Donutes International Co (ROCO:7756) Piotroski F-Score: 4 (As of Jul. 01, 2026) — 20% Below Median


ROCO:7756 Donutes International Co Ltd ROCO:7756
15 GF Score
Price NT$39.35
! 7 Warning Signs
View Full Analysis

What is Donutes International Co Piotroski F-Score?

Donutes International Co ROCO:7756 -0.13% 15 Piotroski F-Score is 4 as of Jul. 01, 2026, which is 20% below its 10-year median of 5.00. GuruFocus rates ROCO:7756 with a GF Score™ of 15/100. The stock has 7 warning signs investors should review. Among 296 Retail - Defensive companies, Donutes International Co ranks worse than 71.96% 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

Donutes International Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Donutes International Co's Piotroski F-Score or its related term are showing as below:

ROCO:7756' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 4

During the past 5 years, the highest Piotroski F-Score of Donutes International Co was 7. The lowest was 4. And the median was 5.

Donutes International Co  (ROCO:7756) 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.


Donutes International Co Piotroski F-Score Related Terms


Donutes International Co Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Donutes International Co'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.

Donutes International Co Piotroski F-Score Chart

Donutes International Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
N/A N/A 7.00 5.00 4.00

Donutes International Co Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Piotroski F-Score Get a 7-Day Free Trial 7.00 0.00 5.00 0.00 4.00

ROCO:7756 vs KR, SFM: Piotroski F-Score Comparison

For the Grocery Stores subindustry, Donutes International Co'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.


Donutes International Co Piotroski F-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Donutes International Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Donutes International Co's Piotroski F-Score falls into.


ROCO:7756
15GF Score
Donutes International Co Ltd ROCO:7756
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 NT$25 Mil.
Cash Flow from Operations was NT$150 Mil.
Revenue was NT$1,254 Mil.
Gross Profit was NT$464 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was (1323.203 + 1551.539) / 2 = NT$1437.371 Mil.
Total Assets at the begining of this year (Dec24) was NT$1,323 Mil.
Long-Term Debt & Capital Lease Obligation was NT$747 Mil.
Total Current Assets was NT$297 Mil.
Total Current Liabilities was NT$271 Mil.
Net Income was NT$51 Mil.

Revenue was NT$1,210 Mil.
Gross Profit was NT$490 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was (1443.076 + 1323.203) / 2 = NT$1383.1395 Mil.
Total Assets at the begining of last year (Dec23) was NT$1,443 Mil.
Long-Term Debt & Capital Lease Obligation was NT$564 Mil.
Total Current Assets was NT$360 Mil.
Total Current Liabilities was NT$232 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.

Donutes International Co's current Net Income (TTM) was 25. ==> 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.

Donutes International Co's current Cash Flow from Operations (TTM) was 150. ==> 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.

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

ROA (This Year)=Net Income/Total Assets (Dec24)
=24.731/1323.203
=0.01869025

ROA (Last Year)=Net Income/Total Assets (Dec23)
=51.225/1443.076
=0.03549709

Donutes International Co's return on assets of this year was 0.01869025. Donutes International Co's return on assets of last year was 0.03549709. ==> Last year is higher ==> Score 0.

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.

Donutes International Co's current Net Income (TTM) was 25. Donutes International Co's current Cash Flow from Operations (TTM) was 150. ==> 150 > 25 ==> CFROA > ROA ==> Score 1.

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
=747.078/1437.371
=0.51975308

Gearing (Last Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=563.602/1383.1395
=0.40748023

Donutes International Co's gearing of this year was 0.51975308. Donutes International Co's gearing of last year was 0.40748023. ==> 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

Current Ratio (This Year: Dec25)=Total Current Assets/Total Current Liabilities
=297.032/271.215
=1.09519016

Current Ratio (Last Year: Dec24)=Total Current Assets/Total Current Liabilities
=359.95/232.355
=1.54913817

Donutes International Co's current ratio of this year was 1.09519016. Donutes International Co's current ratio of last year was 1.54913817. ==> 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.

Donutes International Co's number of shares in issue this year was 21.142. Donutes International Co's number of shares in issue last year was 21.12. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=464.498/1254.142
=0.37037114

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=489.676/1209.929
=0.40471466

Donutes International Co's gross margin of this year was 0.37037114. Donutes International Co's gross margin of last year was 0.40471466. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec24)
=1254.142/1323.203
=0.94780771

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec23)
=1209.929/1443.076
=0.83843748

Donutes International Co's asset turnover of this year was 0.94780771. Donutes International Co's asset turnover of last year was 0.83843748. ==> 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+1+0+1+0+0+0+0+1
=4

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

Donutes International Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 4 mean?
Donutes International Co (ROCO:7756) has a Piotroski F-Score of 4 as of Jul. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Donutes International Co and its competitors. This is 20% below median its historical median of 5.00. Over the past decade, Donutes International Co's Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, Donutes International Co ranks #213 out of 296 companies in the Retail - Defensive industry, placing it in the top 72%.
Is Donutes International Co's Piotroski F-Score too high?
Donutes International Co's current Piotroski F-Score of 4 is 20% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Retail - Defensive industry median Piotroski F-Score is 6.00. Donutes International Co's value of 4 is 33.3% below this industry median. Based on the distribution chart, Donutes International Co ranks #213 out of 296 companies in the Retail - Defensive industry, which is below the industry midpoint. Overall, Donutes International Co has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Donutes International Co's Piotroski F-Score compare to KR and SFM?
According to the Retail - Defensive industry distribution chart, Donutes International Co ranks #213 out of 296 companies for Piotroski F-Score. This places Donutes International Co in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Donutes International Co's value of 4 is 33.3% below this benchmark. Historically, Donutes International Co's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Donutes International Co 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 Retail - Defensive company?
The median Piotroski F-Score among Retail - Defensive companies is 6.00, based on 296 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. Donutes International Co's current Piotroski F-Score of 4 is 33.3% 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 Donutes International Co and its competitors. For the Retail - Defensive 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. Donutes International Co's current Piotroski F-Score is 4, which is 20% below 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 Donutes International Co stock overvalued right now?
Donutes International Co (ROCO:7756) has a current Piotroski F-Score of 4. The current Piotroski F-Score is 4, which is 20% below median its 10-year median of 5.00 and 33.3% below the Retail - Defensive industry median of 6.00. Donutes International Co's overall GF Score™ is 15/100 with 7 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 Donutes International Co (ROCO:7756), the current Piotroski F-Score is 4 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.

Donutes International Co Business Description

Address No. 268, Kangping Street, Sanmin District, Kaohsiung City, TWN, 807008
Donutes International Co Ltd is engaged in baking activities. The company uses fresh ingredients for cooking and production. The products offered by the company are coffee, tea, smoothie, bread, sandwich, birthday cake, and mousse. cake, Italian ice cream, imported food festival gift boxes, and others.
15GF Score

Get the complete analysis for ROCO:7756

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

NT$39.35
Price