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Sun Race Sturmey-Archer (TPE:1526) 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.
Sun Race Sturmey-Archer Piotroski F-Score Related Terms
Sun Race Sturmey-Archer Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Sun Race Sturmey-Archer'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.
TPE:1526 vs AS, HAS, LTH: Piotroski F-Score Comparison
For the Leisure subindustry, Sun Race Sturmey-Archer'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.
Sun Race Sturmey-Archer Piotroski F-Score vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Sun Race Sturmey-Archer's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Sun Race Sturmey-Archer'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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was -31.498 + 4.637 + -4.042 + -26.532 = NT$-57.4 Mil. Cash Flow from Operations was 89.323 + 58.966 + 13.263 + -83.057 = NT$78.5 Mil. Revenue was 208.411 + 202.389 + 159.657 + 161.967 = NT$732.4 Mil. Gross Profit was 40.587 + 15.9 + 47.635 + 20.373 = NT$124.5 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(2449.495 + 2306.69 + 2312.243 + 2327.923 + 2260.417) / 5 = NT$2331.3536 Mil. Total Assets at the begining of this year (Mar25) was NT$2,449.5 Mil. Long-Term Debt & Capital Lease Obligation was NT$142.9 Mil. Total Current Assets was NT$1,390.6 Mil. Total Current Liabilities was NT$762.6 Mil.
Net Income was 5.072 + -30.347 + -26.006 + 24.273 = NT$-27.0 Mil.
Revenue was 212.106 + 160.24 + 176.784 + 200.582 = NT$749.7 Mil. Gross Profit was 57.549 + 13.028 + 32.761 + 63.802 = NT$167.1 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(2647.586 + 2634.91 + 2503.049 + 2444.138 + 2449.495) / 5 = NT$2535.8356 Mil. Total Assets at the begining of last year (Mar24) was NT$2,647.6 Mil. Long-Term Debt & Capital Lease Obligation was NT$742.0 Mil. Total Current Assets was NT$1,559.5 Mil. Total Current Liabilities was NT$300.8 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.
Sun Race Sturmey-Archer's current Net Income (TTM) was -57.4.
==> 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.
Score 1 if positive, 0 if negative.
Sun Race Sturmey-Archer's current Cash Flow from Operations (TTM) was 78.5.
==> 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.
Sun Race Sturmey-Archer's return on assets of this year was -0.02344769. Sun Race Sturmey-Archer's return on assets of last year was -0.01020099.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Sun Race Sturmey-Archer's gearing of this year was 0.06128028. Sun Race Sturmey-Archer's gearing of last year was 0.2926211.
==> 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
Sun Race Sturmey-Archer's current ratio of this year was 1.82336481. Sun Race Sturmey-Archer's current ratio of last year was 5.18366268.
==> 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.
Sun Race Sturmey-Archer's number of shares in issue this year was 60. Sun Race Sturmey-Archer's number of shares in issue last year was 73.415.
==> 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.
Sun Race Sturmey-Archer's gross margin of this year was 0.16997668. Sun Race Sturmey-Archer's gross margin of last year was 0.22293894.
==> 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
Sun Race Sturmey-Archer's asset turnover of this year was 0.2990102. Sun Race Sturmey-Archer's asset turnover of last year was 0.28316814.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
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Que. 7
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Que. 8
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Que. 9
=
0
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1
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1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Sun Race Sturmey-Archer has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Sun Race Sturmey-Archer (TPE:1526) has a Piotroski F-Score of 5 as of Aug. 13, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Sun Race Sturmey-Archer and its competitors. This is near median its historical median of 5.00. Over the past decade, Sun Race Sturmey-Archer's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Sun Race Sturmey-Archer ranks #397 out of 829 companies in the Travel & Leisure industry, placing it in the top 47.9%.
Is Sun Race Sturmey-Archer's Piotroski F-Score too high?
Sun Race Sturmey-Archer's 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 2.00 to a high of 9.00. The Travel & Leisure industry median Piotroski F-Score is 5.00. Sun Race Sturmey-Archer's value of 5 is 0% at this industry median. Based on the distribution chart, Sun Race Sturmey-Archer ranks #397 out of 829 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Sun Race Sturmey-Archer has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Sun Race Sturmey-Archer's Piotroski F-Score compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Sun Race Sturmey-Archer ranks #397 out of 829 companies for Piotroski F-Score. This puts Sun Race Sturmey-Archer in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Sun Race Sturmey-Archer's value of 5 is 0% at this benchmark. Historically, Sun Race Sturmey-Archer'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 5.00 vs. the industry median of 5.00, Sun Race Sturmey-Archer 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 a Travel & Leisure company?
The median Piotroski F-Score among Travel & Leisure companies is 5.00, based on 829 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. Sun Race Sturmey-Archer'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 Sun Race Sturmey-Archer and its competitors. For the Travel & Leisure 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. Sun Race Sturmey-Archer'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 Sun Race Sturmey-Archer stock overvalued right now?
Based on GuruFocus' analysis, Sun Race Sturmey-Archer (TPE:1526) is currently considered Fairly Valued. The stock's GF Value™ is NT$18.27, compared to a current price of NT$18.55 — trading 1.5% 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 Travel & Leisure industry median of 5.00. Sun Race Sturmey-Archer's overall GF Score™ is 66/100 with 4 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 Sun Race Sturmey-Archer (TPE:1526), the current Piotroski F-Score is 5 as of Aug. 13, 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 Sun Race Sturmey-Archer (TPE:1526) Overvalued in 2026?
Based on GuruFocus' analysis, Sun Race Sturmey-Archer stock appears to be overvalued.
The current stock price of NT$18.55 is trading 1.5% above its estimated GF Value™ of NT$18.27.
GuruFocus considers Sun Race Sturmey-Archer to be Fairly Valued.
Key valuation signals for TPE:1526:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: NT$18.27 vs. price of NT$18.55 (1.5% above fair value)
Industry Position: 0% at the Travel & Leisure median (#397 of 829)
No single metric tells the full story. See the TPE:1526 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sun Race Sturmey-Archer Inc is mainly engaged in manufacturing, processing and trading various bicycle parts and mechanical hardware. The company's offerings include Drivetrain Components, Brake Components, Spare Parts and Accessories, and Others. Its reportable segments are: i) Domestic department: Production of high-end bicycle parts. ii) Foreign department: Production of low-end bicycle parts and components, wholesale of fittings and equipment for industrial use. The company generates the majority of its revenue from the Domestic segment. Geographically, the company generates the majority of its revenue from the United Kingdom, followed by Taiwan, China, Germany, Netherlands, France, and others.
66GF Score
Get the complete analysis for TPE:1526
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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