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Hiwin TechnologiesTPE:2049 -1.97%68 Piotroski F-Score is 5 as of Aug. 16, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates TPE:2049 with a GF Score™ of 68/100 and a GF Value™ of NT$241.32 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 2,948 Industrial Products companies, Hiwin Technologies ranks better than 56.41% 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
Hiwin Technologies has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Hiwin Technologies's Piotroski F-Score or its related term are showing as below:
TPE:2049'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 9
Current: 5
During the past 13 years, the highest Piotroski F-Score of Hiwin Technologies was 9. The lowest was 2. And the median was 6.
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.
Hiwin Technologies Piotroski F-Score Related Terms
Hiwin Technologies Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Hiwin Technologies'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.
TPE:2049 vs SNA, RBC, SWK: Piotroski F-Score Comparison
For the Tools & Accessories subindustry, Hiwin Technologies'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.
Hiwin Technologies Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hiwin Technologies's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Hiwin Technologies'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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 135.235 + 445.852 + 461.98 + 579.338 = NT$1,622 Mil. Cash Flow from Operations was 610.246 + 985.449 + 1639.472 + 1360.443 = NT$4,596 Mil. Revenue was 5925.491 + 5995.331 + 6503.036 + 6379.288 = NT$24,803 Mil. Gross Profit was 1762.093 + 1714.752 + 1758.866 + 2037.674 = NT$7,273 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(54315.418 + 53288.252 + 53256.429 + 54175.996 + 54790.647) / 5 = NT$53965.3484 Mil. Total Assets at the begining of this year (Mar25) was NT$54,315 Mil. Long-Term Debt & Capital Lease Obligation was NT$7,191 Mil. Total Current Assets was NT$20,342 Mil. Total Current Liabilities was NT$8,865 Mil.
Net Income was 582.074 + 664.489 + 330.123 + 482.799 = NT$2,059 Mil.
Revenue was 6182.917 + 6326.487 + 6375.815 + 5838.78 = NT$24,724 Mil. Gross Profit was 1948.165 + 1944.063 + 1736.389 + 1742.137 = NT$7,371 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(51964.267 + 52818.968 + 52643.385 + 54434.94 + 54315.418) / 5 = NT$53235.3956 Mil. Total Assets at the begining of last year (Mar24) was NT$51,964 Mil. Long-Term Debt & Capital Lease Obligation was NT$7,562 Mil. Total Current Assets was NT$19,893 Mil. Total Current Liabilities was NT$9,100 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.
Hiwin Technologies's current Net Income (TTM) was 1,622.
==> 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.
Hiwin Technologies's return on assets of this year was 0.02987006. Hiwin Technologies's return on assets of last year was 0.03963272.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Hiwin Technologies's gearing of this year was 0.13324517. Hiwin Technologies's gearing of last year was 0.14204786.
==> 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
Hiwin Technologies's current ratio of this year was 2.29459485. Hiwin Technologies's current ratio of last year was 2.18599657.
==> 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.
Hiwin Technologies's number of shares in issue this year was 354.318. Hiwin Technologies's number of shares in issue last year was 354.231.
==> 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.
Hiwin Technologies's gross margin of this year was 0.29324445. Hiwin Technologies's gross margin of last year was 0.29812143.
==> 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
Hiwin Technologies's asset turnover of this year was 0.45665019. Hiwin Technologies's asset turnover of last year was 0.47578847.
==> 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
Hiwin Technologies has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Hiwin Technologies (TPE:2049) has a Piotroski F-Score of 5 as of Aug. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Hiwin Technologies and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Hiwin Technologies' Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Hiwin Technologies ranks #1285 out of 2948 companies in the Industrial Products industry, placing it in the top 43.6%.
Is Hiwin Technologies' Piotroski F-Score too high?
Hiwin Technologies' current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Industrial Products industry median Piotroski F-Score is 5.00. Hiwin Technologies' value of 5 is 0% at this industry median. Based on the distribution chart, Hiwin Technologies ranks #1285 out of 2948 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Hiwin Technologies has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hiwin Technologies' Piotroski F-Score compare to SNA and RBC?
According to the Industrial Products industry distribution chart, Hiwin Technologies ranks #1285 out of 2948 companies for Piotroski F-Score. This puts Hiwin Technologies in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Hiwin Technologies' value of 5 is 0% at this benchmark. Historically, Hiwin Technologies' own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Hiwin Technologies 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 an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 2,948 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. Hiwin Technologies'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 Hiwin Technologies and its competitors. For the Industrial Products 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. Hiwin Technologies's current Piotroski F-Score is 5, which is 17% below 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 Hiwin Technologies stock overvalued right now?
Based on GuruFocus' analysis, Hiwin Technologies (TPE:2049) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$241.32, compared to a current price of NT$373.50 — trading 54.8% above its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Industrial Products industry median of 5.00. Hiwin Technologies' overall GF Score™ is 68/100 with 9 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 Hiwin Technologies (TPE:2049), the current Piotroski F-Score is 5 as of Aug. 16, 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 Hiwin Technologies (TPE:2049) Overvalued in 2026?
Based on GuruFocus' analysis, Hiwin Technologies stock appears to be overvalued.
The current stock price of NT$373.50 is trading 54.8% above its estimated GF Value™ of NT$241.32.
GuruFocus considers Hiwin Technologies to be Significantly Overvalued.
Key valuation signals for TPE:2049:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: NT$241.32 vs. price of NT$373.50 (54.8% above fair value)
Industry Position: 0% at the Industrial Products median (#1285 of 2948)
No single metric tells the full story. See the TPE:2049 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hiwin Technologies Corp manufactures and sells ballscrews, linear guideways, industrial robots, aerospace automation equipment parts, computer numerical control (CNC) milling machines and medical equipment. Other products include Ball Spline, Linear Guideway Bearings, etc. The company's reportable segments are linear guideways, ballscrews, and others. The majority of revenue is generated from the Linear guideways segment. Geographically, it derives the maximum revenue from Taiwan, followed by China, Germany, Japan, the United States, and Others.
68GF Score
Get the complete analysis for TPE:2049
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