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Taiwan AcceptanceTPE:9941 -1.68%66 Piotroski F-Score is 7 as of Jul. 22, 2026, which is 75% above its 10-year median of 4.00. GuruFocus rates TPE:9941 with a GF Score™ of 66/100 and a GF Value™ of NT$230.55 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 534 Credit Services companies, Taiwan Acceptance ranks better than 92.32% 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
Taiwan Acceptance has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Taiwan Acceptance's Piotroski F-Score or its related term are showing as below:
TPE:9941'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 4 Max: 7
Current: 7
During the past 13 years, the highest Piotroski F-Score of Taiwan Acceptance was 7. The lowest was 1. And the median was 4.
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.
Taiwan Acceptance Piotroski F-Score Related Terms
Taiwan Acceptance Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Taiwan Acceptance'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:9941 vs V, MA, AXP: Piotroski F-Score Comparison
For the Credit Services subindustry, Taiwan Acceptance'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.
Taiwan Acceptance Piotroski F-Score vs Credit Services Industry
For the Credit Services industry and Financial Services sector, Taiwan Acceptance's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Taiwan Acceptance'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 1112.339 + 1253.594 + 1141.869 + 1104.074 = NT$4,612 Mil. Cash Flow from Operations was 4444.497 + 4838.752 + 3114.503 + 3482.257 = NT$15,880 Mil. Revenue was 5545.221 + 5326.068 + 5336.036 + 5179.382 = NT$21,387 Mil. Gross Profit was 975.431 + 1023.199 + 809.586 + 898.489 = NT$3,707 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(288773.647 + 284182.706 + 283170.257 + 284604.287 + 286724.084) / 5 = NT$285490.9962 Mil. Total Assets at the begining of this year (Mar25) was NT$288,774 Mil. Long-Term Debt & Capital Lease Obligation was NT$4,636 Mil. Total Current Assets was NT$235,100 Mil. Total Current Liabilities was NT$237,208 Mil.
Net Income was 1342.652 + 1587.019 + 868.459 + 1146.557 = NT$4,945 Mil.
Revenue was 4770.465 + 5056.828 + 5011.244 + 4877.789 = NT$19,716 Mil. Gross Profit was 786.078 + 898.163 + 696.472 + 882.607 = NT$3,263 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(299386.067 + 301300.56 + 294385.589 + 290339.849 + 288773.647) / 5 = NT$294837.1424 Mil. Total Assets at the begining of last year (Mar24) was NT$299,386 Mil. Long-Term Debt & Capital Lease Obligation was NT$9,363 Mil. Total Current Assets was NT$240,633 Mil. Total Current Liabilities was NT$236,235 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.
Taiwan Acceptance's current Net Income (TTM) was 4,612.
==> 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.
Taiwan Acceptance's return on assets of this year was 0.01597056. Taiwan Acceptance's return on assets of last year was 0.01651609.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Taiwan Acceptance's gearing of this year was 0.01623973. Taiwan Acceptance's gearing of last year was 0.031758.
==> 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
Taiwan Acceptance's current ratio of this year was 0.99111445. Taiwan Acceptance's current ratio of last year was 1.01861462.
==> 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.
Taiwan Acceptance's number of shares in issue this year was 620.784. Taiwan Acceptance's number of shares in issue last year was 616.761.
==> 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.
Taiwan Acceptance's gross margin of this year was 0.17331817. Taiwan Acceptance's gross margin of last year was 0.1655136.
==> This year's gross margin is higher. ==> Score 1.
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
Taiwan Acceptance's asset turnover of this year was 0.07406045. Taiwan Acceptance's asset turnover of last year was 0.06585586.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Taiwan Acceptance has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Taiwan Acceptance (TPE:9941) has a Piotroski F-Score of 7 as of Jul. 22, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Taiwan Acceptance and its competitors. This is 75% above median its historical median of 4.00. Over the past decade, Taiwan Acceptance's Piotroski F-Score has ranged from 1.00 to 7.00. According to the industry distribution chart, Taiwan Acceptance ranks #41 out of 534 companies in the Credit Services industry, placing it in the top 7.7%.
Is Taiwan Acceptance's Piotroski F-Score too high?
Taiwan Acceptance's current Piotroski F-Score of 7 is 75% above median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 7.00. The Credit Services industry median Piotroski F-Score is 5.00. Taiwan Acceptance's value of 7 is 40% above this industry median. Based on the distribution chart, Taiwan Acceptance ranks #41 out of 534 companies in the Credit Services industry, which is in the top quartile — a strong position relative to peers. Overall, Taiwan Acceptance has a GF Score™ of 66/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Acceptance's Piotroski F-Score compare to V and MA?
According to the Credit Services industry distribution chart, Taiwan Acceptance ranks #41 out of 534 companies for Piotroski F-Score. This places Taiwan Acceptance in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Taiwan Acceptance's value of 7 is 40% above this benchmark. Historically, Taiwan Acceptance's own Piotroski F-Score has ranged from 1.00 to 7.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Taiwan Acceptance 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 Credit Services company?
The median Piotroski F-Score among Credit Services companies is 5.00, based on 534 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. Taiwan Acceptance'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 Taiwan Acceptance and its competitors. For the Credit Services 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. Taiwan Acceptance's current Piotroski F-Score is 7, which is 75% 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 Taiwan Acceptance stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Acceptance (TPE:9941) is currently considered Possible Value Trap. The stock's GF Value™ is NT$230.55, compared to a current price of NT$82.00 — trading 64.4% below its estimated fair value. The current Piotroski F-Score is 7, which is 75% above median its 10-year median of 4.00 and 40% above the Credit Services industry median of 5.00. Taiwan Acceptance's overall GF Score™ is 66/100 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 Taiwan Acceptance (TPE:9941), the current Piotroski F-Score is 7 as of Jul. 22, 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 Taiwan Acceptance (TPE:9941) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Acceptance stock appears to be undervalued.
The current stock price of NT$82.00 is trading 64.4% below its estimated GF Value™ of NT$230.55.
GuruFocus considers Taiwan Acceptance to be Possible Value Trap.
Key valuation signals for TPE:9941:
Piotroski F-Score: 7 (75% above median its 10-year median of 4.00)
GF Value™: NT$230.55 vs. price of NT$82.00 (64.4% below fair value)
Industry Position: 40% above the Credit Services median (#41 of 534)
No single metric tells the full story. See the TPE:9941 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Acceptance Corp mainly focuses on accounts receivable purchasing, installment accounts sales, and the equipment leasing business, which is related to products such as various vehicles, equipment, consumer goods, and power generation business. The Group's reportable segments are: Leasing, which generates the maximum revenue, and Financing. Geographically, it derives maximum revenue from Taiwan, followed by China, and other overseas markets.
66GF Score
Get the complete analysis for TPE:9941
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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