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Apex Material Technology (ROCO:6899) 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.
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.
Apex Material Technology Piotroski F-Score Related Terms
Apex Material Technology 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:6899 vs APH, GLW, TEL: Piotroski F-Score Comparison
For the Electronic Components subindustry, Apex Material Technology'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.
Apex Material Technology Piotroski F-Score vs Hardware Industry
For the Hardware industry and Technology sector, Apex Material Technology's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Apex Material Technology'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 (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 52.674 + 39.611 + 45.088 + 49.201 = NT$187 Mil. Cash Flow from Operations was 59.565 + 51.267 + 40.499 + -6.416 = NT$145 Mil. Revenue was 311.182 + 311.313 + 261.285 + 295.039 = NT$1,179 Mil. Gross Profit was 116.163 + 118.368 + 108.627 + 111.487 = NT$455 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(2315.216 + 2265.578 + 2312.585 + 2359.767 + 2402.209) / 5 = NT$2331.071 Mil. Total Assets at the begining of this year (Jun25) was NT$2,315 Mil. Long-Term Debt & Capital Lease Obligation was NT$186 Mil. Total Current Assets was NT$1,260 Mil. Total Current Liabilities was NT$353 Mil.
Net Income was 31.709 + 37.086 + 43.268 + 15.352 = NT$127 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.
Apex Material Technology's current Net Income (TTM) was 187.
==> 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.
Apex Material Technology's current Cash Flow from Operations (TTM) was 145.
==> 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.
Apex Material Technology's return on assets of this year was 0.080586. Apex Material Technology's return on assets of last year was 0.05479228.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Apex Material Technology's gearing of this year was 0.07965352. Apex Material Technology's gearing of last year was 0.08565688.
==> 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
Apex Material Technology's current ratio of this year was 3.56615566. Apex Material Technology's current ratio of last year was 3.42945076.
==> 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.
Apex Material Technology's number of shares in issue this year was 42.052. Apex Material Technology's number of shares in issue last year was 42.644.
==> 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.
Apex Material Technology's gross margin of this year was 0.38567838. Apex Material Technology's gross margin of last year was 0.41649546.
==> 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
Apex Material Technology's asset turnover of this year was 0.50916156. Apex Material Technology's asset turnover of last year was 0.45650999.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Apex Material Technology has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Apex Material Technology (ROCO:6899) has a Piotroski F-Score of 7 as of Aug. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Apex Material Technology and its competitors. This is near median its historical median of 7.00. Over the past decade, Apex Material Technology's Piotroski F-Score has ranged from 5.00 to 9.00. According to the industry distribution chart, Apex Material Technology ranks #197 out of 2441 companies in the Hardware industry, placing it in the top 8.1%.
Is Apex Material Technology's Piotroski F-Score too high?
Apex Material Technology's current Piotroski F-Score of 7 is near median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 9.00. The Hardware industry median Piotroski F-Score is 5.00. Apex Material Technology's value of 7 is 40% above this industry median. Based on the distribution chart, Apex Material Technology ranks #197 out of 2441 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Apex Material Technology has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Apex Material Technology's Piotroski F-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Apex Material Technology ranks #197 out of 2441 companies for Piotroski F-Score. This places Apex Material Technology in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Apex Material Technology's value of 7 is 40% above this benchmark. Historically, Apex Material Technology's own Piotroski F-Score has ranged from 5.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Apex Material Technology 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 Hardware company?
The median Piotroski F-Score among Hardware companies is 5.00, based on 2,441 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. Apex Material Technology'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 Apex Material Technology 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. Apex Material Technology's current Piotroski F-Score is 7, which is near median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Apex Material Technology stock overvalued right now?
Based on GuruFocus' analysis, Apex Material Technology (ROCO:6899) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$61.37, compared to a current price of NT$50.50 — trading 17.7% below its estimated fair value. The current Piotroski F-Score is 7, which is near median its 10-year median of 7.00 and 40% above the Hardware industry median of 5.00. Apex Material Technology's overall GF Score™ is 68/100 with 3 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 Apex Material Technology (ROCO:6899), the current Piotroski F-Score is 7 as of Aug. 29, 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 Apex Material Technology (ROCO:6899) Overvalued in 2026?
Based on GuruFocus' analysis, Apex Material Technology stock appears to be undervalued.
The current stock price of NT$50.50 is trading 17.7% below its estimated GF Value™ of NT$61.37.
GuruFocus considers Apex Material Technology to be Modestly Undervalued.
Key valuation signals for ROCO:6899:
Piotroski F-Score: 7 (near median its 10-year median of 7.00)
GF Value™: NT$61.37 vs. price of NT$50.50 (17.7% below fair value)
Industry Position: 40% above the Hardware median (#197 of 2441)
No single metric tells the full story. See the ROCO:6899 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Apex Material Technology Corp manufactures resistive and projected capacitive (PCAP) touch screens, and PenMount touch screen controllers for the industrial, medical, and commercial sectors. Its product offerings comprise open frame touch screen monitor, optical bonding service, solutions for touch screen display, projected capacitive touch screen, and resistive touch screen.
68GF Score
Get the complete analysis for ROCO:6899
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