Hulic Co (TSE:3003) Piotroski F-Score: 6 (As of Jul. 14, 2026) — Near Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

TSE:3003 Hulic Co Ltd TSE:3003
86 GF Score
Price 円1,788.00
GF Value 円2,188.18
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Hulic Co Piotroski F-Score?

Hulic Co TSE:3003 +1.27% 86 Piotroski F-Score is 6 as of Jul. 14, 2026, which is at its 10-year median of 6.00. GuruFocus rates TSE:3003 with a GF Score™ of 86/100 and a GF Value™ of 円2,188.18 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,757 Real Estate companies, Hulic Co ranks better than 79.57% 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

Hulic Co 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 Hulic Co's Piotroski F-Score or its related term are showing as below:

TSE:3003' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Hulic Co was 7. The lowest was 4. And the median was 6.

Hulic Co  (TSE:3003) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


Hulic Co Piotroski F-Score Related Terms


Hulic Co Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Hulic Co'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.

Hulic Co Piotroski F-Score Chart

Hulic Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 7.00 6.00 6.00

Hulic Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 6.00 0.00

TSE:3003 vs CBRE, BEKE, JLL: Piotroski F-Score Comparison

For the Real Estate Services subindustry, Hulic Co'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.


Hulic Co Piotroski F-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Hulic Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Hulic Co's Piotroski F-Score falls into.


TSE:3003
86GF Score
Hulic Co Ltd TSE:3003
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

How is the Piotroski F-Score calculated?

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Net Income was 円114,334 Mil.
Cash Flow from Operations was 円269,239 Mil.
Revenue was 円727,447 Mil.
Gross Profit was 円276,802 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was (3048935 + 3506068) / 2 = 円3277501.5 Mil.
Total Assets at the begining of this year (Dec24) was 円3,048,935 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,822,162 Mil.
Total Current Assets was 円686,528 Mil.
Total Current Liabilities was 円490,711 Mil.
Net Income was 円102,341 Mil.

Revenue was 円591,615 Mil.
Gross Profit was 円230,934 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was (2480472 + 3048935) / 2 = 円2764703.5 Mil.
Total Assets at the begining of last year (Dec23) was 円2,480,472 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,481,369 Mil.
Total Current Assets was 円583,864 Mil.
Total Current Liabilities was 円462,754 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.

Hulic Co's current Net Income (TTM) was 114,334. ==> 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.

Hulic Co's current Cash Flow from Operations (TTM) was 269,239. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec24)
=114334/3048935
=0.03749965

ROA (Last Year)=Net Income/Total Assets (Dec23)
=102341/2480472
=0.04125868

Hulic Co's return on assets of this year was 0.03749965. Hulic Co's return on assets of last year was 0.04125868. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Hulic Co's current Net Income (TTM) was 114,334. Hulic Co's current Cash Flow from Operations (TTM) was 269,239. ==> 269,239 > 114,334 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec24 to Dec25
=1822162/3277501.5
=0.55596069

Gearing (Last Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=1481369/2764703.5
=0.53581478

Hulic Co's gearing of this year was 0.55596069. Hulic Co's gearing of last year was 0.53581478. ==> Last year is lower than this year ==> Score 0.

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

Current Ratio (This Year: Dec25)=Total Current Assets/Total Current Liabilities
=686528/490711
=1.3990475

Current Ratio (Last Year: Dec24)=Total Current Assets/Total Current Liabilities
=583864/462754
=1.26171573

Hulic Co's current ratio of this year was 1.3990475. Hulic Co's current ratio of last year was 1.26171573. ==> 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.

Hulic Co's number of shares in issue this year was 759.66. Hulic Co's number of shares in issue last year was 761.308. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=276802/727447
=0.38051157

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=230934/591615
=0.39034507

Hulic Co's gross margin of this year was 0.38051157. Hulic Co's gross margin of last year was 0.39034507. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec24)
=727447/3048935
=0.23859052

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec23)
=591615/2480472
=0.23850904

Hulic Co's asset turnover of this year was 0.23859052. Hulic Co's asset turnover of last year was 0.23850904. ==> 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+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+1+0+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Hulic Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 6 mean?
Hulic Co (TSE:3003) 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 Hulic Co and its competitors. This is near median its historical median of 6.00. Over the past decade, Hulic Co's Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, Hulic Co ranks #359 out of 1757 companies in the Real Estate industry, placing it in the top 20.4%.
Is Hulic Co's Piotroski F-Score too high?
Hulic Co's 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 4.00 to a high of 7.00. The Real Estate industry median Piotroski F-Score is 5.00. Hulic Co's value of 6 is 20% above this industry median. Based on the distribution chart, Hulic Co ranks #359 out of 1757 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Hulic Co has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Hulic Co's Piotroski F-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Hulic Co ranks #359 out of 1757 companies for Piotroski F-Score. This places Hulic Co in the top 20% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Hulic Co's value of 6 is 20% above this benchmark. Historically, Hulic Co's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Hulic Co 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 Real Estate company?
The median Piotroski F-Score among Real Estate companies is 5.00, based on 1,757 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. Hulic Co'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 Hulic Co and its competitors. For the Real Estate 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. Hulic Co'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 Hulic Co stock overvalued right now?
Based on GuruFocus' analysis, Hulic Co (TSE:3003) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,188.18, compared to a current price of 円1,788.00 — trading 18.3% 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 Real Estate industry median of 5.00. Hulic Co's overall GF Score™ is 86/100 with 3 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 Hulic Co (TSE:3003), 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 Hulic Co (TSE:3003) Overvalued in 2026?

Based on GuruFocus' analysis, Hulic Co stock appears to be undervalued. The current stock price of 円1,788.00 is trading 18.3% below its estimated GF Value™ of 円2,188.18. GuruFocus considers Hulic Co to be Modestly Undervalued.

Key valuation signals for TSE:3003:

  • Piotroski F-Score: 6 (near median its 10-year median of 6.00)
  • GF Value™: 円2,188.18 vs. price of 円1,788.00 (18.3% below fair value)
  • GF Score™: 86/100 with 3 warning signs
  • Industry Position: 20% above the Real Estate median (#359 of 1757)

No single metric tells the full story. See the TSE:3003 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Hulic Co Business Description

Other Exchanges HULCF:USA87W:Germany
Address 7-3 Nihonbashi Odenmacho, Chuo-ku, Tokyo, JPN, 103-0011
Hulic Co Ltd is a real estate developer with its core operations in real estate business such as development, reconstruction, and investment. The company operates a real estate leasing business based on ownership of numerous properties located in Tokyo 23 wards.
86GF Score

Get the complete analysis for TSE:3003

Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円1,788.00
Price
円2,188.18
GF Value