ZAPPF (Zapp Electric Vehicles Group) Piotroski F-Score: 6 (As of Jun. 24, 2026) — 100% Above Median


What is Zapp Electric Vehicles Group Piotroski F-Score?

Zapp Electric Vehicles Group ZAPPF Piotroski F-Score is 6 as of Jun. 24, 2026, which is 100% above its 10-year median of 3.00. The stock has 7 warning signs investors should review. Among 1,286 Vehicles & Parts companies, Zapp Electric Vehicles Group ranks better than 73.64% 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

Zapp Electric Vehicles Group 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 Zapp Electric Vehicles Group's Piotroski F-Score or its related term are showing as below:

ZAPPF' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 3   Max: 6
Current: 6

During the past 5 years, the highest Piotroski F-Score of Zapp Electric Vehicles Group was 6. The lowest was 1. And the median was 3.

Zapp Electric Vehicles Group  (OTCPK:ZAPPF) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.

Zapp Electric Vehicles Group Piotroski F-Score Related Terms

Zapp Electric Vehicles Group Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Zapp Electric Vehicles Group'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.

Zapp Electric Vehicles Group Piotroski F-Score Chart

Zapp Electric Vehicles Group Annual Data
Trend Sep20 Sep21 Sep22 Sep23 Sep24
Piotroski F-Score
N/A N/A 3.00 1.00 6.00

Zapp Electric Vehicles Group Semi-Annual Data
Sep20 Sep21 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25
Piotroski F-Score Get a 7-Day Free Trial 0.00 1.00 0.00 6.00 0.00

ZAPPF vs TSLA, GM, F: Piotroski F-Score Comparison

For the Auto Manufacturers subindustry, Zapp Electric Vehicles Group'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.

Zapp Electric Vehicles Group Piotroski F-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Zapp Electric Vehicles Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Zapp Electric Vehicles Group's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was $-9.01 Mil.
Cash Flow from Operations was $-4.88 Mil.
Revenue was $0.02 Mil.
Gross Profit was $0.00 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was (7.342 + 5.395) / 2 = $6.3685 Mil.
Total Assets at the begining of this year (Sep23) was $7.34 Mil.
Long-Term Debt & Capital Lease Obligation was $0.61 Mil.
Total Current Assets was $3.46 Mil.
Total Current Liabilities was $26.89 Mil.		 Net Income was $-222.10 Mil.

Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was (4.225 + 7.342) / 2 = $5.7835 Mil.
Total Assets at the begining of last year (Sep22) was $4.23 Mil.
Long-Term Debt & Capital Lease Obligation was $1.32 Mil.
Total Current Assets was $2.65 Mil.
Total Current Liabilities was $23.70 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.

Zapp Electric Vehicles Group's current Net Income (TTM) was -9.01. ==> Negative ==> Score 0.

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.

Zapp Electric Vehicles Group's current Cash Flow from Operations (TTM) was -4.88. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=-9.008/7.342
=-1.22691365

ROA (Last Year)=Net Income/Total Assets (Sep22)
=-222.097/4.225
=-52.56733728

Zapp Electric Vehicles Group's return on assets of this year was -1.22691365. Zapp Electric Vehicles Group's return on assets of last year was -52.56733728. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Zapp Electric Vehicles Group's current Net Income (TTM) was -9.01. Zapp Electric Vehicles Group's current Cash Flow from Operations (TTM) was -4.88. ==> -4.88 > -9.01 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=0.605/6.3685
=0.09499882

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=1.32/5.7835
=0.2282355

Zapp Electric Vehicles Group's gearing of this year was 0.09499882. Zapp Electric Vehicles Group's gearing of last year was 0.2282355. ==> 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

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=3.455/26.885
=0.12851032

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=2.651/23.698
=0.11186598

Zapp Electric Vehicles Group's current ratio of this year was 0.12851032. Zapp Electric Vehicles Group's current ratio of last year was 0.11186598. ==> 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.

Zapp Electric Vehicles Group's number of shares in issue this year was 3.515. Zapp Electric Vehicles Group's number of shares in issue last year was 2.388. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=0.004/0.017
=0.23529412

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0/0
=

Zapp Electric Vehicles Group's gross margin of this year was 0.23529412. Zapp Electric Vehicles Group's gross margin of last year was . ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=0.017/7.342
=0.00231545

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=0/4.225
=0

Zapp Electric Vehicles Group's asset turnover of this year was 0.00231545. Zapp Electric Vehicles Group's asset turnover of last year was 0. ==> 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+Que. 7+Que. 8+Que. 9
=0+0+1+1+1+1+0+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Zapp Electric Vehicles Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 6 mean?
Zapp Electric Vehicles Group (ZAPPF) has a Piotroski F-Score of 6 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Zapp Electric Vehicles Group and its competitors. This is 100% above median its historical median of 3.00. Over the past decade, Zapp Electric Vehicles Group's Piotroski F-Score has ranged from 1.00 to 6.00. According to the industry distribution chart, Zapp Electric Vehicles Group ranks #339 out of 1286 companies in the Vehicles & Parts industry, placing it in the top 26.4%.
Is Zapp Electric Vehicles Group's Piotroski F-Score too high?
Zapp Electric Vehicles Group's current Piotroski F-Score of 6 is 100% above median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 6.00. The Vehicles & Parts industry median Piotroski F-Score is 5.00. Zapp Electric Vehicles Group's value of 6 is 20% above this industry median. Based on the distribution chart, Zapp Electric Vehicles Group ranks #339 out of 1286 companies in the Vehicles & Parts industry, which is above the industry midpoint.
How does Zapp Electric Vehicles Group's Piotroski F-Score compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, Zapp Electric Vehicles Group ranks #339 out of 1286 companies for Piotroski F-Score. This puts Zapp Electric Vehicles Group in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Zapp Electric Vehicles Group's value of 6 is 20% above this benchmark. Historically, Zapp Electric Vehicles Group's own Piotroski F-Score has ranged from 1.00 to 6.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 5.00, Zapp Electric Vehicles Group 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 Vehicles & Parts company?
The median Piotroski F-Score among Vehicles & Parts companies is 5.00, based on 1,286 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. Zapp Electric Vehicles Group'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 Zapp Electric Vehicles Group and its competitors. For the Vehicles & Parts 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. Zapp Electric Vehicles Group's current Piotroski F-Score is 6, which is 100% above median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zapp Electric Vehicles Group stock overvalued right now?
Zapp Electric Vehicles Group (ZAPPF) has a current Piotroski F-Score of 6. The current Piotroski F-Score is 6, which is 100% above median its 10-year median of 3.00 and 20% above the Vehicles & Parts industry median of 5.00. 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 Zapp Electric Vehicles Group (ZAPPF), the current Piotroski F-Score is 6 as of Jun. 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.

Zapp Electric Vehicles Group Business Description

Address 87/1 Wireless Road, 26/F Capital Tower, All Seasons Place, Lumpini, Patumwan, Bangkok, THA, 10330
Zapp Electric Vehicles Group Ltd designs manufactures, and sells high-performance electric vehicles, including maintenance and repair of electric vehicles and related parts and accessories. Companies founders are automotive professionals from all over the world who share a commitment to sustainability, a long passion for electric vehicles, motorcycles, and believe in the choice of personal urban mobility. The company operates in Cayman Islands, Europe, Thailand. Maximum of revenue is from Thailand.