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.
Formosa Electronic Industries Piotroski F-Score Related Terms
Formosa Electronic Industries 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:8171 vs APH, GLW, TEL: Piotroski F-Score Comparison
For the Electronic Components subindustry, Formosa Electronic Industries'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.
Formosa Electronic Industries Piotroski F-Score vs Hardware Industry
For the Hardware industry and Technology sector, Formosa Electronic Industries's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Formosa Electronic Industries'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 -30.575 + -120.133 + -22.84 + -52.774 = NT$-226.3 Mil. Cash Flow from Operations was 632.322 + -36.612 + -57.69 + -169.529 = NT$368.5 Mil. Revenue was 60.327 + 116.367 + 92.856 + 143.084 = NT$412.6 Mil. Gross Profit was 18.058 + -36.848 + 1.669 + 2.682 = NT$-14.4 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(3348.008 + 3385.835 + 3409.18 + 3418.665 + 3724.201) / 5 = NT$3457.1778 Mil. Total Assets at the begining of this year (Jun25) was NT$3,348.0 Mil. Long-Term Debt & Capital Lease Obligation was NT$888.9 Mil. Total Current Assets was NT$1,234.6 Mil. Total Current Liabilities was NT$566.5 Mil.
Net Income was -40.069 + -62.357 + -160.447 + -226.615 = NT$-489.5 Mil.
Revenue was 272.724 + 113.78 + 80.024 + 58.708 = NT$525.2 Mil. Gross Profit was 22.204 + -23.816 + -10.808 + -33.12 = NT$-45.5 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(2336.899 + 2456.868 + 2413.471 + 2197.938 + 3348.008) / 5 = NT$2550.6368 Mil. Total Assets at the begining of last year (Jun24) was NT$2,336.9 Mil. Long-Term Debt & Capital Lease Obligation was NT$662.9 Mil. Total Current Assets was NT$1,642.0 Mil. Total Current Liabilities was NT$173.7 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.
Formosa Electronic Industries's current Net Income (TTM) was -226.3.
==> 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.
Formosa Electronic Industries's current Cash Flow from Operations (TTM) was 368.5.
==> 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.
Formosa Electronic Industries's return on assets of this year was -0.067599. Formosa Electronic Industries's return on assets of last year was -0.20946049.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Formosa Electronic Industries's gearing of this year was 0.25711. Formosa Electronic Industries's gearing of last year was 0.25989314.
==> 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
Formosa Electronic Industries's current ratio of this year was 2.17944029. Formosa Electronic Industries's current ratio of last year was 9.45189811.
==> 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.
Formosa Electronic Industries's number of shares in issue this year was 112.285. Formosa Electronic Industries's number of shares in issue last year was 111.52.
==> 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.
Formosa Electronic Industries's gross margin of this year was -0.03499227. Formosa Electronic Industries's gross margin of last year was -0.08670388.
==> 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
Formosa Electronic Industries's asset turnover of this year was 0.12324761. Formosa Electronic Industries's asset turnover of last year was 0.22475768.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Formosa Electronic Industries has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Formosa Electronic Industries (ROCO:8171) has a Piotroski F-Score of 5 as of Sep. 06, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Formosa Electronic Industries and its competitors. This is 25% above median its historical median of 4.00. Over the past decade, Formosa Electronic Industries' Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, Formosa Electronic Industries ranks #1014 out of 2447 companies in the Hardware industry, placing it in the top 41.4%.
Is Formosa Electronic Industries' Piotroski F-Score too high?
Formosa Electronic Industries' current Piotroski F-Score of 5 is 25% above median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The Hardware industry median Piotroski F-Score is 5.00. Formosa Electronic Industries' value of 5 is 0% at this industry median. Based on the distribution chart, Formosa Electronic Industries ranks #1014 out of 2447 companies in the Hardware industry, which is above the industry midpoint. Overall, Formosa Electronic Industries has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Formosa Electronic Industries' Piotroski F-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Formosa Electronic Industries ranks #1014 out of 2447 companies for Piotroski F-Score. This puts Formosa Electronic Industries in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Formosa Electronic Industries' value of 5 is 0% at this benchmark. Historically, Formosa Electronic Industries' own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Formosa Electronic Industries 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 Hardware company?
The median Piotroski F-Score among Hardware companies is 5.00, based on 2,447 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. Formosa Electronic Industries'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 Formosa Electronic Industries 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. Formosa Electronic Industries's current Piotroski F-Score is 5, which is 25% above median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Formosa Electronic Industries stock overvalued right now?
Based on GuruFocus' analysis, Formosa Electronic Industries (ROCO:8171) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$10.99, compared to a current price of NT$19.55 — trading 77.9% above its estimated fair value. The current Piotroski F-Score is 5, which is 25% above median its 10-year median of 4.00 and 0% at the Hardware industry median of 5.00. Formosa Electronic Industries' overall GF Score™ is 49/100 with 6 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 Formosa Electronic Industries (ROCO:8171), the current Piotroski F-Score is 5 as of Sep. 06, 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 Formosa Electronic Industries (ROCO:8171) Overvalued in 2026?
Based on GuruFocus' analysis, Formosa Electronic Industries stock appears to be overvalued.
The current stock price of NT$19.55 is trading 77.9% above its estimated GF Value™ of NT$10.99.
GuruFocus considers Formosa Electronic Industries to be Significantly Overvalued.
Key valuation signals for ROCO:8171:
Piotroski F-Score: 5 (25% above median its 10-year median of 4.00)
GF Value™: NT$10.99 vs. price of NT$19.55 (77.9% above fair value)
Industry Position: 0% at the Hardware median (#1014 of 2447)
No single metric tells the full story. See the ROCO:8171 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Formosa Electronic Industries Inc is engaged in the assembly, processing, manufacturing, trading, agent distribution, and trading of single-string parallel battery modules, mobile power supplies, wireless chargers, green energy battery modules, and distributed energy storage systems. The Company's other products include wireless chargers, power adapters, accessories, OEM, and green products.
49GF Score
Get the complete analysis for ROCO:8171
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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