Aspen Pharmacare HoldingsJSE:APN +0.66%73 Piotroski F-Score is 5 as of Jun. 28, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates JSE:APN with a GF Score™ of 73/100 and a GF Value™ of R178.17 (Modestly Undervalued). The stock has 10 warning signs investors should review. Among 978 Drug Manufacturers companies, Aspen Pharmacare Holdings ranks better than 61.66% 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
Aspen Pharmacare Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Aspen Pharmacare Holdings's Piotroski F-Score or its related term are showing as below:
JSE:APN'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 7
Current: 5
During the past 13 years, the highest Piotroski F-Score of Aspen Pharmacare Holdings was 7. 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.
Aspen Pharmacare Holdings Piotroski F-Score Related Terms
Aspen Pharmacare Holdings 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.
JSE:APN vs ZTS, UTHR, VTRS: Piotroski F-Score Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, Aspen Pharmacare Holdings'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.
Aspen Pharmacare Holdings Piotroski F-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Aspen Pharmacare Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Aspen Pharmacare Holdings'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.
*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.
Aspen Pharmacare Holdings's current Net Income (TTM) was -1,083.
==> Negative ==> Score 0.
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.
Aspen Pharmacare Holdings's current Cash Flow from Operations (TTM) was 5,159.
==> 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.
Aspen Pharmacare Holdings's return on assets of this year was -0.00778784. Aspen Pharmacare Holdings's return on assets of last year was 0.03279616.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Aspen Pharmacare Holdings's gearing of this year was 0.22918576. Aspen Pharmacare Holdings's gearing of last year was 0.18394934.
==> 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
Aspen Pharmacare Holdings's current ratio of this year was 2.21204847. Aspen Pharmacare Holdings's current ratio of last year was 1.81408938.
==> 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.
Aspen Pharmacare Holdings's number of shares in issue this year was 444. Aspen Pharmacare Holdings's number of shares in issue last year was 444.2.
==> 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.
Aspen Pharmacare Holdings's gross margin of this year was 0.44113645. Aspen Pharmacare Holdings's gross margin of last year was 0.43515412.
==> 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
Aspen Pharmacare Holdings's asset turnover of this year was 0.3118227. Aspen Pharmacare Holdings's asset turnover of last year was 0.33292127.
==> 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
=
0
+
1
+
0
+
1
+
0
+
1
+
1
+
1
+
0
=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aspen Pharmacare Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Aspen Pharmacare Holdings (JSE:APN) has a Piotroski F-Score of 5 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Aspen Pharmacare Holdings and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Aspen Pharmacare Holdings' Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, Aspen Pharmacare Holdings ranks #375 out of 978 companies in the Drug Manufacturers industry, placing it in the top 38.3%.
Is Aspen Pharmacare Holdings' Piotroski F-Score too high?
Aspen Pharmacare Holdings' current Piotroski F-Score of 5 is 17% 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 7.00. The Drug Manufacturers industry median Piotroski F-Score is 5.00. Aspen Pharmacare Holdings' value of 5 is 0% at this industry median. Based on the distribution chart, Aspen Pharmacare Holdings ranks #375 out of 978 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Aspen Pharmacare Holdings has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Aspen Pharmacare Holdings' Piotroski F-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, Aspen Pharmacare Holdings ranks #375 out of 978 companies for Piotroski F-Score. This puts Aspen Pharmacare Holdings in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Aspen Pharmacare Holdings' value of 5 is 0% at this benchmark. Historically, Aspen Pharmacare Holdings' own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Aspen Pharmacare Holdings 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 Drug Manufacturers company?
The median Piotroski F-Score among Drug Manufacturers companies is 5.00, based on 978 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. Aspen Pharmacare Holdings'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 Aspen Pharmacare Holdings 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. Aspen Pharmacare Holdings's current Piotroski F-Score is 5, which is 17% 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 Aspen Pharmacare Holdings stock overvalued right now?
Based on GuruFocus' analysis, Aspen Pharmacare Holdings (JSE:APN) is currently considered Modestly Undervalued. The stock's GF Value™ is R178.17, compared to a current price of R154.85 — trading 13.1% below its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Drug Manufacturers industry median of 5.00. Aspen Pharmacare Holdings' overall GF Score™ is 73/100 with 10 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 Aspen Pharmacare Holdings (JSE:APN), the current Piotroski F-Score is 5 as of Jun. 28, 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 Aspen Pharmacare Holdings (JSE:APN) Overvalued in 2026?
Based on GuruFocus' analysis, Aspen Pharmacare Holdings stock appears to be undervalued.
The current stock price of R154.85 is trading 13.1% below its estimated GF Value™ of R178.17.
GuruFocus considers Aspen Pharmacare Holdings to be Modestly Undervalued.
Key valuation signals for JSE:APN:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: R178.17 vs. price of R154.85 (13.1% below fair value)
Industry Position: 0% at the Drug Manufacturers median (#375 of 978)
No single metric tells the full story. See the JSE:APN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aspen Pharmacare Holdings Ltd is a multinational pharmaceutical company. The group focuses on marketing and manufacturing a broad range of post-patent, branded medicines and domestic brands covering both hospital and consumer markets. The business segments of the group are split between the Commercial Pharmaceuticals and Manufacturing segments. The Commercial Pharmaceuticals business segments are: Injectables, Over-the-counter, and Prescription. The Manufacturing business segments are: Active Pharmaceutical Ingredients, Finished Dose Form, and Heparin. Its geographic regions are Africa Middle East, Europe CIS, Australasia, Asia, and America.
73GF Score
Get the complete analysis for JSE:APN
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
JSE:APN has been successfully added to your 
