Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
IntegroupTSE:192A +0.82%21 Piotroski F-Score is 3 as of Jul. 15, 2026, which is 40% below its 10-year median of 5.00. GuruFocus rates TSE:192A with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 785 Capital Markets companies, Integroup ranks worse than 76.69% on this metric.
Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Integroup has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Integroup's Piotroski F-Score or its related term are showing as below:
TSE:192A'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 7
Current: 3
During the past 4 years, the highest Piotroski F-Score of Integroup was 7. The lowest was 3. And the median was 5.
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.
Integroup Piotroski F-Score Related Terms
Integroup Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Integroup'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.
TSE:192A vs MS, GS, SCHW: Piotroski F-Score Comparison
For the Capital Markets subindustry, Integroup'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.
Integroup Piotroski F-Score vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Integroup's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Integroup'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.
Integroup's current Net Income (TTM) was 311.
==> 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.
Integroup's return on assets of this year was 0.14668128. Integroup's return on assets of last year was 0.61325701.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Integroup's current ratio of this year was 8.74652561. Integroup's current ratio of last year was 2.5343392.
==> 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.
Integroup's number of shares in issue this year was 2.203. Integroup's number of shares in issue last year was 2.
==> 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.
Integroup's gross margin of this year was 0.55180565. Integroup's gross margin of last year was 0.65333476.
==> 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
Integroup's asset turnover of this year was 0.8921077. Integroup's asset turnover of last year was 2.00467275.
==> 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
+
0
+
0
+
0
+
1
+
1
+
0
+
0
+
0
=
3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Integroup has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Integroup (TSE:192A) has a Piotroski F-Score of 3 as of Jul. 15, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Integroup and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, Integroup's Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, Integroup ranks #602 out of 785 companies in the Capital Markets industry, placing it in the top 76.7%.
Is Integroup's Piotroski F-Score too high?
Integroup's current Piotroski F-Score of 3 is 40% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The Capital Markets industry median Piotroski F-Score is 5.00. Integroup's value of 3 is 40% below this industry median. Based on the distribution chart, Integroup ranks #602 out of 785 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Integroup has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Integroup's Piotroski F-Score compare to MS and GS?
According to the Capital Markets industry distribution chart, Integroup ranks #602 out of 785 companies for Piotroski F-Score. This places Integroup in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Integroup's value of 3 is 40% below this benchmark. Historically, Integroup's own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Integroup has consistently been below 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 Capital Markets company?
The median Piotroski F-Score among Capital Markets companies is 5.00, based on 785 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. Integroup's current Piotroski F-Score of 3 is 40% below 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 Integroup and its competitors. For the Capital Markets 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. Integroup's current Piotroski F-Score is 3, which is 40% below 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 Integroup stock overvalued right now?
Integroup (TSE:192A) has a current Piotroski F-Score of 3. The current Piotroski F-Score is 3, which is 40% below median its 10-year median of 5.00 and 40% below the Capital Markets industry median of 5.00. Integroup's overall GF Score™ is 21/100 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 Integroup (TSE:192A), the current Piotroski F-Score is 3 as of Jul. 15, 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.
Integroup Inc is engaged in M&A mediation/advisory. It provides one-stop service that provides support from preparation of materials, selection of potential buyers, proposals to potential buyers, interviews with potential buyers, negotiation of terms, basic agreement, and final contract.
21GF Score
Get the complete analysis for TSE:192A
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:192A has been successfully added to your 
