Green Earth Institute Co (TSE:9212) Piotroski F-Score: 5 (As of Jul. 14, 2026) — 67% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

TSE:9212 Green Earth Institute Co Ltd TSE:9212
57 GF Score
Price 円329.00
GF Value 円535.48
Valuation Possible Value Trap
! 5 Warning Signs
View Full Analysis

What is Green Earth Institute Co Piotroski F-Score?

Green Earth Institute Co TSE:9212 +2.49% 57 Piotroski F-Score is 5 as of Jul. 14, 2026, which is 67% above its 10-year median of 3.00. GuruFocus rates TSE:9212 with a GF Score™ of 57/100 and a GF Value™ of 円535.48 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,563 Chemicals companies, Green Earth Institute Co ranks better than 55.21% on this metric.

The zones of discrimination were as such:

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

Green Earth Institute Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

TSE:9212' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 3   Max: 5
Current: 5

During the past 7 years, the highest Piotroski F-Score of Green Earth Institute Co was 5. The lowest was 3. And the median was 3.

Green Earth Institute Co  (TSE:9212) 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.


Green Earth Institute Co Piotroski F-Score Related Terms


Green Earth Institute Co Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for Green Earth Institute Co'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.

Green Earth Institute Co Piotroski F-Score Chart

Green Earth Institute Co Annual Data
Trend Sep19 Sep20 Sep21 Sep22 Sep23 Sep24 Sep25
Piotroski F-Score
Get a 7-Day Free Trial 5.00 3.00 3.00 3.00 5.00

Green Earth Institute Co Semi-Annual Data
Sep19 Sep20 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 3.00 0.00 5.00 0.00

TSE:9212 vs LIN, SHW, ECL: Piotroski F-Score Comparison

For the Specialty Chemicals subindustry, Green Earth Institute Co'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.


Green Earth Institute Co Piotroski F-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Green Earth Institute Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Green Earth Institute Co's Piotroski F-Score falls into.


TSE:9212
57GF Score
Green Earth Institute Co Ltd TSE:9212
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

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 (Sep25) TTM:Last Year (Sep24) TTM:
Net Income was 円127 Mil.
Cash Flow from Operations was 円-49 Mil.
Revenue was 円1,075 Mil.
Gross Profit was 円642 Mil.
Average Total Assets from the begining of this year (Sep24)
to the end of this year (Sep25) was (2736.29 + 2967.492) / 2 = 円2851.891 Mil.
Total Assets at the begining of this year (Sep24) was 円2,736 Mil.
Long-Term Debt & Capital Lease Obligation was 円33 Mil.
Total Current Assets was 円2,737 Mil.
Total Current Liabilities was 円819 Mil.
Net Income was 円-134 Mil.

Revenue was 円1,003 Mil.
Gross Profit was 円442 Mil.
Average Total Assets from the begining of last year (Sep23)
to the end of last year (Sep24) was (2672.098 + 2736.29) / 2 = 円2704.194 Mil.
Total Assets at the begining of last year (Sep23) was 円2,672 Mil.
Long-Term Debt & Capital Lease Obligation was 円144 Mil.
Total Current Assets was 円2,636 Mil.
Total Current Liabilities was 円609 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.

Green Earth Institute Co's current Net Income (TTM) was 127. ==> 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.

Green Earth Institute Co's current Cash Flow from Operations (TTM) was -49. ==> Negative ==> Score 0.

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 (Sep24)
=127.324/2736.29
=0.04653162

ROA (Last Year)=Net Income/Total Assets (Sep23)
=-133.881/2672.098
=-0.05010333

Green Earth Institute Co's return on assets of this year was 0.04653162. Green Earth Institute Co's return on assets of last year was -0.05010333. ==> 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.

Green Earth Institute Co's current Net Income (TTM) was 127. Green Earth Institute Co's current Cash Flow from Operations (TTM) was -49. ==> -49 <= 127 ==> CFROA <= ROA ==> Score 0.

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: Sep25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep24 to Sep25
=33.11/2851.891
=0.01160984

Gearing (Last Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=143.767/2704.194
=0.05316445

Green Earth Institute Co's gearing of this year was 0.01160984. Green Earth Institute Co's gearing of last year was 0.05316445. ==> 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: Sep25)=Total Current Assets/Total Current Liabilities
=2736.804/819.324
=3.34031958

Current Ratio (Last Year: Sep24)=Total Current Assets/Total Current Liabilities
=2636.062/608.555
=4.33167421

Green Earth Institute Co's current ratio of this year was 3.34031958. Green Earth Institute Co's current ratio of last year was 4.33167421. ==> 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.

