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BellePHS:BEL +1.71%78 Piotroski F-Score is 7 as of Aug. 10, 2026, which is 17% above its 10-year median of 6.00. GuruFocus rates PHS:BEL with a GF Score™ of 78/100 and a GF Value™ of ₱1.39 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,752 Real Estate companies, Belle ranks better than 92.75% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Belle 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 Belle's Piotroski F-Score or its related term are showing as below:
PHS:BEL'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 9
Current: 7
During the past 13 years, the highest Piotroski F-Score of Belle was 9. The lowest was 2. And the median was 6.
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.
Belle Piotroski F-Score Related Terms
Belle Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Belle'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.
For the Real Estate - Diversified subindustry, Belle'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.
Belle Piotroski F-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Belle's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Belle'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 (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 534.851 + 782.084 + 510.004 + 460.742 = ₱2,288 Mil. Cash Flow from Operations was 1067.935 + 1590.56 + 1080.753 + 986.628 = ₱4,726 Mil. Revenue was 1404.568 + 1295.634 + 1417.661 + 1312.268 = ₱5,430 Mil. Gross Profit was 1018.46 + 291.987 + 1001.585 + 929.131 = ₱3,241 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(56240.209 + 55095.098 + 54417.39 + 53916.069 + 52965.762) / 5 = ₱54526.9056 Mil. Total Assets at the begining of this year (Jun25) was ₱56,240 Mil. Long-Term Debt & Capital Lease Obligation was ₱8,469 Mil. Total Current Assets was ₱12,237 Mil. Total Current Liabilities was ₱2,001 Mil.
Net Income was 650.81 + 875.706 + 448.342 + 330.77 = ₱2,306 Mil.
Revenue was 1339.289 + 1596.314 + 1301.722 + 1172.7 = ₱5,410 Mil. Gross Profit was 1021.447 + 634.811 + 934.308 + 828.878 = ₱3,419 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(59944.909 + 60375.571 + 57473.71 + 56832.698 + 56240.209) / 5 = ₱58173.4194 Mil. Total Assets at the begining of last year (Jun24) was ₱59,945 Mil. Long-Term Debt & Capital Lease Obligation was ₱9,938 Mil. Total Current Assets was ₱13,001 Mil. Total Current Liabilities was ₱4,250 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.
Belle's current Net Income (TTM) was 2,288.
==> 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.
Belle's current ratio of this year was 6.11596697. Belle's current ratio of last year was 3.05882257.
==> 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.
Belle's number of shares in issue this year was 9896.464. Belle's number of shares in issue last year was 9696.464.
==> 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.
Belle's gross margin of this year was 0.59688486. Belle's gross margin of last year was 0.63205697.
==> 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
Belle's asset turnover of this year was 0.09655247. Belle's asset turnover of last year was 0.09024995.
==> 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
Belle has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Belle (PHS:BEL) has a Piotroski F-Score of 7 as of Aug. 10, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Belle and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, Belle's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Belle ranks #127 out of 1752 companies in the Real Estate industry, placing it in the top 7.2%.
Is Belle's Piotroski F-Score too high?
Belle's current Piotroski F-Score of 7 is 17% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Real Estate industry median Piotroski F-Score is 5.00. Belle's value of 7 is 40% above this industry median. Based on the distribution chart, Belle ranks #127 out of 1752 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Belle has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Belle's Piotroski F-Score compare to competitors?
According to the Real Estate industry distribution chart, Belle ranks #127 out of 1752 companies for Piotroski F-Score. This places Belle in the top 7% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Belle's value of 7 is 40% above this benchmark. Historically, Belle's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Belle 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 Real Estate company?
The median Piotroski F-Score among Real Estate companies is 5.00, based on 1,752 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. Belle'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 Belle and its competitors. For the Real Estate 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. Belle's current Piotroski F-Score is 7, which is 17% above 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 Belle stock overvalued right now?
Based on GuruFocus' analysis, Belle (PHS:BEL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱1.39, compared to a current price of ₱1.19 — trading 14.4% below its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 40% above the Real Estate industry median of 5.00. Belle's overall GF Score™ is 78/100 with 3 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 Belle (PHS:BEL), the current Piotroski F-Score is 7 as of Aug. 10, 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 Belle (PHS:BEL) Overvalued in 2026?
Based on GuruFocus' analysis, Belle stock appears to be undervalued.
The current stock price of ₱1.19 is trading 14.4% below its estimated GF Value™ of ₱1.39.
GuruFocus considers Belle to be Modestly Undervalued.
Key valuation signals for PHS:BEL:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: ₱1.39 vs. price of ₱1.19 (14.4% below fair value)
Industry Position: 40% above the Real Estate median (#127 of 1752)
No single metric tells the full story. See the PHS:BEL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Belle Corporation is a developer of resort destinations, gaming, and leisure properties in the Philippines, such as City of Dreams Manila and Tagaytay Highlands. Additionally, it owns real estate assets in the Tagaytay Highlands, Midlands, and Greenlands complexes, where it develops premium residential resort projects south of Metro Manila and holds majority proprietary shares in its exclusive club and golf facilities. The Group's operating business segments are: Real Estate Development and Property Management, which generates maximum revenue; Gaming and Gaming Related Activities; and Others.
78GF Score
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