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.
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.
Advanced Wireless & Antenna Piotroski F-Score Related Terms
Advanced Wireless & Antenna 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.
ROCO:6818 vs APH, GLW: Piotroski F-Score Comparison
For the Electronic Components subindustry, Advanced Wireless & Antenna'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.
Advanced Wireless & Antenna Piotroski F-Score vs Hardware Industry
For the Hardware industry and Technology sector, Advanced Wireless & Antenna's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Advanced Wireless & Antenna'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.
Advanced Wireless & Antenna's current Net Income (TTM) was 46.
==> 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.
Advanced Wireless & Antenna's current Cash Flow from Operations (TTM) was 127.
==> 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.
Advanced Wireless & Antenna's return on assets of this year was 0.04673944. Advanced Wireless & Antenna's return on assets of last year was 0.14237474.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Advanced Wireless & Antenna's gearing of this year was 0.04227559. Advanced Wireless & Antenna's gearing of last year was 0.05499622.
==> 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
Advanced Wireless & Antenna's current ratio of this year was 1.47568186. Advanced Wireless & Antenna's current ratio of last year was 1.51899615.
==> 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.
Advanced Wireless & Antenna's number of shares in issue this year was 25.677. Advanced Wireless & Antenna's number of shares in issue last year was 25.604.
==> There is larger number of shares in issue this year. ==> Score 0.
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.
Advanced Wireless & Antenna's gross margin of this year was 0.32913424. Advanced Wireless & Antenna's gross margin of last year was 0.34580101.
==> 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
Advanced Wireless & Antenna's asset turnover of this year was 1.24696705. Advanced Wireless & Antenna's asset turnover of last year was 1.55186792.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Advanced Wireless & Antenna has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Advanced Wireless & Antenna (ROCO:6818) has a Piotroski F-Score of 4 as of Jul. 18, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Advanced Wireless & Antenna and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Advanced Wireless & Antenna's Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, Advanced Wireless & Antenna ranks #1520 out of 2431 companies in the Hardware industry, placing it in the top 62.5%.
Is Advanced Wireless & Antenna's Piotroski F-Score too high?
Advanced Wireless & Antenna's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Hardware industry median Piotroski F-Score is 5.00. Advanced Wireless & Antenna's value of 4 is 20% below this industry median. Based on the distribution chart, Advanced Wireless & Antenna ranks #1520 out of 2431 companies in the Hardware industry, which is below the industry midpoint. Overall, Advanced Wireless & Antenna has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Advanced Wireless & Antenna's Piotroski F-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Advanced Wireless & Antenna ranks #1520 out of 2431 companies for Piotroski F-Score. This places Advanced Wireless & Antenna in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Advanced Wireless & Antenna's value of 4 is 20% below this benchmark. Historically, Advanced Wireless & Antenna's own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Advanced Wireless & Antenna 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 Hardware company?
The median Piotroski F-Score among Hardware companies is 5.00, based on 2,431 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. Advanced Wireless & Antenna'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 Advanced Wireless & Antenna and its competitors. For the Hardware 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. Advanced Wireless & Antenna's current Piotroski F-Score is 4, which is 33% 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 Advanced Wireless & Antenna stock overvalued right now?
Based on GuruFocus' analysis, Advanced Wireless & Antenna (ROCO:6818) is currently considered Fairly Valued. The stock's GF Value™ is NT$46.73, compared to a current price of NT$50.00 — trading 7% above its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 20% below the Hardware industry median of 5.00. Advanced Wireless & Antenna's overall GF Score™ is 72/100 with 2 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 Advanced Wireless & Antenna (ROCO:6818), the current Piotroski F-Score is 4 as of Jul. 18, 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 Advanced Wireless & Antenna (ROCO:6818) Overvalued in 2026?
Based on GuruFocus' analysis, Advanced Wireless & Antenna stock appears to be overvalued.
The current stock price of NT$50.00 is trading 7% above its estimated GF Value™ of NT$46.73.
GuruFocus considers Advanced Wireless & Antenna to be Fairly Valued.
Key valuation signals for ROCO:6818:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: NT$46.73 vs. price of NT$50.00 (7% above fair value)
Industry Position: 20% below the Hardware median (#1520 of 2431)
No single metric tells the full story. See the ROCO:6818 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Advanced Wireless & Antenna Inc is engaged in designing and manufacturing the electronic components for IT, digital home appliances, and portable devices. Its products include V2X, IOT, IT and Networking.
72GF Score
Get the complete analysis for ROCO:6818
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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