Resilient REIT (JSE:RES) Piotroski F-Score: 7 (As of Jul. 01, 2026) — 40% Above Median


JSE:RES Resilient REIT Ltd JSE:RES
78 GF Score
Price R83.30
GF Value R64.32
Valuation Modestly Overvalued
! 12 Warning Signs
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What is Resilient REIT Piotroski F-Score?

Resilient REIT JSE:RES -0.94% 78 Piotroski F-Score is 7 as of Jul. 01, 2026, which is 40% above its 10-year median of 5.00. GuruFocus rates JSE:RES with a GF Score™ of 78/100 and a GF Value™ of R64.32 (Modestly Overvalued). The stock has 12 warning signs investors should review. Among 888 REITs companies, Resilient REIT ranks better than 92.23% 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

Resilient REIT 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 Resilient REIT's Piotroski F-Score or its related term are showing as below:

JSE:RES' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Resilient REIT was 7. The lowest was 1. And the median was 5.

Resilient REIT  (JSE:RES) Piotroski F-Score Explanation

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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


Resilient REIT Piotroski F-Score Related Terms


Resilient REIT Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Resilient REIT'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.

Resilient REIT Piotroski F-Score Chart

Resilient REIT Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 5.00 3.00 4.00 7.00

Resilient REIT Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 0.00 4.00 0.00 7.00

JSE:RES vs SPG, O, KIM: Piotroski F-Score Comparison

For the REIT - Retail subindustry, Resilient REIT'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.


Resilient REIT Piotroski F-Score vs REITs Industry

For the REITs industry and Real Estate sector, Resilient REIT's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Resilient REIT's Piotroski F-Score falls into.


JSE:RES
78GF Score
Resilient REIT Ltd JSE:RES
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

How is the Piotroski F-Score calculated?

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Net Income was R4,571 Mil.
Cash Flow from Operations was R-98 Mil.
Revenue was R3,927 Mil.
Gross Profit was R2,484 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was (38055.53 + 41469.394) / 2 = R39762.462 Mil.
Total Assets at the begining of this year (Dec24) was R38,056 Mil.
Long-Term Debt & Capital Lease Obligation was R11,468 Mil.
Total Current Assets was R415 Mil.
Total Current Liabilities was R3,341 Mil.
Net Income was R2,880 Mil.

Revenue was R3,652 Mil.
Gross Profit was R2,272 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was (35697.941 + 38055.53) / 2 = R36876.7355 Mil.
Total Assets at the begining of last year (Dec23) was R35,698 Mil.
Long-Term Debt & Capital Lease Obligation was R11,065 Mil.
Total Current Assets was R277 Mil.
Total Current Liabilities was R3,418 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.

Resilient REIT's current Net Income (TTM) was 4,571. ==> 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.

Resilient REIT's current Cash Flow from Operations (TTM) was -98. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec24)
=4570.994/38055.53
=0.12011379

ROA (Last Year)=Net Income/Total Assets (Dec23)
=2880.004/35697.941
=0.08067703

Resilient REIT's return on assets of this year was 0.12011379. Resilient REIT's return on assets of last year was 0.08067703. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Resilient REIT's current Net Income (TTM) was 4,571. Resilient REIT's current Cash Flow from Operations (TTM) was -98. ==> -98 <= 4,571 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec24 to Dec25
=11467.689/39762.462
=0.2884049

Gearing (Last Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=11064.89/36876.7355
=0.30005069

Resilient REIT's gearing of this year was 0.2884049. Resilient REIT's gearing of last year was 0.30005069. ==> 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

Current Ratio (This Year: Dec25)=Total Current Assets/Total Current Liabilities
=414.919/3341.096
=0.12418649

Current Ratio (Last Year: Dec24)=Total Current Assets/Total Current Liabilities
=277.115/3418.188
=0.08107073

Resilient REIT's current ratio of this year was 0.12418649. Resilient REIT's current ratio of last year was 0.08107073. ==> 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.

Resilient REIT's number of shares in issue this year was 335.151. Resilient REIT's number of shares in issue last year was 335.377. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2484.256/3926.844
=0.63263425

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2271.621/3651.771
=0.62206009

Resilient REIT's gross margin of this year was 0.63263425. Resilient REIT's gross margin of last year was 0.62206009. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec24)
=3926.844/38055.53
=0.10318721

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec23)
=3651.771/35697.941
=0.1022964

Resilient REIT's asset turnover of this year was 0.10318721. Resilient REIT's asset turnover of last year was 0.1022964. ==> 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+0+1+0+1+1+1+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Resilient REIT has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 7 mean?
Resilient REIT (JSE:RES) has a Piotroski F-Score of 7 as of Jul. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Resilient REIT and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, Resilient REIT's Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, Resilient REIT ranks #69 out of 888 companies in the REITs industry, placing it in the top 7.8%.
Is Resilient REIT's Piotroski F-Score too high?
Resilient REIT's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The REITs industry median Piotroski F-Score is 6.00. Resilient REIT's value of 7 is 16.7% above this industry median. Based on the distribution chart, Resilient REIT ranks #69 out of 888 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Resilient REIT has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Resilient REIT's Piotroski F-Score compare to SPG and O?
According to the REITs industry distribution chart, Resilient REIT ranks #69 out of 888 companies for Piotroski F-Score. This places Resilient REIT in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Resilient REIT's value of 7 is 16.7% above this benchmark. Historically, Resilient REIT's own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Resilient REIT 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 888 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. Resilient REIT's current Piotroski F-Score of 7 is 16.7% 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 Resilient REIT and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Resilient REIT's current Piotroski F-Score is 7, which is 40% above 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 Resilient REIT stock overvalued right now?
Based on GuruFocus' analysis, Resilient REIT (JSE:RES) is currently considered Modestly Overvalued. The stock's GF Value™ is R64.32, compared to a current price of R83.30 — trading 29.5% above its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 16.7% above the REITs industry median of 6.00. Resilient REIT's overall GF Score™ is 78/100 with 12 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 Resilient REIT (JSE:RES), the current Piotroski F-Score is 7 as of Jul. 01, 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 Resilient REIT (JSE:RES) Overvalued in 2026?

Based on GuruFocus' analysis, Resilient REIT stock appears to be overvalued. The current stock price of R83.30 is trading 29.5% above its estimated GF Value™ of R64.32. GuruFocus considers Resilient REIT to be Modestly Overvalued.

Key valuation signals for JSE:RES:

  • Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
  • GF Value™: R64.32 vs. price of R83.30 (29.5% above fair value)
  • GF Score™: 78/100 with 12 warning signs
  • Industry Position: 16.7% above the REITs median (#69 of 888)

No single metric tells the full story. See the JSE:RES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Resilient REIT Business Description

Industry Real EstateREITs
Address Rivonia Boulevard, 4th Floor, Rivonia Village, Rivonia, Johannesburg, GT, ZAF, 2191
Resilient REIT Ltd is a South Africa-based real estate investment trust. The company's portfolio consists of regional shopping malls tenanted by national retailers. Resilient's properties are mostly located in nonmetropolitan areas, including Limpopo, Gauteng, Mpumalanga, Northern Cape, and KwaZulu-Natal. The company operates through two segments: Corporate and Retail. The company further divides the segments geographically into South Africa, Portugal, and Nigeria with the South Africa segment generating the majority of total revenue. Resilient internally manages its assets, and outsources the property management to third-party companies.
78GF Score

Get the complete analysis for JSE:RES

Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R83.30
Price
R64.32
GF Value