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.
Yamada Servicer Synthetic Office Piotroski F-Score Related Terms
Yamada Servicer Synthetic Office Piotroski F-Score Historical Data
* 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:4351 vs CTAS, CPRT, ULS: Piotroski F-Score Comparison
For the Specialty Business Services subindustry, Yamada Servicer Synthetic Office'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.
Yamada Servicer Synthetic Office Piotroski F-Score vs Business Services Industry
For the Business Services industry and Industrials sector, Yamada Servicer Synthetic Office's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Yamada Servicer Synthetic Office'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.
Yamada Servicer Synthetic Office's current Net Income (TTM) was 71.
==> 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.
Yamada Servicer Synthetic Office's current Cash Flow from Operations (TTM) was 1,407.
==> 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.
Yamada Servicer Synthetic Office's return on assets of this year was 0.01066229. Yamada Servicer Synthetic Office's return on assets of last year was 0.00705175.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Yamada Servicer Synthetic Office's gearing of this year was 0.01148278. Yamada Servicer Synthetic Office's gearing of last year was 0.01566277.
==> 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
Yamada Servicer Synthetic Office's current ratio of this year was 3.76120373. Yamada Servicer Synthetic Office's current ratio of last year was 2.66968851.
==> 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.
Yamada Servicer Synthetic Office's number of shares in issue this year was 4.26. Yamada Servicer Synthetic Office's number of shares in issue last year was 4.26.
==> 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.
Yamada Servicer Synthetic Office's gross margin of this year was 0.30441551. Yamada Servicer Synthetic Office's gross margin of last year was 0.28711784.
==> 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
Yamada Servicer Synthetic Office's asset turnover of this year was 0.34118032. Yamada Servicer Synthetic Office's asset turnover of last year was 0.3249618.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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9
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Yamada Servicer Synthetic Office has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
Yamada Servicer Synthetic Office (TSE:4351) has a Piotroski F-Score of 9 as of Jul. 11, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Yamada Servicer Synthetic Office and its competitors. This is 50% above median its historical median of 6.00. Over the past decade, Yamada Servicer Synthetic Office's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Yamada Servicer Synthetic Office ranks #1 out of 1065 companies in the Business Services industry, placing it in the top 0.099999999999994%.
Is Yamada Servicer Synthetic Office's Piotroski F-Score too high?
Yamada Servicer Synthetic Office's current Piotroski F-Score of 9 is 50% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Business Services industry median Piotroski F-Score is 5.00. Yamada Servicer Synthetic Office's value of 9 is 80% above this industry median. Based on the distribution chart, Yamada Servicer Synthetic Office ranks #1 out of 1065 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, Yamada Servicer Synthetic Office has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Yamada Servicer Synthetic Office's Piotroski F-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Yamada Servicer Synthetic Office ranks #1 out of 1065 companies for Piotroski F-Score. This places Yamada Servicer Synthetic Office in the top 0% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Yamada Servicer Synthetic Office's value of 9 is 80% above this benchmark. Historically, Yamada Servicer Synthetic Office's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Yamada Servicer Synthetic Office 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 Business Services company?
The median Piotroski F-Score among Business Services companies is 5.00, based on 1,065 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. Yamada Servicer Synthetic Office's current Piotroski F-Score of 9 is 80% 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 Yamada Servicer Synthetic Office and its competitors. For the Business Services 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. Yamada Servicer Synthetic Office's current Piotroski F-Score is 9, which is 50% above 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 Yamada Servicer Synthetic Office stock overvalued right now?
Based on GuruFocus' analysis, Yamada Servicer Synthetic Office (TSE:4351) is currently considered Fairly Valued. The stock's GF Value™ is 円888.13, compared to a current price of 円870.00 — trading 2% below its estimated fair value. The current Piotroski F-Score is 9, which is 50% above median its 10-year median of 6.00 and 80% above the Business Services industry median of 5.00. Yamada Servicer Synthetic Office's overall GF Score™ is 59/100 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 Yamada Servicer Synthetic Office (TSE:4351), the current Piotroski F-Score is 9 as of Jul. 11, 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 Yamada Servicer Synthetic Office (TSE:4351) Overvalued in 2026?
Based on GuruFocus' analysis, Yamada Servicer Synthetic Office stock appears to be undervalued.
The current stock price of 円870.00 is trading 2% below its estimated GF Value™ of 円888.13.
GuruFocus considers Yamada Servicer Synthetic Office to be Fairly Valued.
Key valuation signals for TSE:4351:
Piotroski F-Score: 9 (50% above median its 10-year median of 6.00)
GF Value™: 円888.13 vs. price of 円870.00 (2% below fair value)
Industry Position: 80% above the Business Services median (#1 of 1065)
No single metric tells the full story. See the TSE:4351 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Yamada Servicer Synthetic Office Business Description
Yamada Servicer Synthetic Office is engaged in responding to the needs of range of financial institutions, investors and others and manage and collect purchased loans and entrusted claims. The company is also engaged in real estate and development activities and it conducts current state survey and border determination survey necessary to promote effective utilization of real estate.
59GF Score
Get the complete analysis for TSE:4351
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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