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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.
Intelligent WaveTSE:4847 -0.30%89 Piotroski F-Score is 4 as of Aug. 24, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates TSE:4847 with a GF Score™ of 89/100 and a GF Value™ of 円1,203.09 (Fairly Valued). The stock has 7 warning signs investors should review. Among 2,741 Software companies, Intelligent Wave ranks worse than 59.91% 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
Intelligent Wave has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Intelligent Wave's Piotroski F-Score or its related term are showing as below:
TSE:4847'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 8
Current: 4
During the past 13 years, the highest Piotroski F-Score of Intelligent Wave was 8. The lowest was 4. 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.
Intelligent Wave Piotroski F-Score Related Terms
Intelligent Wave Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Intelligent Wave'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.
TSE:4847 vs MSFT, ORCL, PLTR: Piotroski F-Score Comparison
For the Software - Infrastructure subindustry, Intelligent Wave'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.
Intelligent Wave Piotroski F-Score vs Software Industry
For the Software industry and Technology sector, Intelligent Wave's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Intelligent Wave'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.
Intelligent Wave's current Net Income (TTM) was 1,487.
==> 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.
Intelligent Wave's return on assets of this year was 0.07955928. Intelligent Wave's return on assets of last year was 0.08011787.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Intelligent Wave's gearing of this year was 0.00025766. Intelligent Wave's gearing of last year was 0.00035072.
==> 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
Intelligent Wave's current ratio of this year was 1.53512619. Intelligent Wave's current ratio of last year was 1.2427502.
==> 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.
Intelligent Wave's number of shares in issue this year was 26.183. Intelligent Wave's number of shares in issue last year was 26.182.
==> 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.
Intelligent Wave's gross margin of this year was 0.28689904. Intelligent Wave's gross margin of last year was 0.29920575.
==> 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
Intelligent Wave's asset turnover of this year was 0.9227635. Intelligent Wave's asset turnover of last year was 0.92572359.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Intelligent Wave has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Intelligent Wave (TSE:4847) has a Piotroski F-Score of 4 as of Aug. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Intelligent Wave and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Intelligent Wave's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Intelligent Wave ranks #1642 out of 2741 companies in the Software industry, placing it in the top 59.9%.
Is Intelligent Wave's Piotroski F-Score too high?
Intelligent Wave's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Software industry median Piotroski F-Score is 5.00. Intelligent Wave's value of 4 is 20% below this industry median. Based on the distribution chart, Intelligent Wave ranks #1642 out of 2741 companies in the Software industry, which is below the industry midpoint. Overall, Intelligent Wave has a GF Score™ of 89/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Intelligent Wave's Piotroski F-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Intelligent Wave ranks #1642 out of 2741 companies for Piotroski F-Score. This places Intelligent Wave in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Intelligent Wave's value of 4 is 20% below this benchmark. Historically, Intelligent Wave's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Intelligent Wave 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 Software company?
The median Piotroski F-Score among Software companies is 5.00, based on 2,741 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. Intelligent Wave's current Piotroski F-Score of 4 is 20% 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 Intelligent Wave and its competitors. For the Software 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. Intelligent Wave's current Piotroski F-Score is 4, which is 33% 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 Intelligent Wave stock overvalued right now?
Based on GuruFocus' analysis, Intelligent Wave (TSE:4847) is currently considered Fairly Valued. The stock's GF Value™ is 円1,203.09, compared to a current price of 円1,315.00 — trading 9.3% above its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 20% below the Software industry median of 5.00. Intelligent Wave's overall GF Score™ is 89/100 with 7 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 Intelligent Wave (TSE:4847), the current Piotroski F-Score is 4 as of Aug. 24, 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 Intelligent Wave (TSE:4847) Overvalued in 2026?
Based on GuruFocus' analysis, Intelligent Wave stock appears to be overvalued.
The current stock price of 円1,315.00 is trading 9.3% above its estimated GF Value™ of 円1,203.09.
GuruFocus considers Intelligent Wave to be Fairly Valued.
Key valuation signals for TSE:4847:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: 円1,203.09 vs. price of 円1,315.00 (9.3% above fair value)
Industry Position: 20% below the Software median (#1642 of 2741)
No single metric tells the full story. See the TSE:4847 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Intelligent Wave Inc is engaged in sales of system development services and system products, including hardware and software. It operates in two business segments including the Financial Systems Solutions business, and the Product Solutions business. In the Financial Systems Solutions business, it offers value-added system development, through software and hardware integration, and maintenance services for customers operating primarily in the financial services industry. In the Product Solutions business, it deploys and maintains high value-added systems for data security and other solutions based on the in-house developed product as well as system software procured from third parties for customers operating in a range of industries and fields.
89GF Score
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Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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