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Starts PublishingTSE:7849 84 Piotroski F-Score is 2 as of Aug. 29, 2026, which is 71% below its 10-year median of 7.00. GuruFocus rates TSE:7849 with a GF Score™ of 84/100 and a GF Value™ of 円2,937.74 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,006 Media - Diversified companies, Starts Publishing ranks worse than 92.25% on this metric.
Warning Sign:
Piotroski F-Score of 2 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Starts Publishing has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Starts Publishing's Piotroski F-Score or its related term are showing as below:
TSE:7849'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 7 Max: 9
Current: 2
During the past 13 years, the highest Piotroski F-Score of Starts Publishing was 9. The lowest was 2. And the median was 7.
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.
Starts Publishing Piotroski F-Score Related Terms
Starts Publishing Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Starts Publishing'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:7849 vs NYT, WLY: Piotroski F-Score Comparison
For the Publishing subindustry, Starts Publishing'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.
Starts Publishing Piotroski F-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Starts Publishing's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Starts Publishing'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.
Starts Publishing's current Net Income (TTM) was 951.
==> 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.
Starts Publishing's return on assets of this year was 0.07857297. Starts Publishing's return on assets of last year was 0.10440548.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Starts Publishing's gearing of this year was 0.00955049. Starts Publishing's gearing of last year was 0.
==> 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
Starts Publishing's current ratio of this year was 5.71768487. Starts Publishing's current ratio of last year was 6.23063408.
==> 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.
Starts Publishing's number of shares in issue this year was 3.813. Starts Publishing's number of shares in issue last year was 3.84.
==> 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.
Starts Publishing's gross margin of this year was 0.51153186. Starts Publishing's gross margin of last year was 0.51473118.
==> 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
Starts Publishing's asset turnover of this year was 0.52673547. Starts Publishing's asset turnover of last year was 0.53652529.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Starts Publishing has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Starts Publishing (TSE:7849) has a Piotroski F-Score of 2 as of Aug. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Starts Publishing and its competitors. This is 71% below median its historical median of 7.00. Over the past decade, Starts Publishing's Piotroski F-Score has ranged from 2.00 to 9.00. According to the industry distribution chart, Starts Publishing ranks #928 out of 1006 companies in the Media - Diversified industry, placing it in the top 92.2%.
Is Starts Publishing's Piotroski F-Score too high?
Starts Publishing's current Piotroski F-Score of 2 is 71% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 9.00. The Media - Diversified industry median Piotroski F-Score is 5.00. Starts Publishing's value of 2 is 60% below this industry median. Based on the distribution chart, Starts Publishing ranks #928 out of 1006 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Starts Publishing has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Starts Publishing's Piotroski F-Score compare to NYT and WLY?
According to the Media - Diversified industry distribution chart, Starts Publishing ranks #928 out of 1006 companies for Piotroski F-Score. This places Starts Publishing in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Starts Publishing's value of 2 is 60% below this benchmark. Historically, Starts Publishing's own Piotroski F-Score has ranged from 2.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Starts Publishing has consistently been below 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 1,006 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. Starts Publishing's current Piotroski F-Score of 2 is 60% below 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 Starts Publishing 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. Starts Publishing's current Piotroski F-Score is 2, which is 71% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Starts Publishing stock overvalued right now?
Based on GuruFocus' analysis, Starts Publishing (TSE:7849) is currently considered Fairly Valued. The stock's GF Value™ is 円2,937.74, compared to a current price of 円3,105.00 — trading 5.7% above its estimated fair value. The current Piotroski F-Score is 2, which is 71% below median its 10-year median of 7.00 and 60% below the Media - Diversified industry median of 5.00. Starts Publishing's overall GF Score™ is 84/100 with 2 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 Starts Publishing (TSE:7849), the current Piotroski F-Score is 2 as of Aug. 29, 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 Starts Publishing (TSE:7849) Overvalued in 2026?
Based on GuruFocus' analysis, Starts Publishing stock appears to be overvalued.
The current stock price of 円3,105.00 is trading 5.7% above its estimated GF Value™ of 円2,937.74.
GuruFocus considers Starts Publishing to be Fairly Valued.
Key valuation signals for TSE:7849:
Piotroski F-Score: 2 (71% below median its 10-year median of 7.00)
GF Value™: 円2,937.74 vs. price of 円3,105.00 (5.7% above fair value)
Industry Position: 60% below the Media - Diversified median (#928 of 1006)
No single metric tells the full story. See the TSE:7849 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Starts Publishing Corp is engaged in Tokyo marketing domain which include event planning and management and sales to publishing store, and post contents of the domain. Its segments include: Book content business; and Media Solutions Business. It derives maximum revenue from Book content business segment.
84GF Score
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