Green Earth Institute Co's number of shares in issue this year was 11.298. Green Earth Institute Co's number of shares in issue last year was 11.28. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=642.483/1075.413
=0.59742908

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=441.844/1002.54
=0.44072456

Green Earth Institute Co's gross margin of this year was 0.59742908. Green Earth Institute Co's gross margin of last year was 0.44072456. ==> 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 (Sep24)
=1075.413/2736.29
=0.39301865

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep23)
=1002.54/2672.098
=0.37518834

Green Earth Institute Co's asset turnover of this year was 0.39301865. Green Earth Institute Co's asset turnover of last year was 0.37518834. ==> 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+0+1+0+1+0+0+1+1
=5

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

Green Earth Institute Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 5 mean?
Green Earth Institute Co (TSE:9212) has a Piotroski F-Score of 5 as of Jul. 14, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Green Earth Institute Co and its competitors. This is 67% above median its historical median of 3.00. Over the past decade, Green Earth Institute Co's Piotroski F-Score has ranged from 3.00 to 5.00. According to the industry distribution chart, Green Earth Institute Co ranks #700 out of 1563 companies in the Chemicals industry, placing it in the top 44.8%.
Is Green Earth Institute Co's Piotroski F-Score too high?
Green Earth Institute Co's current Piotroski F-Score of 5 is 67% above median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 5.00. The Chemicals industry median Piotroski F-Score is 5.00. Green Earth Institute Co's value of 5 is 0% at this industry median. Based on the distribution chart, Green Earth Institute Co ranks #700 out of 1563 companies in the Chemicals industry, which is above the industry midpoint. Overall, Green Earth Institute Co has a GF Score™ of 57/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Green Earth Institute Co's Piotroski F-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Green Earth Institute Co ranks #700 out of 1563 companies for Piotroski F-Score. This puts Green Earth Institute Co in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Green Earth Institute Co's value of 5 is 0% at this benchmark. Historically, Green Earth Institute Co's own Piotroski F-Score has ranged from 3.00 to 5.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 5.00, Green Earth Institute Co has consistently been at 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 Chemicals company?
The median Piotroski F-Score among Chemicals companies is 5.00, based on 1,563 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. Green Earth Institute Co's current Piotroski F-Score of 5 is 0% at 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 Green Earth Institute Co and its competitors. For the Chemicals 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. Green Earth Institute Co's current Piotroski F-Score is 5, which is 67% above median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Green Earth Institute Co stock overvalued right now?
Based on GuruFocus' analysis, Green Earth Institute Co (TSE:9212) is currently considered Possible Value Trap. The stock's GF Value™ is 円535.48, compared to a current price of 円329.00 — trading 38.6% below its estimated fair value. The current Piotroski F-Score is 5, which is 67% above median its 10-year median of 3.00 and 0% at the Chemicals industry median of 5.00. Green Earth Institute Co's overall GF Score™ is 57/100 with 5 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 Green Earth Institute Co (TSE:9212), the current Piotroski F-Score is 5 as of Jul. 14, 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 Green Earth Institute Co (TSE:9212) Overvalued in 2026?

Based on GuruFocus' analysis, Green Earth Institute Co stock appears to be undervalued. The current stock price of 円329.00 is trading 38.6% below its estimated GF Value™ of 円535.48. GuruFocus considers Green Earth Institute Co to be Possible Value Trap.

Key valuation signals for TSE:9212:

  • Piotroski F-Score: 5 (67% above median its 10-year median of 3.00)
  • GF Value™: 円535.48 vs. price of 円329.00 (38.6% below fair value)
  • GF Score™: 57/100 with 5 warning signs
  • Industry Position: 0% at the Chemicals median (#700 of 1563)

No single metric tells the full story. See the TSE:9212 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Green Earth Institute Co Business Description

Address 7-3-1 Hongo, Bunkyo-ku, Tokyo, JPN, 113-8485
Green Earth Institute Co Ltd is engaged in the development and industrialization of green chemicals using biorefinery technologies.
57GF Score

Get the complete analysis for TSE:9212

Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円329.00
Price
円535.48
GF Value