Manulife US REITSGX:BTOU -1.89% Piotroski F-Score is 5 as of Jul. 07, 2026, which is 25% above its 10-year median of 4.00. The stock has 7 warning signs investors should review. Among 888 REITs companies, Manulife US REIT ranks worse than 54.17% 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
Manulife US REIT has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Manulife US REIT's Piotroski F-Score or its related term are showing as below:
SGX:BTOU'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 4 Max: 5
Current: 5
During the past 13 years, the highest Piotroski F-Score of Manulife US REIT was 5. The lowest was 3. And the median was 4.
Manulife US REIT (SGX:BTOU) 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.
Manulife US REIT Piotroski F-Score Related Terms
Manulife US REIT Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Manulife US REIT'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.
SGX:BTOU vs BXP, ARE, VNO: Piotroski F-Score Comparison
For the REIT - Office subindustry, Manulife US REIT'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.
Manulife US REIT Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Manulife US REIT's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Manulife US REIT'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.
Manulife US REIT's current Net Income (TTM) was -87.7.
==> Negative ==> Score 0.
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.
Manulife US REIT's return on assets of this year was -0.0715731. Manulife US REIT's return on assets of last year was -0.11207351.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Manulife US REIT's gearing of this year was 0.48527955. Manulife US REIT's gearing of last year was 0.53037291.
==> 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
Manulife US REIT's current ratio of this year was 1.89415803. Manulife US REIT's current ratio of last year was 2.97670237.
==> 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.
Manulife US REIT's number of shares in issue this year was 1835.124. Manulife US REIT's number of shares in issue last year was 1835.124.
==> 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.
Manulife US REIT's gross margin of this year was 0.46682585. Manulife US REIT's gross margin of last year was 0.47662637.
==> 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
Manulife US REIT's asset turnover of this year was 0.09301653. Manulife US REIT's asset turnover of last year was 0.10551229.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Manulife US REIT has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Manulife US REIT (SGX:BTOU) has a Piotroski F-Score of 5 as of Jul. 07, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Manulife US REIT and its competitors. This is 25% above median its historical median of 4.00. Over the past decade, Manulife US REIT's Piotroski F-Score has ranged from 3.00 to 5.00. According to the industry distribution chart, Manulife US REIT ranks #481 out of 888 companies in the REITs industry, placing it in the top 54.2%.
Is Manulife US REIT's Piotroski F-Score too high?
Manulife US REIT's current Piotroski F-Score of 5 is 25% above median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 5.00. The REITs industry median Piotroski F-Score is 6.00. Manulife US REIT's value of 5 is 16.7% below this industry median. Based on the distribution chart, Manulife US REIT ranks #481 out of 888 companies in the REITs industry, which is below the industry midpoint.
How does Manulife US REIT's Piotroski F-Score compare to BXP and ARE?
According to the REITs industry distribution chart, Manulife US REIT ranks #481 out of 888 companies for Piotroski F-Score. This places Manulife US REIT in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Manulife US REIT's value of 5 is 16.7% below this benchmark. Historically, Manulife US REIT's own Piotroski F-Score has ranged from 3.00 to 5.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 6.00, Manulife US REIT 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 Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 888 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. Manulife US REIT's current Piotroski F-Score of 5 is 16.7% 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 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 Manulife US REIT 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. Manulife US REIT's current Piotroski F-Score is 5, which is 25% above median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manulife US REIT stock overvalued right now?
Based on GuruFocus' analysis, Manulife US REIT (SGX:BTOU) is currently considered Fairly Valued. The stock's GF Value™ is $0.05, compared to a current price of $0.05 — trading 4% above its estimated fair value. The current Piotroski F-Score is 5, which is 25% above median its 10-year median of 4.00 and 16.7% below the REITs industry median of 6.00. 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 Manulife US REIT (SGX:BTOU), the current Piotroski F-Score is 5 as of Jul. 07, 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.
Manulife US REIT is a pure-play U.S. office REIT in Asia. The company along with its subsidiaries invests, directly or indirectly, in a portfolio of income-producing office real estate in markets in the U.S., as well as real estate-related assets. The Group's investment properties comprise commercial office properties. Some of its properties include Figueroa and Michelson in California along with Plaza and Exchange in New Jersey. Geographically, the majority is derived from the United States.
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