Gold Circuit ElectronicsTPE:2368 -4.03%72 Piotroski F-Score is 6 as of Jun. 28, 2026, which is 14% below its 10-year median of 7.00. GuruFocus rates TPE:2368 with a GF Score™ of 72/100 and a GF Value™ of NT$485.25 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 2,426 Hardware companies, Gold Circuit Electronics ranks better than 77.95% 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
Gold Circuit Electronics has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Gold Circuit Electronics's Piotroski F-Score or its related term are showing as below:
TPE:2368'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 7 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of Gold Circuit Electronics was 8. The lowest was 5. And the median was 7.
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.
Gold Circuit Electronics Piotroski F-Score Related Terms
Gold Circuit Electronics 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.
TPE:2368 vs APH, GLW, TEL: Piotroski F-Score Comparison
For the Electronic Components subindustry, Gold Circuit Electronics'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.
Gold Circuit Electronics Piotroski F-Score vs Hardware Industry
For the Hardware industry and Technology sector, Gold Circuit Electronics's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Gold Circuit Electronics'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 (Dec25) TTM:
Last Year (Dec24) TTM:
Net Income was 1753.033 + 1693.88 + 3228.609 + 2931.009 = NT$9,607 Mil. Cash Flow from Operations was 275.74 + 1814.13 + -251.406 + 420.347 = NT$2,259 Mil. Revenue was 12062.958 + 13852.671 + 17679.925 + 16408.204 = NT$60,004 Mil. Gross Profit was 3775.994 + 4095.43 + 6287.549 + 5523.8 = NT$19,683 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was
(44584.394 + 48609.876 + 51913.48 + 61501.174 + 75746.348) / 5 = NT$56471.0544 Mil. Total Assets at the begining of this year (Dec24) was NT$44,584 Mil. Long-Term Debt & Capital Lease Obligation was NT$11,940 Mil. Total Current Assets was NT$56,337 Mil. Total Current Liabilities was NT$27,554 Mil.
Net Income was 1217.359 + 1520.683 + 1595.183 + 1282.382 = NT$5,616 Mil.
Revenue was 9065.89 + 9573.005 + 10457.149 + 9855.846 = NT$38,952 Mil. Gross Profit was 2435.637 + 3027.528 + 3376.172 + 2556.592 = NT$11,396 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was
(33101.243 + 35015.572 + 38161.151 + 40425.356 + 44584.394) / 5 = NT$38257.5432 Mil. Total Assets at the begining of last year (Dec23) was NT$33,101 Mil. Long-Term Debt & Capital Lease Obligation was NT$4,597 Mil. Total Current Assets was NT$31,474 Mil. Total Current Liabilities was NT$16,969 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.
Gold Circuit Electronics's current Net Income (TTM) was 9,607.
==> 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.
Gold Circuit Electronics's current Cash Flow from Operations (TTM) was 2,259.
==> 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.
Gold Circuit Electronics's return on assets of this year was 0.21546847. Gold Circuit Electronics's return on assets of last year was 0.16964943.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Gold Circuit Electronics's gearing of this year was 0.21143485. Gold Circuit Electronics's gearing of last year was 0.12016888.
==> 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
Gold Circuit Electronics's current ratio of this year was 2.04463252. Gold Circuit Electronics's current ratio of last year was 1.85475362.
==> 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.
Gold Circuit Electronics's number of shares in issue this year was 512.83. Gold Circuit Electronics's number of shares in issue last year was 507.269.
==> 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.
Gold Circuit Electronics's gross margin of this year was 0.32802567. Gold Circuit Electronics's gross margin of last year was 0.29256421.
==> 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
Gold Circuit Electronics's asset turnover of this year was 1.34584667. Gold Circuit Electronics's asset turnover of last year was 1.17675007.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Gold Circuit Electronics has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Gold Circuit Electronics (TPE:2368) has a Piotroski F-Score of 6 as of Jun. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Gold Circuit Electronics and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, Gold Circuit Electronics' Piotroski F-Score has ranged from 5.00 to 8.00. According to the industry distribution chart, Gold Circuit Electronics ranks #535 out of 2426 companies in the Hardware industry, placing it in the top 22.1%.
Is Gold Circuit Electronics' Piotroski F-Score too high?
Gold Circuit Electronics' current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 8.00. The Hardware industry median Piotroski F-Score is 5.00. Gold Circuit Electronics' value of 6 is 20% above this industry median. Based on the distribution chart, Gold Circuit Electronics ranks #535 out of 2426 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Gold Circuit Electronics has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Gold Circuit Electronics' Piotroski F-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Gold Circuit Electronics ranks #535 out of 2426 companies for Piotroski F-Score. This places Gold Circuit Electronics in the top 22% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Gold Circuit Electronics' value of 6 is 20% above this benchmark. Historically, Gold Circuit Electronics' own Piotroski F-Score has ranged from 5.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Gold Circuit Electronics 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 Hardware company?
The median Piotroski F-Score among Hardware companies is 5.00, based on 2,426 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. Gold Circuit Electronics's current Piotroski F-Score of 6 is 20% 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 Gold Circuit Electronics 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. Gold Circuit Electronics's current Piotroski F-Score is 6, which is 14% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gold Circuit Electronics stock overvalued right now?
Based on GuruFocus' analysis, Gold Circuit Electronics (TPE:2368) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$485.25, compared to a current price of NT$1,190.00 — trading 145.2% above its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 20% above the Hardware industry median of 5.00. Gold Circuit Electronics' overall GF Score™ is 72/100 with 3 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 Gold Circuit Electronics (TPE:2368), the current Piotroski F-Score is 6 as of Jun. 28, 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 Gold Circuit Electronics (TPE:2368) Overvalued in 2026?
Based on GuruFocus' analysis, Gold Circuit Electronics stock appears to be overvalued.
The current stock price of NT$1,190.00 is trading 145.2% above its estimated GF Value™ of NT$485.25.
GuruFocus considers Gold Circuit Electronics to be Significantly Overvalued.
Key valuation signals for TPE:2368:
Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
GF Value™: NT$485.25 vs. price of NT$1,190.00 (145.2% above fair value)
Industry Position: 20% above the Hardware median (#535 of 2426)
No single metric tells the full story. See the TPE:2368 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gold Circuit Electronics Ltd manufactures, processes and sells printed circuit boards for various applications. Its products are applied in notebooks, handheld devices, telecommunications, networking, and server & storage fields, among others. The company's revenue was generated from the sale of electronic products, such as printed circuit boards.
72GF Score
Get the complete analysis for TPE:2368
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