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China Tourism Group Duty FreeCTGDF 81 Piotroski F-Score is 6 as of Aug. 15, 2026, which is at its 10-year median of 6.00. GuruFocus rates CTGDF with a GF Score™ of 81/100 and a GF Value™ of $7.91. The stock has 4 warning signs investors should review. Among 1,103 Retail - Cyclical companies, China Tourism Group Duty Free ranks better than 71.08% 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
China Tourism Group Duty Free has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for China Tourism Group Duty Free's Piotroski F-Score or its related term are showing as below:
CTGDF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of China Tourism Group Duty Free was 8. The lowest was 3. And the median was 6.
China Tourism Group Duty Free (OTCPK:CTGDF) 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.
China Tourism Group Duty Free Piotroski F-Score Related Terms
China Tourism Group Duty Free Piotroski F-Score Historical Data
* 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.
China Tourism Group Duty Free Piotroski F-Score Chart
CTGDF vs CASY, WSM, ULTA: Piotroski F-Score Comparison
For the Specialty Retail subindustry, China Tourism Group Duty Free'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.
China Tourism Group Duty Free Piotroski F-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, China Tourism Group Duty Free's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where China Tourism Group Duty Free'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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 92.181 + 63.481 + 75.849 + 340.723 = $572 Mil. Cash Flow from Operations was -304.977 + 109.619 + 379.17 + 564.501 = $748 Mil. Revenue was 1588.31 + 1644.047 + 1963.803 + 2452.957 = $7,649 Mil. Gross Profit was 515.442 + 526.322 + 654.814 + 824.973 = $2,522 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(11099.325 + 10446.372 + 10598.205 + 10646.137 + 12420.057) / 5 = $11042.0192 Mil. Total Assets at the begining of this year (Mar25) was $11,099 Mil. Long-Term Debt & Capital Lease Obligation was $1,031 Mil. Total Current Assets was $8,760 Mil. Total Current Liabilities was $2,086 Mil.
Net Income was 134.594 + 89.938 + 47.772 + 267.316 = $540 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.
China Tourism Group Duty Free's current Net Income (TTM) was 572.
==> 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.
China Tourism Group Duty Free's current Cash Flow from Operations (TTM) was 748.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
China Tourism Group Duty Free's return on assets of this year was 0.05155575. China Tourism Group Duty Free's return on assets of last year was 0.04842306.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
China Tourism Group Duty Free's gearing of this year was 0.0934129. China Tourism Group Duty Free's gearing of last year was 0.06772364.
==> 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
China Tourism Group Duty Free's current ratio of this year was 4.1998856. China Tourism Group Duty Free's current ratio of last year was 4.95884076.
==> Last year's current ratio is higher ==> Score 0.
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.
China Tourism Group Duty Free's number of shares in issue this year was 2068.802. China Tourism Group Duty Free's number of shares in issue last year was 2068.81.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
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.
China Tourism Group Duty Free's gross margin of this year was 0.32965256. China Tourism Group Duty Free's gross margin of last year was 0.3188316.
==> 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
China Tourism Group Duty Free's asset turnover of this year was 0.68915155. China Tourism Group Duty Free's asset turnover of last year was 0.67627898.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
China Tourism Group Duty Free has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
China Tourism Group Duty Free (CTGDF) has a Piotroski F-Score of 6 as of Aug. 15, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on China Tourism Group Duty Free and its competitors. This is near median its historical median of 6.00. Over the past decade, China Tourism Group Duty Free's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, China Tourism Group Duty Free ranks #319 out of 1103 companies in the Retail - Cyclical industry, placing it in the top 28.9%.
Is China Tourism Group Duty Free's Piotroski F-Score too high?
China Tourism Group Duty Free's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Retail - Cyclical industry median Piotroski F-Score is 6.00. China Tourism Group Duty Free's value of 6 is 0% at this industry median. Based on the distribution chart, China Tourism Group Duty Free ranks #319 out of 1103 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, China Tourism Group Duty Free has a GF Score™ of 81/100, reflecting its overall financial health beyond just this single metric.
How does China Tourism Group Duty Free's Piotroski F-Score compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, China Tourism Group Duty Free ranks #319 out of 1103 companies for Piotroski F-Score. This puts China Tourism Group Duty Free in the upper half of its industry. The industry median Piotroski F-Score is 6.00. China Tourism Group Duty Free's value of 6 is 0% at this benchmark. Historically, China Tourism Group Duty Free's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, China Tourism Group Duty Free 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 Retail - Cyclical company?
The median Piotroski F-Score among Retail - Cyclical companies is 6.00, based on 1,103 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. China Tourism Group Duty Free's current Piotroski F-Score of 6 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 China Tourism Group Duty Free and its competitors. For the Retail - Cyclical industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Tourism Group Duty Free's current Piotroski F-Score is 6, which is near 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 China Tourism Group Duty Free stock overvalued right now?
China Tourism Group Duty Free (CTGDF) has a current Piotroski F-Score of 6. The stock's GF Value™ is $7.91, compared to a current price of $6.25 — trading 21% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 0% at the Retail - Cyclical industry median of 6.00. China Tourism Group Duty Free's overall GF Score™ is 81/100 with 4 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 China Tourism Group Duty Free (CTGDF), the current Piotroski F-Score is 6 as of Aug. 15, 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 China Tourism Group Duty Free (CTGDF) Overvalued in 2026?
Based on GuruFocus' analysis, China Tourism Group Duty Free stock appears to be undervalued.
The current stock price of $6.25 is trading 21% below its estimated GF Value™ of $7.91.
Key valuation signals for CTGDF:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: $7.91 vs. price of $6.25 (21% below fair value)
Industry Position: 0% at the Retail - Cyclical median (#319 of 1103)
No single metric tells the full story. See the CTGDF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Established in 1984, China Tourism Group Duty Free is China's largest and the world's second-largest travel retailer in 2025 with revenue of CNY 54 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 33 provinces in China, as well as overseas. The company also operates a duty-paid business. Its 2025 revenue mix was 73% duty-free sales and 27% duty-paid sales and others. CTG Duty Free is 50% owned by China Tourism Group, a state-owned enterprise that falls directly under the State-owned Assets Supervision and Administration Commission of the State Council.
81GF Score
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