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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.
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.
Activia Properties Piotroski F-Score Related Terms
Activia Properties Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Activia Properties'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:3279 vs VICI, WPC: Piotroski F-Score Comparison
For the REIT - Diversified subindustry, Activia Properties'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.
Activia Properties Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Activia Properties's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Activia Properties'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.
Activia Properties's current Net Income (TTM) was 14,309.
==> 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.
Activia Properties's return on assets of this year was 0.02554243. Activia Properties's return on assets of last year was 0.0248935.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Activia Properties's gearing of this year was 0.40756372. Activia Properties's gearing of last year was 0.4002542.
==> 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
Activia Properties's current ratio of this year was 0.55705698. Activia Properties's current ratio of last year was 0.53279247.
==> 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.
Activia Properties's number of shares in issue this year was 2.376. Activia Properties's number of shares in issue last year was 2.387.
==> 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.
Activia Properties's gross margin of this year was 0.5915025. Activia Properties's gross margin of last year was 0.59458389.
==> 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
Activia Properties's asset turnover of this year was 0.05787073. Activia Properties's asset turnover of last year was 0.05557688.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Activia Properties has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Activia Properties (TSE:3279) has a Piotroski F-Score of 7 as of Jul. 13, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Activia Properties and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, Activia Properties' Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Activia Properties ranks #70 out of 886 companies in the REITs industry, placing it in the top 7.9%.
Is Activia Properties' Piotroski F-Score too high?
Activia Properties' current Piotroski F-Score of 7 is 40% above 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 8.00. The REITs industry median Piotroski F-Score is 6.00. Activia Properties' value of 7 is 16.7% above this industry median. Based on the distribution chart, Activia Properties ranks #70 out of 886 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Activia Properties has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Activia Properties' Piotroski F-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Activia Properties ranks #70 out of 886 companies for Piotroski F-Score. This places Activia Properties in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Activia Properties' value of 7 is 16.7% above this benchmark. Historically, Activia Properties' own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Activia Properties 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 REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 886 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. Activia Properties's current Piotroski F-Score of 7 is 16.7% 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 Activia Properties 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. Activia Properties's current Piotroski F-Score is 7, which is 40% above 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 Activia Properties stock overvalued right now?
Based on GuruFocus' analysis, Activia Properties (TSE:3279) is currently considered Fairly Valued. The stock's GF Value™ is 円132,830.10, compared to a current price of 円136,700.00 — trading 2.9% above its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 16.7% above the REITs industry median of 6.00. Activia Properties' overall GF Score™ is 69/100 with 10 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 Activia Properties (TSE:3279), the current Piotroski F-Score is 7 as of Jul. 13, 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 Activia Properties (TSE:3279) Overvalued in 2026?
Based on GuruFocus' analysis, Activia Properties stock appears to be overvalued.
The current stock price of 円136,700.00 is trading 2.9% above its estimated GF Value™ of 円132,830.10.
GuruFocus considers Activia Properties to be Fairly Valued.
Key valuation signals for TSE:3279:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: 円132,830.10 vs. price of 円136,700.00 (2.9% above fair value)
Industry Position: 16.7% above the REITs median (#70 of 886)
No single metric tells the full story. See the TSE:3279 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Activia Properties Inc, or API, is a Japanese real estate investment trust principally involved in the ownership of properties in the Greater Tokyo area. The majority of these properties are either urban retail units near train stations, corporate office properties, or other popular areas in Tokyo. API derives the vast majority of its income in the form of rental revenue from its real estate holdings. Its urban retail properties encompass the larger overall share of these holdings. The company's tenants include the Tokyu Land Corporation, a Japanese railway operator. Tokyu Land Corp is also the controlling shareholder of the firm that works with Activia through an asset management agreement, TLC Activia Investment Management Inc.
69GF Score
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