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Shanghai Flyco Electrical Appliance Co (SHSE:603868) 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.
Shanghai Flyco Electrical Appliance Co Piotroski F-Score Related Terms
Shanghai Flyco Electrical Appliance 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.
Shanghai Flyco Electrical Appliance Co Piotroski F-Score Chart
Shanghai Flyco Electrical Appliance Co Annual Data
SHSE:603868 vs PG, CL, KVUE: Piotroski F-Score Comparison
For the Household & Personal Products subindustry, Shanghai Flyco Electrical Appliance 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.
Shanghai Flyco Electrical Appliance Co Piotroski F-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Shanghai Flyco Electrical Appliance Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Flyco Electrical Appliance Co'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.
Shanghai Flyco Electrical Appliance Co's current Net Income (TTM) was 520.
==> 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.
Shanghai Flyco Electrical Appliance Co's current Cash Flow from Operations (TTM) was 823.
==> 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.
Shanghai Flyco Electrical Appliance Co's return on assets of this year was 0.13503522. Shanghai Flyco Electrical Appliance Co's return on assets of last year was 0.10134692.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Shanghai Flyco Electrical Appliance Co's gearing of this year was 6.636E-5. Shanghai Flyco Electrical Appliance Co's gearing of last year was 0.00019217.
==> 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
Shanghai Flyco Electrical Appliance Co's current ratio of this year was 5.12674899. Shanghai Flyco Electrical Appliance Co's current ratio of last year was 3.98024096.
==> 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.
Shanghai Flyco Electrical Appliance Co's number of shares in issue this year was 438.556. Shanghai Flyco Electrical Appliance Co's number of shares in issue last year was 430.823.
==> 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.
Shanghai Flyco Electrical Appliance Co's gross margin of this year was 0.57530167. Shanghai Flyco Electrical Appliance Co's gross margin of last year was 0.54415024.
==> 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
Shanghai Flyco Electrical Appliance Co's asset turnover of this year was 0.96237125. Shanghai Flyco Electrical Appliance Co's asset turnover of last year was 0.91238409.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Shanghai Flyco Electrical Appliance Co has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Shanghai Flyco Electrical Appliance Co (SHSE:603868) has a Piotroski F-Score of 8 as of Jul. 23, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Shanghai Flyco Electrical Appliance Co and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, Shanghai Flyco Electrical Appliance Co's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Shanghai Flyco Electrical Appliance Co ranks #45 out of 1912 companies in the Consumer Packaged Goods industry, placing it in the top 2.4%.
Is Shanghai Flyco Electrical Appliance Co's Piotroski F-Score too high?
Shanghai Flyco Electrical Appliance Co's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Consumer Packaged Goods industry median Piotroski F-Score is 5.00. Shanghai Flyco Electrical Appliance Co's value of 8 is 60% above this industry median. Based on the distribution chart, Shanghai Flyco Electrical Appliance Co ranks #45 out of 1912 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Shanghai Flyco Electrical Appliance Co has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Shanghai Flyco Electrical Appliance Co's Piotroski F-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Shanghai Flyco Electrical Appliance Co ranks #45 out of 1912 companies for Piotroski F-Score. This places Shanghai Flyco Electrical Appliance Co in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Shanghai Flyco Electrical Appliance Co's value of 8 is 60% above this benchmark. Historically, Shanghai Flyco Electrical Appliance Co's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Shanghai Flyco Electrical Appliance Co 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 Consumer Packaged Goods company?
The median Piotroski F-Score among Consumer Packaged Goods companies is 5.00, based on 1,912 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. Shanghai Flyco Electrical Appliance Co's current Piotroski F-Score of 8 is 60% 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 Shanghai Flyco Electrical Appliance 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. Shanghai Flyco Electrical Appliance Co's current Piotroski F-Score is 8, which is 33% above 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 Shanghai Flyco Electrical Appliance Co stock overvalued right now?
Based on GuruFocus' analysis, Shanghai Flyco Electrical Appliance Co (SHSE:603868) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥35.42, compared to a current price of ¥29.90 — trading 15.6% below its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 60% above the Consumer Packaged Goods industry median of 5.00. Shanghai Flyco Electrical Appliance Co's overall GF Score™ is 87/100 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 Shanghai Flyco Electrical Appliance Co (SHSE:603868), the current Piotroski F-Score is 8 as of Jul. 23, 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 Shanghai Flyco Electrical Appliance Co (SHSE:603868) Overvalued in 2026?
Based on GuruFocus' analysis, Shanghai Flyco Electrical Appliance Co stock appears to be undervalued.
The current stock price of ¥29.90 is trading 15.6% below its estimated GF Value™ of ¥35.42.
GuruFocus considers Shanghai Flyco Electrical Appliance Co to be Modestly Undervalued.
Key valuation signals for SHSE:603868:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: ¥35.42 vs. price of ¥29.90 (15.6% below fair value)
Industry Position: 60% above the Consumer Packaged Goods median (#45 of 1912)
No single metric tells the full story. See the SHSE:603868 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shanghai Flyco Electrical Appliance Co Business Description
Shanghai Flyco Electrical Appliance Co Ltd is a China-based company engaged in the manufacturing and marketing of shaver and personal care electrical appliances. Its product portfolio comprises of the shaver, hair drier, hair clipper, hair straightener, hair curler, electric iron, garment steamer, lint remover, nose hair trimmer, robot vacuum cleaner and others. The company's products are sold in China and other countries.
87GF Score
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