Tokaido REITTSE:2989 -0.87%48 Piotroski F-Score is 5 as of Jul. 02, 2026, which is at its 10-year median of 5.00. GuruFocus rates TSE:2989 with a GF Score™ of 48/100 and a GF Value™ of 円129,417.27 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 887 REITs companies, Tokaido REIT ranks worse than 54.11% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tokaido REIT has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Tokaido REIT's Piotroski F-Score or its related term are showing as below:
TSE:2989'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 5 Max: 6
Current: 5
During the past 5 years, the highest Piotroski F-Score of Tokaido REIT was 6. The lowest was 4. 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.
Tokaido REIT Piotroski F-Score Related Terms
Tokaido REIT Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Tokaido REIT'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:2989 vs VICI, WPC: Piotroski F-Score Comparison
For the REIT - Diversified subindustry, Tokaido REIT'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.
Tokaido REIT Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Tokaido REIT's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tokaido REIT'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.
Tokaido REIT's current Net Income (TTM) was 1,999.
==> 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.
Tokaido REIT's return on assets of this year was 0.03432064. Tokaido REIT's return on assets of last year was 0.03451397.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tokaido REIT's gearing of this year was 0.42631871. Tokaido REIT's gearing of last year was 0.45246712.
==> 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
Tokaido REIT's current ratio of this year was 0.6739452. Tokaido REIT's current ratio of last year was 0.92639917.
==> 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.
Tokaido REIT's number of shares in issue this year was 0.297. Tokaido REIT's number of shares in issue last year was 0.278.
==> 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.
Tokaido REIT's gross margin of this year was 0.66299213. Tokaido REIT's gross margin of last year was 0.67855139.
==> 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
Tokaido REIT's asset turnover of this year was 0.07408382. Tokaido REIT's asset turnover of last year was 0.07076109.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tokaido REIT has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Tokaido REIT (TSE:2989) has a Piotroski F-Score of 5 as of Jul. 02, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Tokaido REIT and its competitors. This is near median its historical median of 5.00. Over the past decade, Tokaido REIT's Piotroski F-Score has ranged from 4.00 to 6.00. According to the industry distribution chart, Tokaido REIT ranks #480 out of 887 companies in the REITs industry, placing it in the top 54.1%.
Is Tokaido REIT's Piotroski F-Score too high?
Tokaido REIT'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 4.00 to a high of 6.00. The REITs industry median Piotroski F-Score is 6.00. Tokaido REIT's value of 5 is 16.7% below this industry median. Based on the distribution chart, Tokaido REIT ranks #480 out of 887 companies in the REITs industry, which is below the industry midpoint. Overall, Tokaido REIT has a GF Score™ of 48/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tokaido REIT's Piotroski F-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Tokaido REIT ranks #480 out of 887 companies for Piotroski F-Score. This places Tokaido REIT in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Tokaido REIT's value of 5 is 16.7% below this benchmark. Historically, Tokaido REIT's own Piotroski F-Score has ranged from 4.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Tokaido REIT 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 887 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. Tokaido REIT's current Piotroski F-Score of 5 is 16.7% 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 Tokaido REIT and its competitors. For the REITs 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. Tokaido REIT'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 Tokaido REIT stock overvalued right now?
Based on GuruFocus' analysis, Tokaido REIT (TSE:2989) is currently considered Modestly Undervalued. The stock's GF Value™ is 円129,417.27, compared to a current price of 円102,300.00 — trading 21% below its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 16.7% below the REITs industry median of 6.00. Tokaido REIT's overall GF Score™ is 48/100 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 Tokaido REIT (TSE:2989), the current Piotroski F-Score is 5 as of Jul. 02, 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 Tokaido REIT (TSE:2989) Overvalued in 2026?
Based on GuruFocus' analysis, Tokaido REIT stock appears to be undervalued.
The current stock price of 円102,300.00 is trading 21% below its estimated GF Value™ of 円129,417.27.
GuruFocus considers Tokaido REIT to be Modestly Undervalued.
Key valuation signals for TSE:2989:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: 円129,417.27 vs. price of 円102,300.00 (21% below fair value)
Industry Position: 16.7% below the REITs median (#480 of 887)
No single metric tells the full story. See the TSE:2989 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tokaido REIT Inc is a real estate investment trust that focuses on the Tokaido area, mainly Shizuoka, Aichi, and Mie prefectures. Its Investment targets are divided into two types including "Industrial infrastructure assets" targeting logistics facilities and office buildings, and "Living infrastructure assets" for residential and commercial facilities.
48GF Score
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