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.
ANA HoldingsTSE:9202 +2.58%83 Piotroski F-Score is 7 as of Jul. 29, 2026, which is 17% above its 10-year median of 6.00. GuruFocus rates TSE:9202 with a GF Score™ of 83/100 and a GF Value™ of 円3,419.84 (Fairly Valued). The stock has 2 warning signs investors should review. Among 978 Transportation companies, ANA Holdings ranks better than 86.71% on this metric.
Good Sign:
Piotroski F-Score is 7, 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
ANA Holdings has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for ANA Holdings's Piotroski F-Score or its related term are showing as below:
TSE:9202'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 7
Current: 7
During the past 13 years, the highest Piotroski F-Score of ANA Holdings was 7. The lowest was 2. And the median was 6.
ANA Holdings (TSE:9202) 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.
ANA Holdings Piotroski F-Score Related Terms
ANA Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for ANA Holdings'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:9202 vs DAL, UAL, LUV: Piotroski F-Score Comparison
For the Airlines subindustry, ANA Holdings'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.
ANA Holdings Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, ANA Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where ANA Holdings'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.
ANA Holdings's current Net Income (TTM) was 165,533.
==> 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.
ANA Holdings's return on assets of this year was 0.04517513. ANA Holdings's return on assets of last year was 0.04169025.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
ANA Holdings's gearing of this year was 0.27008357. ANA Holdings's gearing of last year was 0.27755455.
==> 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
ANA Holdings's current ratio of this year was 1.47852037. ANA Holdings's current ratio of last year was 1.33780278.
==> 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.
ANA Holdings's number of shares in issue this year was 545.866. ANA Holdings's number of shares in issue last year was 522.847.
==> There is larger number of shares in issue this year. ==> Score 0.
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.
ANA Holdings's gross margin of this year was 0.17095884. ANA Holdings's gross margin of last year was 0.18621473.
==> 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
ANA Holdings's asset turnover of this year was 0.72682275. ANA Holdings's asset turnover of last year was 0.63217835.
==> 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
+
0
+
0
+
1
=
7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
ANA Holdings has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
ANA Holdings (TSE:9202) has a Piotroski F-Score of 7 as of Jul. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on ANA Holdings and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, ANA Holdings' Piotroski F-Score has ranged from 2.00 to 7.00. According to the industry distribution chart, ANA Holdings ranks #130 out of 978 companies in the Transportation industry, placing it in the top 13.3%.
Is ANA Holdings' Piotroski F-Score too high?
ANA Holdings' current Piotroski F-Score of 7 is 17% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 7.00. The Transportation industry median Piotroski F-Score is 6.00. ANA Holdings' value of 7 is 16.7% above this industry median. Based on the distribution chart, ANA Holdings ranks #130 out of 978 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, ANA Holdings has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does ANA Holdings' Piotroski F-Score compare to DAL and UAL?
According to the Transportation industry distribution chart, ANA Holdings ranks #130 out of 978 companies for Piotroski F-Score. This places ANA Holdings in the top 13% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. ANA Holdings' value of 7 is 16.7% above this benchmark. Historically, ANA Holdings' own Piotroski F-Score has ranged from 2.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, ANA Holdings 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 Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 978 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. ANA Holdings's current Piotroski F-Score of 7 is 16.7% 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 ANA Holdings and its competitors. For the Transportation 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. ANA Holdings's current Piotroski F-Score is 7, which is 17% 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 ANA Holdings stock overvalued right now?
Based on GuruFocus' analysis, ANA Holdings (TSE:9202) is currently considered Fairly Valued. The stock's GF Value™ is 円3,419.84, compared to a current price of 円3,221.00 — trading 5.8% below its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 16.7% above the Transportation industry median of 6.00. ANA Holdings' overall GF Score™ is 83/100 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 ANA Holdings (TSE:9202), the current Piotroski F-Score is 7 as of Jul. 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 ANA Holdings (TSE:9202) Overvalued in 2026?
Based on GuruFocus' analysis, ANA Holdings stock appears to be undervalued.
The current stock price of 円3,221.00 is trading 5.8% below its estimated GF Value™ of 円3,419.84.
GuruFocus considers ANA Holdings to be Fairly Valued.
Key valuation signals for TSE:9202:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: 円3,419.84 vs. price of 円3,221.00 (5.8% below fair value)
Industry Position: 16.7% above the Transportation median (#130 of 978)
No single metric tells the full story. See the TSE:9202 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ANA Holdings is the holding firm of Japan's largest airline, All Nippon Airways. Besides the flagship carrier, ANA also owns discount airline Peach Aviation, Hokkaido-based Air Do, and airfreight carrier Nippon Cargo Airlines. Air Japan, which was launched to provide discount flights to Southeast Asia, will cease in 2026. Prior to covid-19, passenger transport made up over 50% of group revenue, split almost equally between domestic and international passenger routes while cargo revenue made up 4%-5%. Its primary hub is Tokyo's Narita International Airport, but it is also expanding routes from Haneda Airport. ANA has minor stakes in Philippine Airlines, Vietnam Airlines, and IHG ANA Hotels Group Japan. The latter is a hotel chain in Japan owned and operated by InterContinental Hotels Group.
83GF Score
Get the complete analysis for TSE:9202
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:9202 has been successfully added to your 
