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New Oriental Education & Technology Group (HKSE:09901) 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.
New Oriental Education & Technology Group Piotroski F-Score Related Terms
New Oriental Education & Technology Group 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.
New Oriental Education & Technology Group Piotroski F-Score Chart
New Oriental Education & Technology Group Annual Data
HKSE:09901 vs TAL, LAUR, CVSA: Piotroski F-Score Comparison
For the Education & Training Services subindustry, New Oriental Education & Technology 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.
New Oriental Education & Technology Group Piotroski F-Score vs Education Industry
* 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 (May26) TTM:
Last Year (May25) TTM:
Net Income was 1883.898 + 353.498 + 991.224 + 487.065 = HK$3,716 Mil. Cash Flow from Operations was 1505.081 + 2515.74 + -58.271 + 81.603 = HK$4,044 Mil. Revenue was 11918.841 + 9266.313 + 11078.362 + 11980.671 = HK$44,244 Mil. Gross Profit was 6927.458 + 4935.18 + 5949.51 + 6362.046 = HK$24,174 Mil.
Average Total Assets from the begining of this year (May25)
to the end of this year (May26) was
(60894.6 + 62709.151 + 64481.622 + 64440.391 + 68867.013) / 5 = HK$64278.5554 Mil. Total Assets at the begining of this year (May25) was HK$60,895 Mil. Long-Term Debt & Capital Lease Obligation was HK$4,416 Mil. Total Current Assets was HK$45,680 Mil. Total Current Liabilities was HK$30,468 Mil.
Net Income was 1913.421 + 248.417 + 679.01 + 55.391 = HK$2,896 Mil.
Revenue was 11190.79 + 8080.38 + 9206.416 + 9698.474 = HK$38,176 Mil. Gross Profit was 6641.544 + 4203.613 + 5069.667 + 5252.617 = HK$21,167 Mil.
Average Total Assets from the begining of last year (May24)
to the end of last year (May25) was
(58836.676 + 60101.826 + 59394.79 + 57953.436 + 60894.6) / 5 = HK$59436.2656 Mil. Total Assets at the begining of last year (May24) was HK$58,837 Mil. Long-Term Debt & Capital Lease Obligation was HK$4,273 Mil. Total Current Assets was HK$40,472 Mil. Total Current Liabilities was HK$25,665 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.
New Oriental Education & Technology Group's current Net Income (TTM) was 3,716.
==> 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.
New Oriental Education & Technology Group's current Cash Flow from Operations (TTM) was 4,044.
==> 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.
New Oriental Education & Technology Group's return on assets of this year was 0.0610183. New Oriental Education & Technology Group's return on assets of last year was 0.04922506.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
New Oriental Education & Technology Group's gearing of this year was 0.06870697. New Oriental Education & Technology Group's gearing of last year was 0.07190051.
==> 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
New Oriental Education & Technology Group's current ratio of this year was 1.49928721. New Oriental Education & Technology Group's current ratio of last year was 1.57689826.
==> 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.
New Oriental Education & Technology Group's number of shares in issue this year was 1582.646. New Oriental Education & Technology Group's number of shares in issue last year was 1650.018.
==> 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.
New Oriental Education & Technology Group's gross margin of this year was 0.54638125. New Oriental Education & Technology Group's gross margin of last year was 0.55446898.
==> Last year's gross margin is higher ==> Score 0.
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
New Oriental Education & Technology Group's asset turnover of this year was 0.72656996. New Oriental Education & Technology Group's asset turnover of last year was 0.64884801.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
New Oriental Education & Technology Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
New Oriental Education & Technology Group (HKSE:09901) has a Piotroski F-Score of 7 as of Aug. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on New Oriental Education & Technology Group and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, New Oriental Education & Technology Group's Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, New Oriental Education & Technology Group ranks #36 out of 253 companies in the Education industry, placing it in the top 14.2%.
Is New Oriental Education & Technology Group's Piotroski F-Score too high?
New Oriental Education & Technology Group's current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 8.00. The Education industry median Piotroski F-Score is 5.00. New Oriental Education & Technology Group's value of 7 is 40% above this industry median. Based on the distribution chart, New Oriental Education & Technology Group ranks #36 out of 253 companies in the Education industry, which is in the top quartile — a strong position relative to peers. Overall, New Oriental Education & Technology Group has a GF Score™ of 91/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does New Oriental Education & Technology Group's Piotroski F-Score compare to TAL and LAUR?
According to the Education industry distribution chart, New Oriental Education & Technology Group ranks #36 out of 253 companies for Piotroski F-Score. This places New Oriental Education & Technology Group in the top 14% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. New Oriental Education & Technology Group's value of 7 is 40% above this benchmark. Historically, New Oriental Education & Technology Group's own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, New Oriental Education & Technology 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 an Education company?
The median Piotroski F-Score among Education companies is 5.00, based on 253 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. New Oriental Education & Technology Group's current Piotroski F-Score of 7 is 40% 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 New Oriental Education & Technology Group and its competitors. For the Education 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. New Oriental Education & Technology Group's current Piotroski F-Score is 7, which is 40% above 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 New Oriental Education & Technology Group stock overvalued right now?
Based on GuruFocus' analysis, New Oriental Education & Technology Group (HKSE:09901) is currently considered Significantly Undervalued. The stock's GF Value™ is HK$59.39, compared to a current price of HK$41.28 — trading 30.5% below its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 40% above the Education industry median of 5.00. New Oriental Education & Technology Group's overall GF Score™ is 91/100 with 2 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 New Oriental Education & Technology Group (HKSE:09901), the current Piotroski F-Score is 7 as of Aug. 17, 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 New Oriental Education & Technology Group (HKSE:09901) Overvalued in 2026?
Based on GuruFocus' analysis, New Oriental Education & Technology Group stock appears to be undervalued.
The current stock price of HK$41.28 is trading 30.5% below its estimated GF Value™ of HK$59.39.
GuruFocus considers New Oriental Education & Technology Group to be Significantly Undervalued.
Key valuation signals for HKSE:09901:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: HK$59.39 vs. price of HK$41.28 (30.5% below fair value)
Industry Position: 40% above the Education median (#36 of 253)
No single metric tells the full story. See the HKSE:09901 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
New Oriental Education & Technology is a prominent private education provider in China, offering a wide array of educational services. These include overseas test preparation and consulting services, high school academic tutoring, nonacademic tutoring, and intelligent learning systems and devices. Additionally, the company holds a 57% ownership stake in East Buy, a leading player in the livestreaming e-commerce market.
91GF Score
Get the complete analysis for HKSE:09901
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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