Fuso Pharmaceutical Industries (TSE:4538) Cyclically Adjusted PS Ratio: 0.36 (As of Aug. 19, 2026) — 10% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

TSE:4538 Fuso Pharmaceutical Industries Ltd TSE:4538
58 GF Score
Price 円2,299.00
GF Value 円2,583.68
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Fuso Pharmaceutical Industries Cyclically Adjusted PS Ratio?

Fuso Pharmaceutical Industries TSE:4538 +0.66% 58 Cyclically Adjusted PS Ratio is 0.36 as of Aug. 19, 2026, which is 10% below its 10-year median of 0.40. GuruFocus rates TSE:4538 with a GF Score™ of 58/100 and a GF Value™ of 円2,583.68 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 751 Drug Manufacturers companies, Fuso Pharmaceutical Industries ranks better than 90.55% on this metric.

As of today (2026-08-19), Fuso Pharmaceutical Industries's current share price is 円2299.00. Fuso Pharmaceutical Industries's Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 was 円6,352.68. Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio for today is 0.36.

The historical rank and industry rank for Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio or its related term are showing as below:

TSE:4538' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.26   Med: 0.4   Max: 0.57
Current: 0.36

During the past years, Fuso Pharmaceutical Industries's highest Cyclically Adjusted PS Ratio was 0.57. The lowest was 0.26. And the median was 0.40.

TSE:4538's Cyclically Adjusted PS Ratio is ranked better than
90.55% of 751 companies
in the Drug Manufacturers industry
Industry Median: 2.04 vs TSE:4538: 0.36

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Fuso Pharmaceutical Industries's adjusted revenue per share data for the three months ended in Mar. 2026 was 円1,644.455. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is 円6,352.68 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Fuso Pharmaceutical Industries  (TSE:4538) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Fuso Pharmaceutical Industries Cyclically Adjusted PS Ratio Related Terms


Fuso Pharmaceutical Industries Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio 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.

Fuso Pharmaceutical Industries Cyclically Adjusted PS Ratio Chart

Fuso Pharmaceutical Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.40 0.35 0.38 0.00 0.37

Fuso Pharmaceutical Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.34 0.34 0.36 0.37 0.00

TSE:4538 vs ZTS: Cyclically Adjusted PS Ratio Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio 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.


Fuso Pharmaceutical Industries Cyclically Adjusted PS Ratio vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio falls into.


TSE:4538
58GF Score
Fuso Pharmaceutical Industries Ltd TSE:4538
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fuso Pharmaceutical Industries Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Fuso Pharmaceutical Industries's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=2299.00/6352.68
=0.36

* 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.

Fuso Pharmaceutical Industries's Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Fuso Pharmaceutical Industries's adjusted Revenue per Share data for the three months ended in Mar. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=1644.455/112.7000*112.7000
=1,644.455

Current CPI (Mar. 2026) = 112.7000.

Fuso Pharmaceutical Industries Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201603 1,152.792 97.900 1,327.065
201606 1,310.516 98.100 1,505.557
201609 1,312.286 98.000 1,509.129
201612 1,380.515 98.400 1,581.139
201703 1,183.333 98.100 1,359.446
201706 1,288.225 98.500 1,473.939
201709 1,300.293 98.800 1,483.229
201712 1,409.168 99.400 1,597.719
201803 1,188.802 99.200 1,350.585
201806 1,293.950 99.200 1,470.042
201809 1,320.688 99.900 1,489.905
201812 1,443.609 99.700 1,631.843
201903 1,190.861 99.700 1,346.139
201906 1,338.803 99.800 1,511.855
201909 1,358.820 100.100 1,529.860
201912 1,430.720 100.500 1,604.399
202003 1,216.296 100.300 1,366.666
202006 1,416.686 99.900 1,598.203
202009 1,424.664 99.900 1,607.204
202012 1,513.791 99.300 1,718.069
202103 1,258.234 99.900 1,419.449
202106 1,436.275 99.500 1,626.816
202109 1,409.666 100.100 1,587.106
202112 1,516.585 100.100 1,707.484
202203 1,294.701 101.100 1,443.252
202206 1,409.987 101.800 1,560.958
202209 1,482.444 103.100 1,620.480
202212 1,578.659 104.100 1,709.077
202303 1,344.887 104.400 1,451.808
202306 1,540.137 105.200 1,649.938
202309 1,603.341 106.200 1,701.474
202312 1,815.033 106.800 1,915.302
202403 1,471.738 107.200 1,547.247
202406 1,713.181 108.200 1,784.432
202409 1,769.519 108.900 1,831.265
202503 0.000 111.100 0.000
202506 1,816.829 111.700 1,833.094
202509 1,841.668 112.000 1,853.178
202512 1,995.081 113.000 1,989.784
202603 1,644.455 112.700 1,644.455

