Ten Square Games (STU:1HQ) Piotroski F-Score: 5 (As of Jul. 05, 2026) — Near Median


STU:1HQ Ten Square Games SA STU:1HQ
76 GF Score
Price €21.14
GF Value €19.37
Valuation Fairly Valued
! 5 Warning Signs
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What is Ten Square Games Piotroski F-Score?

Ten Square Games STU:1HQ -0.38% 76 Piotroski F-Score is 5 as of Jul. 05, 2026, which is at its 10-year median of 5.00. GuruFocus rates STU:1HQ with a GF Score™ of 76/100 and a GF Value™ of €19.37 (Fairly Valued). The stock has 5 warning signs investors should review. Among 550 Interactive Media companies, Ten Square Games ranks better than 59.64% 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

Ten Square Games 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 Ten Square Games's Piotroski F-Score or its related term are showing as below:

STU:1HQ' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 9
Current: 5

During the past 9 years, the highest Piotroski F-Score of Ten Square Games was 9. The lowest was 4. And the median was 5.

Ten Square Games  (STU:1HQ) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


Ten Square Games Piotroski F-Score Related Terms


Ten Square Games Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Ten Square Games'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.

Ten Square Games Piotroski F-Score Chart

Ten Square Games Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only 4.00 4.00 5.00 6.00 7.00

Ten Square Games Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 8.00 8.00 7.00 5.00

STU:1HQ vs NTES, EA, TTWO: Piotroski F-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Ten Square Games'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.


Ten Square Games Piotroski F-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Ten Square Games's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Ten Square Games's Piotroski F-Score falls into.


STU:1HQ
76GF Score
Ten Square Games SA STU:1HQ
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

How is the Piotroski F-Score calculated?

* 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 4.617 + 4.115 + 2.714 + 3.149 = €14.60 Mil.
Cash Flow from Operations was 6.089 + 6.251 + 3.377 + 4.449 = €20.17 Mil.
Revenue was 19.533 + 20.909 + 20.92 + 22.809 = €84.17 Mil.
Gross Profit was 16.11 + 17.294 + 17.174 + 19.082 = €69.66 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(99.806 + 77.674 + 82.882 + 86.3 + 90.622) / 5 = €87.4568 Mil.
Total Assets at the begining of this year (Mar25) was €99.81 Mil.
Long-Term Debt & Capital Lease Obligation was €0.61 Mil.
Total Current Assets was €45.43 Mil.
Total Current Liabilities was €34.08 Mil.
Net Income was 5.095 + 2.893 + 3.38 + 6.359 = €17.73 Mil.

Revenue was 22.671 + 21.741 + 21.829 + 22.36 = €88.60 Mil.
Gross Profit was 19.001 + 18.089 + 18.293 + 18.887 = €74.27 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(84.768 + 85.866 + 91.619 + 96.434 + 99.806) / 5 = €91.6986 Mil.
Total Assets at the begining of last year (Mar24) was €84.77 Mil.
Long-Term Debt & Capital Lease Obligation was €1.13 Mil.
Total Current Assets was €53.86 Mil.
Total Current Liabilities was €32.82 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.

Ten Square Games's current Net Income (TTM) was 14.60. ==> 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.

Ten Square Games's current Cash Flow from Operations (TTM) was 20.17. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar25)
=14.595/99.806
=0.14623369

ROA (Last Year)=Net Income/Total Assets (Mar24)
=17.727/84.768
=0.20912373

Ten Square Games's return on assets of this year was 0.14623369. Ten Square Games's return on assets of last year was 0.20912373. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Ten Square Games's current Net Income (TTM) was 14.60. Ten Square Games's current Cash Flow from Operations (TTM) was 20.17. ==> 20.17 > 14.60 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar26)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar25 to Mar26
=0.605/87.4568
=0.0069177

Gearing (Last Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=1.128/91.6986
=0.01230117

Ten Square Games's gearing of this year was 0.0069177. Ten Square Games's gearing of last year was 0.01230117. ==> 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

Current Ratio (This Year: Mar26)=Total Current Assets/Total Current Liabilities
=45.425/34.078
=1.33297142

Current Ratio (Last Year: Mar25)=Total Current Assets/Total Current Liabilities
=53.86/32.815
=1.64132257

Ten Square Games's current ratio of this year was 1.33297142. Ten Square Games's current ratio of last year was 1.64132257. ==> 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.

