 40% above the Forest Products median (#17 of 282)
No single metric tells the full story. See the ISX:SPMA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Suparma Tbk is an Indonesia-based company that manufactures paper and paper products. The group manufactured paper and paper wrapping products for the industrial and consumer sectors. The firm offers Laminated Wrapping Kraft, Samson Kraft, MG Paper, Coated Duplex Board, Bathroom Tissue, Carrier Tissue, Industrial Roll Towel, Kitchen Towel, and Other products. Geographically, the firm generates the majority of its revenue from the local market.
78GF Score
Get the complete analysis for ISX:SPMA
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:SPMA has been successfully added to your 
