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.
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.
TO BooksTSE:500A -1.78%23 Piotroski F-Score is 9 as of Jul. 21, 2026, which is at its 10-year median of 9.00. GuruFocus rates TSE:500A with a GF Score™ of 23/100. The stock has 1 warning sign investors should review. Among 1,004 Media - Diversified companies, TO Books ranks better than 99.9% on this metric.
Good Sign:
Piotroski F-Score is 9, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
TO Books has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for TO Books's Piotroski F-Score or its related term are showing as below:
TSE:500A'
s Piotroski F-Score Range Over the Past 10 Years
Min: 9 Med: 9 Max: 9
Current: 9
During the past 3 years, the highest Piotroski F-Score of TO Books was 9. The lowest was 9. And the median was 9.
TO Books (TSE:500A) 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.
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.
TO Books Piotroski F-Score Related Terms
TO Books Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for TO Books'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.
TO Books Piotroski F-Score Chart
TO Books Annual Data
Trend
Apr24
Apr25
Apr26
Piotroski F-Score
N/A
N/A
9.00
TO Books Semi-Annual Data
Apr24
Apr25
Oct25
Apr26
Piotroski F-Score
N/A
N/A
0.00
9.00
TSE:500A vs NYT, WLY: Piotroski F-Score Comparison
For the Publishing subindustry, TO Books'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.
TO Books Piotroski F-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, TO Books's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where TO Books'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.
TO Books's current Net Income (TTM) was 1,310.
==> 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.
TO Books's return on assets of this year was 0.21270793. TO Books's return on assets of last year was 0.13271674.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
TO Books's current ratio of this year was 2.97779383. TO Books's current ratio of last year was 2.72599115.
==> 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.
TO Books's number of shares in issue this year was 3.47. TO Books's number of shares in issue last year was 3.487.
==> 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.
TO Books's gross margin of this year was 0.72243864. TO Books's gross margin of last year was 0.68615305.
==> 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
TO Books's asset turnover of this year was 1.91473272. TO Books's asset turnover of last year was 1.61341079.
==> 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
+
1
+
1
+
1
+
1
+
1
+
1
+
1
=
9
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
TO Books has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
TO Books (TSE:500A) has a Piotroski F-Score of 9 as of Jul. 21, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on TO Books and its competitors. This is near median its historical median of 9.00. Over the past decade, TO Books' Piotroski F-Score has ranged from 9.00 to 9.00. According to the industry distribution chart, TO Books ranks #1 out of 1004 companies in the Media - Diversified industry, placing it in the top 0.099999999999994%.
Is TO Books' Piotroski F-Score too high?
TO Books' current Piotroski F-Score of 9 is near median its 10-year median of 9.00. Over the past 10 years, this metric has ranged from a low of 9.00 to a high of 9.00. The Media - Diversified industry median Piotroski F-Score is 5.00. TO Books' value of 9 is 80% above this industry median. Based on the distribution chart, TO Books ranks #1 out of 1004 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, TO Books has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does TO Books' Piotroski F-Score compare to NYT and WLY?
According to the Media - Diversified industry distribution chart, TO Books ranks #1 out of 1004 companies for Piotroski F-Score. This places TO Books in the top 0% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. TO Books' value of 9 is 80% above this benchmark. Historically, TO Books' own Piotroski F-Score has ranged from 9.00 to 9.00 over the past decade. While the company's 10-year median is 9.00 vs. the industry median of 5.00, TO Books 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 Media - Diversified company?
The median Piotroski F-Score among Media - Diversified companies is 5.00, based on 1,004 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. TO Books'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 TO Books and its competitors. For the Media - Diversified 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. TO Books's current Piotroski F-Score is 9, which is near median its own 10-year median of 9.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TO Books stock overvalued right now?
TO Books (TSE:500A) has a current Piotroski F-Score of 9. The current Piotroski F-Score is 9, which is near median its 10-year median of 9.00 and 80% above the Media - Diversified industry median of 5.00. TO Books' overall GF Score™ is 23/100 with 1 warning sign 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 TO Books (TSE:500A), the current Piotroski F-Score is 9 as of Jul. 21, 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.
TO Books Inc operates a content production business focused on the planning and editing of light novels and comics, with activities extending to animation, stage productions, and related merchandise.
23GF Score
Get the complete analysis for TSE:500A
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:500A has been successfully added to your 
