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.
Tosei Reit Investment Piotroski F-Score Related Terms
Tosei Reit Investment Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Tosei Reit Investment'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:3451 vs VICI, WPC: Piotroski F-Score Comparison
For the REIT - Diversified subindustry, Tosei Reit Investment'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.
Tosei Reit Investment Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Tosei Reit Investment's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tosei Reit Investment'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.
Tosei Reit Investment's current Net Income (TTM) was 2,894.
==> 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.
Tosei Reit Investment's current Cash Flow from Operations (TTM) was 4,011.
==> 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.
Tosei Reit Investment's return on assets of this year was 0.03217057. Tosei Reit Investment's return on assets of last year was 0.03235481.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Tosei Reit Investment's gearing of this year was 0.38282383. Tosei Reit Investment's gearing of last year was 0.3964205.
==> 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
Tosei Reit Investment's current ratio of this year was 0.83998346. Tosei Reit Investment's current ratio of last year was 0.94872553.
==> 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.
Tosei Reit Investment's number of shares in issue this year was 0.376. Tosei Reit Investment's number of shares in issue last year was 0.376.
==> 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.
Tosei Reit Investment's gross margin of this year was 0.56582677. Tosei Reit Investment's gross margin of last year was 0.56117235.
==> 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
Tosei Reit Investment's asset turnover of this year was 0.08248425. Tosei Reit Investment's asset turnover of last year was 0.08359201.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
=
Que. 1
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1
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1
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tosei Reit Investment has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Tosei Reit Investment (TSE:3451) has a Piotroski F-Score of 6 as of Jun. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Tosei Reit Investment and its competitors. This is 20% above median its historical median of 5.00. Over the past decade, Tosei Reit Investment's Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, Tosei Reit Investment ranks #233 out of 890 companies in the REITs industry, placing it in the top 26.2%.
Is Tosei Reit Investment's Piotroski F-Score too high?
Tosei Reit Investment's current Piotroski F-Score of 6 is 20% 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 7.00. The REITs industry median Piotroski F-Score is 6.00. Tosei Reit Investment's value of 6 is 0% at this industry median. Based on the distribution chart, Tosei Reit Investment ranks #233 out of 890 companies in the REITs industry, which is above the industry midpoint. Overall, Tosei Reit Investment has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Tosei Reit Investment's Piotroski F-Score compare to VICI and WPC?
According to the REITs industry distribution chart, Tosei Reit Investment ranks #233 out of 890 companies for Piotroski F-Score. This puts Tosei Reit Investment in the upper half of its industry. The industry median Piotroski F-Score is 6.00. Tosei Reit Investment's value of 6 is 0% at this benchmark. Historically, Tosei Reit Investment'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 5.00 vs. the industry median of 6.00, Tosei Reit Investment has consistently been at 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 890 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. Tosei Reit Investment's current Piotroski F-Score of 6 is 0% at 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 Tosei Reit Investment 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. Tosei Reit Investment's current Piotroski F-Score is 6, which is 20% 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 Tosei Reit Investment stock overvalued right now?
Based on GuruFocus' analysis, Tosei Reit Investment (TSE:3451) is currently considered Fairly Valued. The stock's GF Value™ is 円142,503.42, compared to a current price of 円134,300.00 — trading 5.8% below its estimated fair value. The current Piotroski F-Score is 6, which is 20% above median its 10-year median of 5.00 and 0% at the REITs industry median of 6.00. Tosei Reit Investment's overall GF Score™ is 62/100 with 5 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 Tosei Reit Investment (TSE:3451), the current Piotroski F-Score is 6 as of Jun. 30, 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 Tosei Reit Investment (TSE:3451) Overvalued in 2026?
Based on GuruFocus' analysis, Tosei Reit Investment stock appears to be undervalued.
The current stock price of 円134,300.00 is trading 5.8% below its estimated GF Value™ of 円142,503.42.
GuruFocus considers Tosei Reit Investment to be Fairly Valued.
Key valuation signals for TSE:3451:
Piotroski F-Score: 6 (20% above median its 10-year median of 5.00)
GF Value™: 円142,503.42 vs. price of 円134,300.00 (5.8% below fair value)
Industry Position: 0% at the REITs median (#233 of 890)
No single metric tells the full story. See the TSE:3451 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tosei Reit Investment Corp is a Japanese company operating in the real estate industry. The company invests in real estate and other assets and the investments are spread across Offices, Commercial facility and Housing.
62GF Score
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