Ten Square Games's number of shares in issue this year was 6.476. Ten Square Games's number of shares in issue last year was 6.476. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=69.66/84.171
=0.82760096

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=74.27/88.601
=0.83825239

Ten Square Games's gross margin of this year was 0.82760096. Ten Square Games's gross margin of last year was 0.83825239. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar25)
=84.171/99.806
=0.84334609

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar24)
=88.601/84.768
=1.04521753

Ten Square Games's asset turnover of this year was 0.84334609. Ten Square Games's asset turnover of last year was 1.04521753. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Ten Square Games has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 5 mean?
Ten Square Games (STU:1HQ) has a Piotroski F-Score of 5 as of Jul. 05, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Ten Square Games and its competitors. This is near median its historical median of 5.00. Over the past decade, Ten Square Games' Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, Ten Square Games ranks #222 out of 550 companies in the Interactive Media industry, placing it in the top 40.4%.
Is Ten Square Games' Piotroski F-Score too high?
Ten Square Games' current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Interactive Media industry median Piotroski F-Score is 5.00. Ten Square Games' value of 5 is 0% at this industry median. Based on the distribution chart, Ten Square Games ranks #222 out of 550 companies in the Interactive Media industry, which is above the industry midpoint. Overall, Ten Square Games has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ten Square Games' Piotroski F-Score compare to NTES and EA?
According to the Interactive Media industry distribution chart, Ten Square Games ranks #222 out of 550 companies for Piotroski F-Score. This puts Ten Square Games in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Ten Square Games' value of 5 is 0% at this benchmark. Historically, Ten Square Games' own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Ten Square Games 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 an Interactive Media company?
The median Piotroski F-Score among Interactive Media companies is 5.00, based on 550 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. Ten Square Games's current Piotroski F-Score of 5 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 Ten Square Games and its competitors. For the Interactive Media 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. Ten Square Games's current Piotroski F-Score is 5, which is near 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 Ten Square Games stock overvalued right now?
Based on GuruFocus' analysis, Ten Square Games (STU:1HQ) is currently considered Fairly Valued. The stock's GF Value™ is €19.37, compared to a current price of €21.14 — trading 9.1% above its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Interactive Media industry median of 5.00. Ten Square Games' overall GF Score™ is 76/100 with 5 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 Ten Square Games (STU:1HQ), the current Piotroski F-Score is 5 as of Jul. 05, 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 Ten Square Games (STU:1HQ) Overvalued in 2026?

Based on GuruFocus' analysis, Ten Square Games stock appears to be overvalued. The current stock price of €21.14 is trading 9.1% above its estimated GF Value™ of €19.37. GuruFocus considers Ten Square Games to be Fairly Valued.

Key valuation signals for STU:1HQ:

  • Piotroski F-Score: 5 (near median its 10-year median of 5.00)
  • GF Value™: €19.37 vs. price of €21.14 (9.1% above fair value)
  • GF Score™: 76/100 with 5 warning signs
  • Industry Position: 0% at the Interactive Media median (#222 of 550)

No single metric tells the full story. See the STU:1HQ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ten Square Games Business Description

Other Exchanges TEN:Poland1HQ:Germany
Address Traugutta 45 Street, Wroclaw, POL, 50-416
Ten Square Games SA is a developer of free-to-play mobile games with a focus on hobby genres, including fishing, hunting, and aviation. The company's portfolio includes popular titles such as Fishing Clash, Hunting Clash, Real Flight Simulator, Trophy Hunter, Let's Fish, and Wings of Heroes. The company's source of revenue includes micro-payments, subscriptions, advertisement, and licenses. The company generates the majority of its revenue from the micro-payments.
76GF Score

Get the complete analysis for STU:1HQ

Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€21.14
Price
€19.37
GF Value