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FP (TSE:7947) Piotroski F-Score : 8 (As of Mar. 02, 2025)


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What is FP Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, 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

FP has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for FP's Piotroski F-Score or its related term are showing as below:

TSE:7947' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 8

During the past 13 years, the highest Piotroski F-Score of FP was 9. The lowest was 4. And the median was 6.


FP Piotroski F-Score Historical Data

The historical data trend for FP'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.

* Premium members only.

FP Piotroski F-Score Chart

FP Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 9.00 6.00 5.00 6.00

FP Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 6.00 6.00 8.00

Competitive Comparison of FP's Piotroski F-Score

For the Packaging & Containers subindustry, FP'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.


FP's Piotroski F-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, FP's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FP's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 2078 + 1452 + 2885 + 5762 = 円12,177 Mil.
Cash Flow from Operations was 9761 + 8394 + 3243 + 3915 = 円25,313 Mil.
Revenue was 51340 + 55131 + 59761 + 66714 = 円232,946 Mil.
Gross Profit was 15632 + 15856 + 17928 + 22434 = 円71,850 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(305906 + 298580 + 0 + 290686 + 302930) / 5 = 円299525.5 Mil.
Total Assets at the begining of this year (Dec23) was 円305,906 Mil.
Long-Term Debt & Capital Lease Obligation was 円49,751 Mil.
Total Current Assets was 円109,552 Mil.
Total Current Liabilities was 円93,125 Mil.
Net Income was 1719 + 2244 + 2878 + 4524 = 円11,365 Mil.

Revenue was 48474 + 53233 + 55493 + 62034 = 円219,234 Mil.
Gross Profit was 14660 + 15109 + 16519 + 19825 = 円66,113 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(310293 + 298623 + 290778 + 300027 + 305906) / 5 = 円301125.4 Mil.
Total Assets at the begining of last year (Dec22) was 円310,293 Mil.
Long-Term Debt & Capital Lease Obligation was 円62,543 Mil.
Total Current Assets was 円111,584 Mil.
Total Current Liabilities was 円89,522 Mil.

*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.

FP's current Net Income (TTM) was 12,177. ==> 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.

FP's current Cash Flow from Operations (TTM) was 25,313. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=12177/305906
=0.03980635

ROA (Last Year)=Net Income/Total Assets (Dec22)
=11365/310293
=0.03662667

FP's return on assets of this year was 0.03980635. FP's return on assets of last year was 0.03662667. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

FP's current Net Income (TTM) was 12,177. FP's current Cash Flow from Operations (TTM) was 25,313. ==> 25,313 > 12,177 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=49751/299525.5
=0.16609938

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=62543/301125.4
=0.20769752

FP's gearing of this year was 0.16609938. FP's gearing of last year was 0.20769752. ==> 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

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=109552/93125
=1.17639732

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=111584/89522
=1.24644222

FP's current ratio of this year was 1.17639732. FP's current ratio of last year was 1.24644222. ==> 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.

FP's number of shares in issue this year was 80.851. FP's number of shares in issue last year was 81.871. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=71850/232946
=0.30844058

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=66113/219234
=0.30156363

FP's gross margin of this year was 0.30844058. FP's gross margin of last year was 0.30156363. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=232946/305906
=0.76149536

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=219234/310293
=0.70653866

FP's asset turnover of this year was 0.76149536. FP's asset turnover of last year was 0.70653866. ==> 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+0+1+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FP has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

FP  (TSE:7947) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


FP Piotroski F-Score Related Terms

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FP Business Description

Traded in Other Exchanges
N/A
Address
1-13-15 Akebonocho, Hiroshima, Fukuyama, JPN, 721-8607
FP Corp is a Japan-based company engaged in manufacturing disposable food containers made of polystyrene and other compound resins that are used simple, such as grocery stores. The group offers a wide range of products, such as pre-cooked food containers, take-out lunch box containers, containers for selling small portions, and containers for soup products, which are helping consumers in a variety of food scenes.

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