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PS Ratio of 0.36 mean?
Fuso Pharmaceutical Industries (TSE:4538) has a Cyclically Adjusted PS Ratio of 0.36 as of Aug. 19, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Fuso Pharmaceutical Industries and its competitors. This is 10% below median its historical median of 0.40. Over the past decade, Fuso Pharmaceutical Industries' Cyclically Adjusted PS Ratio has ranged from 0.26 to 0.57. According to the industry distribution chart, Fuso Pharmaceutical Industries ranks #71 out of 751 companies in the Drug Manufacturers industry, placing it in the top 9.5%.
Is Fuso Pharmaceutical Industries' Cyclically Adjusted PS Ratio too high?
Fuso Pharmaceutical Industries' current Cyclically Adjusted PS Ratio of 0.36 is 10% below median its 10-year median of 0.40. Over the past 10 years, this metric has ranged from a low of 0.26 to a high of 0.57. The Drug Manufacturers industry median Cyclically Adjusted PS Ratio is 2.04. Fuso Pharmaceutical Industries' value of 0.36 is 82.4% below this industry median. Based on the distribution chart, Fuso Pharmaceutical Industries ranks #71 out of 751 companies in the Drug Manufacturers industry, which is in the top quartile — a strong position relative to peers. Overall, Fuso Pharmaceutical Industries has a GF Score™ of 58/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fuso Pharmaceutical Industries' Cyclically Adjusted PS Ratio compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Fuso Pharmaceutical Industries ranks #71 out of 751 companies for Cyclically Adjusted PS Ratio. This places Fuso Pharmaceutical Industries in the top 10% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PS Ratio is 2.04. Fuso Pharmaceutical Industries' value of 0.36 is 82.4% below this benchmark. Historically, Fuso Pharmaceutical Industries' own Cyclically Adjusted PS Ratio has ranged from 0.26 to 0.57 over the past decade. While the company's 10-year median is 0.40 vs. the industry median of 2.04, Fuso Pharmaceutical Industries 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 Cyclically Adjusted PS Ratio for a Drug Manufacturers company?
The median Cyclically Adjusted PS Ratio among Drug Manufacturers companies is 2.04, based on 751 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fuso Pharmaceutical Industries's current Cyclically Adjusted PS Ratio of 0.36 is 82.4% 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 Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Fuso Pharmaceutical Industries and its competitors. For the Drug Manufacturers industry, the median Cyclically Adjusted PS Ratio is 2.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fuso Pharmaceutical Industries's current Cyclically Adjusted PS Ratio is 0.36, which is 10% below median its own 10-year median of 0.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fuso Pharmaceutical Industries stock overvalued right now?
Based on GuruFocus' analysis, Fuso Pharmaceutical Industries (TSE:4538) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,583.68, compared to a current price of 円2,299.00 — trading 11% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 0.36, which is 10% below median its 10-year median of 0.40 and 82.4% below the Drug Manufacturers industry median of 2.04. Fuso Pharmaceutical Industries' overall GF Score™ is 58/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Fuso Pharmaceutical Industries (TSE:4538), the current Cyclically Adjusted PS Ratio is 0.36 as of Aug. 19, 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 Fuso Pharmaceutical Industries (TSE:4538) Overvalued in 2026?

Based on GuruFocus' analysis, Fuso Pharmaceutical Industries stock appears to be undervalued. The current stock price of 円2,299.00 is trading 11% below its estimated GF Value™ of 円2,583.68. GuruFocus considers Fuso Pharmaceutical Industries to be Modestly Undervalued.

Key valuation signals for TSE:4538:

  • Cyclically Adjusted PS Ratio: 0.36 (10% below median its 10-year median of 0.40)
  • GF Value™: 円2,583.68 vs. price of 円2,299.00 (11% below fair value)
  • GF Score™: 58/100 with 4 warning signs
  • Industry Position: 82.4% below the Drug Manufacturers median (#71 of 751)

No single metric tells the full story. See the TSE:4538 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Fuso Pharmaceutical Industries Business Description

Address No. 10, No. 7-chome Doshomachi, Chuo-ku, OsaKa, JPN, 541-0045
Fuso Pharmaceutical Industries Ltd. is engaged in the manufacture and sale of pharmaceuticals and medical equipment. The company's main products are transfusion fluid and artificial kidney dialysis fluid. Company also includes real estate segment.
58GF Score

Get the complete analysis for TSE:4538

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円2,299.00
Price
円2,583.68
GF Value