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.
Daiwa Office Investment Piotroski F-Score Related Terms
Daiwa Office Investment Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Daiwa Office Investment'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.
DAFVF vs BXP, ARE, VNO: Piotroski F-Score Comparison
For the REIT - Office subindustry, Daiwa Office Investment'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.
Daiwa Office Investment Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Daiwa Office Investment's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Daiwa Office Investment'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.
Daiwa Office Investment's current Net Income (TTM) was 87.0.
==> 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.
Daiwa Office Investment's current Cash Flow from Operations (TTM) was 123.9.
==> 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.
Daiwa Office Investment's return on assets of this year was 0.02701543. Daiwa Office Investment's return on assets of last year was 0.02629574.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Daiwa Office Investment's gearing of this year was 0.39516121. Daiwa Office Investment's gearing of last year was 0.35699831.
==> 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
Daiwa Office Investment's current ratio of this year was 1.17023645. Daiwa Office Investment's current ratio of last year was 0.82546771.
==> 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.
Daiwa Office Investment's number of shares in issue this year was 0.946. Daiwa Office Investment's number of shares in issue last year was 0.957.
==> 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.
Daiwa Office Investment's gross margin of this year was 0.61265312. Daiwa Office Investment's gross margin of last year was 0.59761841.
==> 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
Daiwa Office Investment's asset turnover of this year was 0.05813136. Daiwa Office Investment's asset turnover of last year was 0.05677112.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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8
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Daiwa Office Investment has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Daiwa Office Investment (DAFVF) has a Piotroski F-Score of 8 as of Jul. 04, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Daiwa Office Investment and its competitors. This is near median its historical median of 8.00. Over the past decade, Daiwa Office Investment's Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, Daiwa Office Investment ranks #14 out of 887 companies in the REITs industry, placing it in the top 1.6%.
Is Daiwa Office Investment's Piotroski F-Score too high?
Daiwa Office Investment's current Piotroski F-Score of 8 is near median its 10-year median of 8.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The REITs industry median Piotroski F-Score is 6.00. Daiwa Office Investment's value of 8 is 33.3% above this industry median. Based on the distribution chart, Daiwa Office Investment ranks #14 out of 887 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Daiwa Office Investment has a GF Score™ of 62/100, reflecting its overall financial health beyond just this single metric.
How does Daiwa Office Investment's Piotroski F-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Daiwa Office Investment ranks #14 out of 887 companies for Piotroski F-Score. This places Daiwa Office Investment in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Daiwa Office Investment's value of 8 is 33.3% above this benchmark. Historically, Daiwa Office Investment's own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 8.00 vs. the industry median of 6.00, Daiwa Office Investment 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 887 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. Daiwa Office Investment's current Piotroski F-Score of 8 is 33.3% 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 Daiwa Office Investment and its competitors. For the REITs 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. Daiwa Office Investment's current Piotroski F-Score is 8, which is near median its own 10-year median of 8.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Daiwa Office Investment stock overvalued right now?
Daiwa Office Investment (DAFVF) has a current Piotroski F-Score of 8. The stock's GF Value™ is $1,579.97, compared to a current price of $1,500.00 — trading 5.1% below its estimated fair value. The current Piotroski F-Score is 8, which is near median its 10-year median of 8.00 and 33.3% above the REITs industry median of 6.00. Daiwa Office Investment's overall GF Score™ is 62/100 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 Daiwa Office Investment (DAFVF), the current Piotroski F-Score is 8 as of Jul. 04, 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 Daiwa Office Investment (DAFVF) Overvalued in 2026?
Based on GuruFocus' analysis, Daiwa Office Investment stock appears to be undervalued.
The current stock price of $1,500.00 is trading 5.1% below its estimated GF Value™ of $1,579.97.
Key valuation signals for DAFVF:
Piotroski F-Score: 8 (near median its 10-year median of 8.00)
GF Value™: $1,579.97 vs. price of $1,500.00 (5.1% below fair value)
Industry Position: 33.3% above the REITs median (#14 of 887)
No single metric tells the full story. See the DAFVF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daiwa Office Investment Corp is a real estate investment trust focused on acquiring, managing, and leasing office properties located in the Five Central Wards of Tokyo. The vast majority of the company's real estate portfolio is composed of office buildings fairly evenly distributed between Tokyo's Five Central Wards in terms of total value. Daiwa derives nearly all of its income in the form of rental revenue from leasing its properties. The firm has a varied tenant base from a number of industries, including the entertainment, retail, insurance, and food and beverage companies.
62GF Score
Get the complete analysis for DAFVF
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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