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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.
Cementos Argos Piotroski F-Score Related Terms
Cementos Argos Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Cementos Argos'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.
XSGO:CEMARGOSUS vs CRH, VMC, MLM: Piotroski F-Score Comparison
For the Building Materials subindustry, Cementos Argos'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.
Cementos Argos Piotroski F-Score vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Cementos Argos's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Cementos Argos'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.
Cementos Argos's current Net Income (TTM) was 612,207.
==> 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.
Cementos Argos's return on assets of this year was 0.13823272. Cementos Argos's return on assets of last year was 0.28731205.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Cementos Argos's gearing of this year was 0.12173389. Cementos Argos's gearing of last year was 0.14575433.
==> 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
Cementos Argos's current ratio of this year was 5.51558905. Cementos Argos's current ratio of last year was 4.92114564.
==> 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.
Cementos Argos's number of shares in issue this year was 1286.485. Cementos Argos's number of shares in issue last year was 1259.932.
==> 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.
Cementos Argos's gross margin of this year was 0.27443624. Cementos Argos's gross margin of last year was 0.25130956.
==> 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
Cementos Argos's asset turnover of this year was 0.28444179. Cementos Argos's asset turnover of last year was 0.27584762.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
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Que. 7
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Que. 8
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Que. 9
=
1
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1
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0
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0
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1
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1
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0
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1
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1
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Cementos Argos has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Cementos Argos (XSGO:CEMARGOSUS) has a Piotroski F-Score of 5 as of Aug. 09, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Cementos Argos and its competitors. This is near median its historical median of 5.00. Over the past decade, Cementos Argos' Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, Cementos Argos ranks #193 out of 391 companies in the Building Materials industry, placing it in the top 49.4%.
Is Cementos Argos' Piotroski F-Score too high?
Cementos Argos' current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Building Materials industry median Piotroski F-Score is 5.00. Cementos Argos' value of 5 is 0% at this industry median. Based on the distribution chart, Cementos Argos ranks #193 out of 391 companies in the Building Materials industry, which is above the industry midpoint. Overall, Cementos Argos has a GF Score™ of 68/100, reflecting its overall financial health beyond just this single metric.
How does Cementos Argos' Piotroski F-Score compare to CRH and VMC?
According to the Building Materials industry distribution chart, Cementos Argos ranks #193 out of 391 companies for Piotroski F-Score. This puts Cementos Argos in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Cementos Argos' value of 5 is 0% at this benchmark. Historically, Cementos Argos' own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Cementos Argos 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 a Building Materials company?
The median Piotroski F-Score among Building Materials companies is 5.00, based on 391 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. Cementos Argos'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 Cementos Argos and its competitors. For the Building Materials 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. Cementos Argos's current Piotroski F-Score is 5, which is near 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 Cementos Argos stock overvalued right now?
Cementos Argos (XSGO:CEMARGOSUS) has a current Piotroski F-Score of 5. The stock's GF Value™ is CLP1,501.56, compared to a current price of CLP2,127.30 — trading 41.7% above its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Building Materials industry median of 5.00. Cementos Argos' overall GF Score™ is 68/100 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 Cementos Argos (XSGO:CEMARGOSUS), the current Piotroski F-Score is 5 as of Aug. 09, 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 Cementos Argos (XSGO:CEMARGOSUS) Overvalued in 2026?
Based on GuruFocus' analysis, Cementos Argos stock appears to be overvalued.
The current stock price of CLP2,127.30 is trading 41.7% above its estimated GF Value™ of CLP1,501.56.
Key valuation signals for XSGO:CEMARGOSUS:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: CLP1,501.56 vs. price of CLP2,127.30 (41.7% above fair value)
Industry Position: 0% at the Building Materials median (#193 of 391)
No single metric tells the full story. See the XSGO:CEMARGOSUS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cementos Argos SA is a cement-producing company. In terms of the concrete and cement business, it is Colombia's key producer and one of the key producers in the sector across Central America and the Caribbean. The company's corporate purpose is the exploitation of the cement industry, the production of concrete mixes and any other materials or items made of cement, lime or clay, the acquisition and exploitation of minerals or deposits of exploitable minerals in the cement industry, and similar rights to explore and mine the aforementioned minerals, whether by concession, privilege, lease or other title. Its operating segments are: Colombia, which generates maximum revenue, the Caribbean, Central America, Trading, and Corporate and others.
68GF 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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