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Wonil Special Steel Co (XKRX:012620) 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.
Wonil Special Steel Co Piotroski F-Score Related Terms
Wonil Special Steel Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Wonil Special Steel Co'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.
XKRX:012620 vs NUE, STLD, RS: Piotroski F-Score Comparison
For the Steel subindustry, Wonil Special Steel 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.
Wonil Special Steel Co Piotroski F-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Wonil Special Steel Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Wonil Special Steel 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.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 2123.291 + 393.26 + 1222.759 + 2738.27 = ₩6,478 Mil. Cash Flow from Operations was -4504.984 + -4387.487 + 8633.171 + -8205.176 = ₩-8,464 Mil. Revenue was 102974.079 + 100735.585 + 100293.335 + 114246.44 = ₩418,249 Mil. Gross Profit was 7197.905 + 6616.687 + 6556.007 + 8235.189 = ₩28,606 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(276914.308 + 280882.904 + 282828.183 + 291505.88 + 307608.273) / 5 = ₩287947.9096 Mil. Total Assets at the begining of this year (Jun25) was ₩276,914 Mil. Long-Term Debt & Capital Lease Obligation was ₩11,039 Mil. Total Current Assets was ₩210,351 Mil. Total Current Liabilities was ₩124,990 Mil.
Net Income was 1805.018 + 931.348 + 2121.472 + 3573.992 = ₩8,432 Mil.
Revenue was 90517.573 + 94562.267 + 89241.86 + 105163.99 = ₩379,486 Mil. Gross Profit was 5999.152 + 6221.113 + 6696.274 + 8240.188 = ₩27,157 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(279578.802 + 267307.15 + 256075.897 + 262793.454 + 276914.308) / 5 = ₩268533.9222 Mil. Total Assets at the begining of last year (Jun24) was ₩279,579 Mil. Long-Term Debt & Capital Lease Obligation was ₩5,148 Mil. Total Current Assets was ₩174,924 Mil. Total Current Liabilities was ₩106,471 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.
Wonil Special Steel Co's current Net Income (TTM) was 6,478.
==> 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.
Wonil Special Steel Co's current Cash Flow from Operations (TTM) was -8,464.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Wonil Special Steel Co's return on assets of this year was 0.023392. Wonil Special Steel Co's return on assets of last year was 0.03015905.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Wonil Special Steel Co's gearing of this year was 0.03833795. Wonil Special Steel Co's gearing of last year was 0.01917198.
==> 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
Wonil Special Steel Co's current ratio of this year was 1.68294095. Wonil Special Steel Co's current ratio of last year was 1.6429325.
==> 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.
Wonil Special Steel Co's number of shares in issue this year was 4.402. Wonil Special Steel Co's number of shares in issue last year was 4.401.
==> 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.
Wonil Special Steel Co's gross margin of this year was 0.06839409. Wonil Special Steel Co's gross margin of last year was 0.07156193.
==> 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
Wonil Special Steel Co's asset turnover of this year was 1.51039302. Wonil Special Steel Co's asset turnover of last year was 1.35734787.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Wonil Special Steel Co has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Wonil Special Steel Co (XKRX:012620) has a Piotroski F-Score of 3 as of Sep. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Wonil Special Steel Co and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, Wonil Special Steel Co's Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, Wonil Special Steel Co ranks #520 out of 626 companies in the Steel industry, placing it in the top 83.1%.
Is Wonil Special Steel Co's Piotroski F-Score too high?
Wonil Special Steel 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 2.00 to a high of 7.00. The Steel industry median Piotroski F-Score is 5.00. Wonil Special Steel Co's value of 3 is 40% below this industry median. Based on the distribution chart, Wonil Special Steel Co ranks #520 out of 626 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Wonil Special Steel Co has a GF Score™ of 77/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Wonil Special Steel Co's Piotroski F-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Wonil Special Steel Co ranks #520 out of 626 companies for Piotroski F-Score. This places Wonil Special Steel Co in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Wonil Special Steel Co's value of 3 is 40% below this benchmark. Historically, Wonil Special Steel Co's own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Wonil Special Steel 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 Steel company?
The median Piotroski F-Score among Steel companies is 5.00, based on 626 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. Wonil Special Steel 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 Wonil Special Steel Co and its competitors. For the Steel 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. Wonil Special Steel 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 Wonil Special Steel Co stock overvalued right now?
Based on GuruFocus' analysis, Wonil Special Steel Co (XKRX:012620) is currently considered Modestly Undervalued. The stock's GF Value™ is ₩8,724.57, compared to a current price of ₩7,020.00 — trading 19.5% 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 Steel industry median of 5.00. Wonil Special Steel Co's overall GF Score™ is 77/100 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 Wonil Special Steel Co (XKRX:012620), the current Piotroski F-Score is 3 as of Sep. 14, 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 Wonil Special Steel Co (XKRX:012620) Overvalued in 2026?
Based on GuruFocus' analysis, Wonil Special Steel Co stock appears to be undervalued.
The current stock price of ₩7,020.00 is trading 19.5% below its estimated GF Value™ of ₩8,724.57.
GuruFocus considers Wonil Special Steel Co to be Modestly Undervalued.
Key valuation signals for XKRX:012620:
Piotroski F-Score: 3 (40% below median its 10-year median of 5.00)
GF Value™: ₩8,724.57 vs. price of ₩7,020.00 (19.5% below fair value)
Industry Position: 40% below the Steel median (#520 of 626)
No single metric tells the full story. See the XKRX:012620 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Wonil Special Steel Co Ltd is involved in manufacturing and distributing specialty steel products. The company offers high carbon and high-speed tool, hot and cold work tool, plastic mold, carbon and alloy structural, bearing, and flame hardening steel products in the form of shaped steel, bars, plates, and half-finished products.
77GF Score
Get the complete analysis for XKRX:012620
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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