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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Top Frontier Investment Holdings 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 Top Frontier Investment Holdings's Piotroski F-Score or its related term are showing as below:
TPHIF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of Top Frontier Investment Holdings was 8. The lowest was 2. And the median was 6.
Top Frontier Investment Holdings (OTCPK:TPHIF) 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.
Top Frontier Investment Holdings Piotroski F-Score Related Terms
Top Frontier Investment 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.
Top Frontier Investment Holdings Piotroski F-Score Chart
For the Conglomerates subindustry, Top Frontier Investment 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.
Top Frontier Investment Holdings Piotroski F-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Top Frontier Investment Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Top Frontier Investment 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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 93.823 + -36.839 + -2.658 + 43.533 = $98 Mil. Cash Flow from Operations was 545.956 + 795.725 + 814.266 + 817.345 = $2,973 Mil. Revenue was 5800.833 + 6072.644 + 6406.528 + 6944.883 = $25,225 Mil. Gross Profit was 1062.933 + 1212.299 + 1243.352 + 1377.385 = $4,896 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(44876.881 + 44846.006 + 46188.238 + 46597.032 + 50156.685) / 5 = $46532.9684 Mil. Total Assets at the begining of this year (Mar25) was $44,877 Mil. Long-Term Debt & Capital Lease Obligation was $20,017 Mil. Total Current Assets was $17,604 Mil. Total Current Liabilities was $14,663 Mil.
Net Income was -125.979 + 136.319 + -156.853 + 264.064 = $118 Mil.
Revenue was 6426.949 + 6354.001 + 6418.635 + 5849.795 = $25,049 Mil. Gross Profit was 1126.644 + 1023.063 + 1090.518 + 1125.088 = $4,365 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(43094.316 + 43860.592 + 44573.628 + 45823.138 + 44876.881) / 5 = $44445.711 Mil. Total Assets at the begining of last year (Mar24) was $43,094 Mil. Long-Term Debt & Capital Lease Obligation was $19,324 Mil. Total Current Assets was $14,310 Mil. Total Current Liabilities was $10,516 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.
Top Frontier Investment Holdings's current Net Income (TTM) was 98.
==> 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.
Top Frontier Investment Holdings's current Cash Flow from Operations (TTM) was 2,973.
==> 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.
Top Frontier Investment Holdings's return on assets of this year was 0.00218061. Top Frontier Investment Holdings's return on assets of last year was 0.00272776.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Top Frontier Investment Holdings's gearing of this year was 0.43017778. Top Frontier Investment Holdings's gearing of last year was 0.43478033.
==> 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
Top Frontier Investment Holdings's current ratio of this year was 1.20060643. Top Frontier Investment Holdings's current ratio of last year was 1.36081561.
==> 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.
Top Frontier Investment Holdings's number of shares in issue this year was 375. Top Frontier Investment Holdings's number of shares in issue last year was 375.
==> 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.
Top Frontier Investment Holdings's gross margin of this year was 0.19409279. Top Frontier Investment Holdings's gross margin of last year was 0.17426831.
==> 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
Top Frontier Investment Holdings's asset turnover of this year was 0.56209093. Top Frontier Investment Holdings's asset turnover of last year was 0.58126877.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Top Frontier Investment Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Top Frontier Investment Holdings (TPHIF) has a Piotroski F-Score of 6 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Top Frontier Investment Holdings and its competitors. This is near median its historical median of 6.00. Over the past decade, Top Frontier Investment Holdings' Piotroski F-Score has ranged from 2.00 to 8.00. According to the industry distribution chart, Top Frontier Investment Holdings ranks #156 out of 560 companies in the Conglomerates industry, placing it in the top 27.9%.
Is Top Frontier Investment Holdings' Piotroski F-Score too high?
Top Frontier Investment 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 2.00 to a high of 8.00. The Conglomerates industry median Piotroski F-Score is 5.00. Top Frontier Investment Holdings' value of 6 is 20% above this industry median. Based on the distribution chart, Top Frontier Investment Holdings ranks #156 out of 560 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Top Frontier Investment Holdings has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Top Frontier Investment Holdings' Piotroski F-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Top Frontier Investment Holdings ranks #156 out of 560 companies for Piotroski F-Score. This puts Top Frontier Investment Holdings in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Top Frontier Investment Holdings' value of 6 is 20% above this benchmark. Historically, Top Frontier Investment Holdings' own Piotroski F-Score has ranged from 2.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Top Frontier Investment Holdings 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 Conglomerates company?
The median Piotroski F-Score among Conglomerates companies is 5.00, based on 560 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. Top Frontier Investment Holdings's current Piotroski F-Score of 6 is 20% 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 Top Frontier Investment Holdings and its competitors. For the Conglomerates 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. Top Frontier Investment 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 Top Frontier Investment Holdings stock overvalued right now?
Top Frontier Investment Holdings (TPHIF) has a current Piotroski F-Score of 6. The stock's GF Value™ is $1.16, compared to a current price of $0.94 — trading 19.4% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Conglomerates industry median of 5.00. Top Frontier Investment Holdings' overall GF Score™ is 73/100 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 Top Frontier Investment Holdings (TPHIF), the current Piotroski F-Score is 6 as of Jul. 14, 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 Top Frontier Investment Holdings (TPHIF) Overvalued in 2026?
Based on GuruFocus' analysis, Top Frontier Investment Holdings stock appears to be undervalued.
The current stock price of $0.94 is trading 19.4% below its estimated GF Value™ of $1.16.
Key valuation signals for TPHIF:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: $1.16 vs. price of $0.94 (19.4% below fair value)
Industry Position: 20% above the Conglomerates median (#156 of 560)
No single metric tells the full story. See the TPHIF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Frontier Investment Holdings Business Description
Top Frontier Investment Holdings Inc is an investment holding company engaged in the processing and marketing of branded refrigerated processed meats and canned meat products. The Company operates through segments including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, real estate, mining, and others. It derives a key revenue from the energy segment, which focuses on the sale, retail, and distribution of power through various supply and service agreements to generators, distribution utilities, including Manila Electric Company (Meralco), electric cooperatives, industrial customers, and the National Grid Corporation of the Philippines (NGCP), as well as through the Philippine Wholesale Electricity Spot Market (WESM).
73GF Score
Get the complete analysis for TPHIF
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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