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Fujian Tianma Science and Technology Group Co (SHSE:603668) 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.
Fujian Tianma Science and Technology Group Co Piotroski F-Score Related Terms
Fujian Tianma Science and Technology Group Co 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.
Fujian Tianma Science and Technology Group Co Piotroski F-Score Chart
Fujian Tianma Science and Technology Group Co Annual Data
SHSE:603668 vs ADM, BG, TSN: Piotroski F-Score Comparison
For the Farm Products subindustry, Fujian Tianma Science and Technology Group 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.
Fujian Tianma Science and Technology Group Co Piotroski F-Score vs Consumer Packaged Goods Industry
* 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.
Fujian Tianma Science and Technology Group Co's current Net Income (TTM) was -190.
==> 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.
Fujian Tianma Science and Technology Group Co's current Cash Flow from Operations (TTM) was 472.
==> 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.
Fujian Tianma Science and Technology Group Co's return on assets of this year was -0.02016702. Fujian Tianma Science and Technology Group Co's return on assets of last year was 0.00405419.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Fujian Tianma Science and Technology Group Co's gearing of this year was 0.0821761. Fujian Tianma Science and Technology Group Co's gearing of last year was 0.06216986.
==> 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
Fujian Tianma Science and Technology Group Co's current ratio of this year was 0.90039419. Fujian Tianma Science and Technology Group Co's current ratio of last year was 0.89820933.
==> 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.
Fujian Tianma Science and Technology Group Co's number of shares in issue this year was 670.55. Fujian Tianma Science and Technology Group Co's number of shares in issue last year was 576.712.
==> 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.
Fujian Tianma Science and Technology Group Co's gross margin of this year was 0.07170908. Fujian Tianma Science and Technology Group Co's gross margin of last year was 0.10706096.
==> 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
Fujian Tianma Science and Technology Group Co's asset turnover of this year was 0.64241876. Fujian Tianma Science and Technology Group Co's asset turnover of last year was 0.66076269.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Que. 1
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0
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Fujian Tianma Science and Technology Group Co has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Fujian Tianma Science and Technology Group Co (SHSE:603668) has a Piotroski F-Score of 3 as of Aug. 05, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Fujian Tianma Science and Technology Group Co and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, Fujian Tianma Science and Technology Group Co's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Fujian Tianma Science and Technology Group Co ranks #1618 out of 1913 companies in the Consumer Packaged Goods industry, placing it in the top 84.6%.
Is Fujian Tianma Science and Technology Group Co's Piotroski F-Score too high?
Fujian Tianma Science and Technology Group Co's current Piotroski F-Score of 3 is 40% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Fujian Tianma Science and Technology Group Co's value of 3 is 40% below this industry median. Based on the distribution chart, Fujian Tianma Science and Technology Group Co ranks #1618 out of 1913 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Fujian Tianma Science and Technology Group Co has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fujian Tianma Science and Technology Group Co's Piotroski F-Score compare to ADM and BG?
According to the Consumer Packaged Goods industry distribution chart, Fujian Tianma Science and Technology Group Co ranks #1618 out of 1913 companies for Piotroski F-Score. This places Fujian Tianma Science and Technology Group Co in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Fujian Tianma Science and Technology Group Co's value of 3 is 40% below this benchmark. Historically, Fujian Tianma Science and Technology Group Co's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Fujian Tianma Science and Technology Group 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,913 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. Fujian Tianma Science and Technology Group Co's current Piotroski F-Score of 3 is 40% 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 Fujian Tianma Science and Technology Group Co and its competitors. For the Consumer Packaged Goods 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. Fujian Tianma Science and Technology Group Co's current Piotroski F-Score is 3, which is 40% 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 Fujian Tianma Science and Technology Group Co stock overvalued right now?
Based on GuruFocus' analysis, Fujian Tianma Science and Technology Group Co (SHSE:603668) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥14.57, compared to a current price of ¥10.61 — trading 27.2% below its estimated fair value. The current Piotroski F-Score is 3, which is 40% below median its 10-year median of 5.00 and 40% below the Consumer Packaged Goods industry median of 5.00. Fujian Tianma Science and Technology Group Co's overall GF Score™ is 67/100 with 8 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 Fujian Tianma Science and Technology Group Co (SHSE:603668), the current Piotroski F-Score is 3 as of Aug. 05, 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 Fujian Tianma Science and Technology Group Co (SHSE:603668) Overvalued in 2026?
Based on GuruFocus' analysis, Fujian Tianma Science and Technology Group Co stock appears to be undervalued.
The current stock price of ¥10.61 is trading 27.2% below its estimated GF Value™ of ¥14.57.
GuruFocus considers Fujian Tianma Science and Technology Group Co to be Modestly Undervalued.
Key valuation signals for SHSE:603668:
Piotroski F-Score: 3 (40% below median its 10-year median of 5.00)
GF Value™: ¥14.57 vs. price of ¥10.61 (27.2% below fair value)
Industry Position: 40% below the Consumer Packaged Goods median (#1618 of 1913)
No single metric tells the full story. See the SHSE:603668 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fujian Tianma Science and Technology Group Co Ltd is engaged in development, production and sale of aquatic compound feedstuff. Its business scope covers special aquatic feed, bioengineering, international trade and other fields. The product portfolio of the company includes turbot, yellow catfish compound feed, squid compound feed, marine fish compound feed, turtle compound feed, golden carp mixed feed, blue larva compound feed, and bullfrog compound feed among others. The company has a business presence in China and other countries.
67GF Score
Get the complete analysis for SHSE:603668
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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