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MS&AD Insurance Group Holdings (STU:59M) 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.
MS&AD Insurance Group Holdings Piotroski F-Score Related Terms
MS&AD Insurance Group Holdings 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.
MS&AD Insurance Group Holdings Piotroski F-Score Chart
STU:59M vs CB, PGR, TRV: Piotroski F-Score Comparison
For the Insurance - Property & Casualty subindustry, MS&AD Insurance Group Holdings'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.
MS&AD Insurance Group Holdings Piotroski F-Score vs Insurance Industry
For the Insurance industry and Financial Services sector, MS&AD Insurance Group Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where MS&AD Insurance Group Holdings'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.
MS&AD Insurance Group Holdings's current Net Income (TTM) was 4,292.
==> 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.
MS&AD Insurance Group Holdings's current Cash Flow from Operations (TTM) was 4,157.
==> 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.
MS&AD Insurance Group Holdings's return on assets of this year was 0.02635575. MS&AD Insurance Group Holdings's return on assets of last year was 0.02592586.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
MS&AD Insurance Group Holdings's gearing of this year was 0.03412518. MS&AD Insurance Group Holdings's gearing of last year was 0.02231934.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
MS&AD Insurance Group Holdings's current ratio of this year was 1.20260354. MS&AD Insurance Group Holdings's current ratio of last year was 1.18265506.
==> 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.
MS&AD Insurance Group Holdings's number of shares in issue this year was 1488.916. MS&AD Insurance Group Holdings's number of shares in issue last year was 1552.715.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
MS&AD Insurance Group Holdings's net margin of this year was 0.05271644. MS&AD Insurance Group Holdings's net margin of last year was 0.05294177.
==> Last year's net 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
MS&AD Insurance Group Holdings's asset turnover of this year was 0.49995311. MS&AD Insurance Group Holdings's asset turnover of last year was 0.48970513.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
MS&AD Insurance Group Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
MS&AD Insurance Group Holdings (STU:59M) has a Piotroski F-Score of 6 as of Sep. 06, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on MS&AD Insurance Group Holdings and its competitors. This is near median its historical median of 6.00. Over the past decade, MS&AD Insurance Group Holdings' Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, MS&AD Insurance Group Holdings ranks #174 out of 489 companies in the Insurance industry, placing it in the top 35.6%.
Is MS&AD Insurance Group Holdings' Piotroski F-Score too high?
MS&AD Insurance Group Holdings' current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Insurance industry median Piotroski F-Score is 6.00. MS&AD Insurance Group Holdings' value of 6 is 0% at this industry median. Based on the distribution chart, MS&AD Insurance Group Holdings ranks #174 out of 489 companies in the Insurance industry, which is above the industry midpoint. Overall, MS&AD Insurance Group Holdings has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does MS&AD Insurance Group Holdings' Piotroski F-Score compare to CB and PGR?
According to the Insurance industry distribution chart, MS&AD Insurance Group Holdings ranks #174 out of 489 companies for Piotroski F-Score. This puts MS&AD Insurance Group Holdings in the upper half of its industry. The industry median Piotroski F-Score is 6.00. MS&AD Insurance Group Holdings' value of 6 is 0% at this benchmark. Historically, MS&AD Insurance Group Holdings' own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, MS&AD Insurance Group Holdings 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 Insurance company?
The median Piotroski F-Score among Insurance companies is 6.00, based on 489 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. MS&AD Insurance Group Holdings's current Piotroski F-Score of 6 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 MS&AD Insurance Group Holdings and its competitors. For the Insurance 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. MS&AD Insurance Group Holdings's current Piotroski F-Score is 6, which is near 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 MS&AD Insurance Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, MS&AD Insurance Group Holdings (STU:59M) is currently considered Modestly Undervalued. The stock's GF Value™ is €32.46, compared to a current price of €28.71 — trading 11.6% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 0% at the Insurance industry median of 6.00. MS&AD Insurance Group Holdings' overall GF Score™ is 68/100 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 MS&AD Insurance Group Holdings (STU:59M), the current Piotroski F-Score is 6 as of Sep. 06, 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 MS&AD Insurance Group Holdings (STU:59M) Overvalued in 2026?
Based on GuruFocus' analysis, MS&AD Insurance Group Holdings stock appears to be undervalued.
The current stock price of €28.71 is trading 11.6% below its estimated GF Value™ of €32.46.
GuruFocus considers MS&AD Insurance Group Holdings to be Modestly Undervalued.
Key valuation signals for STU:59M:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: €32.46 vs. price of €28.71 (11.6% below fair value)
Industry Position: 0% at the Insurance median (#174 of 489)
No single metric tells the full story. See the STU:59M stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MS&AD is Japan's largest domestic property and casualty insurer by market share, trailing Tokio Marine HCC in global scale. Domestically, it maintains a solid second-tier life presence. Overseas, MS&AD holds a dominant, profitable retail footprint in the Association of Southeast Asian Nations and is aggressively pivoting to US specialty lines via a milestone investment in W.R. Berkley, supported by MS Amlin's successful turnaround in global specialty markets.Domestically, MS&AD leverages deep corporate ties with Mitsui and Sumitomo, alongside an exclusive Toyota partnership that provides unparalleled advantages in capturing auto insurance customers and building advanced telematics data funnels.
68GF Score
Get the complete analysis for STU:59M
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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