TBS HoldingsTSE:9401 +1.48%83 Piotroski F-Score is 7 as of Jun. 29, 2026, which is 40% above its 10-year median of 5.00. GuruFocus rates TSE:9401 with a GF Score™ of 83/100 and a GF Value™ of 円4,689.25 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,009 Media - Diversified companies, TBS Holdings ranks better than 91.87% 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
TBS 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 TBS Holdings's Piotroski F-Score or its related term are showing as below:
TSE:9401'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 5 Max: 8
Current: 7
During the past 13 years, the highest Piotroski F-Score of TBS Holdings was 8. The lowest was 4. And the median was 5.
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.
TBS Holdings Piotroski F-Score Related Terms
TBS Holdings Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for TBS 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.
For the Broadcasting subindustry, TBS 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.
TBS Holdings Piotroski F-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, TBS Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where TBS 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.
TBS Holdings's current Net Income (TTM) was 52,228.
==> 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.
TBS Holdings's return on assets of this year was 0.0402955. TBS Holdings's return on assets of last year was 0.02801524.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
TBS Holdings's gearing of this year was 0.04944355. TBS Holdings's gearing of last year was 0.00908009.
==> 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
TBS Holdings's current ratio of this year was 2.42939865. TBS Holdings's current ratio of last year was 1.84873659.
==> 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.
TBS Holdings's number of shares in issue this year was 157.589. TBS Holdings's number of shares in issue last year was 160.839.
==> 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.
TBS Holdings's gross margin of this year was 0.33258797. TBS Holdings's gross margin of last year was 0.31654291.
==> 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
TBS Holdings's asset turnover of this year was 0.32778474. TBS Holdings's asset turnover of last year was 0.25945707.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
TBS Holdings has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
TBS Holdings (TSE:9401) has a Piotroski F-Score of 7 as of Jun. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on TBS Holdings and its competitors. This is 40% above median its historical median of 5.00. Over the past decade, TBS Holdings' Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, TBS Holdings ranks #82 out of 1009 companies in the Media - Diversified industry, placing it in the top 8.1%.
Is TBS Holdings' Piotroski F-Score too high?
TBS Holdings' current Piotroski F-Score of 7 is 40% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Media - Diversified industry median Piotroski F-Score is 5.00. TBS Holdings' value of 7 is 40% above this industry median. Based on the distribution chart, TBS Holdings ranks #82 out of 1009 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, TBS Holdings has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TBS Holdings' Piotroski F-Score compare to NXST?
According to the Media - Diversified industry distribution chart, TBS Holdings ranks #82 out of 1009 companies for Piotroski F-Score. This places TBS Holdings in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. TBS Holdings' value of 7 is 40% above this benchmark. Historically, TBS Holdings' own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, TBS 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 Media - Diversified company?
The median Piotroski F-Score among Media - Diversified companies is 5.00, based on 1,009 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. TBS Holdings's current Piotroski F-Score of 7 is 40% 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 TBS Holdings 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. TBS Holdings's current Piotroski F-Score is 7, which is 40% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TBS Holdings stock overvalued right now?
Based on GuruFocus' analysis, TBS Holdings (TSE:9401) is currently considered Modestly Overvalued. The stock's GF Value™ is 円4,689.25, compared to a current price of 円6,085.00 — trading 29.8% above its estimated fair value. The current Piotroski F-Score is 7, which is 40% above median its 10-year median of 5.00 and 40% above the Media - Diversified industry median of 5.00. TBS Holdings' overall GF Score™ is 83/100 with 6 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 TBS Holdings (TSE:9401), the current Piotroski F-Score is 7 as of Jun. 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 TBS Holdings (TSE:9401) Overvalued in 2026?
Based on GuruFocus' analysis, TBS Holdings stock appears to be overvalued.
The current stock price of 円6,085.00 is trading 29.8% above its estimated GF Value™ of 円4,689.25.
GuruFocus considers TBS Holdings to be Modestly Overvalued.
Key valuation signals for TSE:9401:
Piotroski F-Score: 7 (40% above median its 10-year median of 5.00)
GF Value™: 円4,689.25 vs. price of 円6,085.00 (29.8% above fair value)
Industry Position: 40% above the Media - Diversified median (#82 of 1009)
No single metric tells the full story. See the TSE:9401 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TBS Holdings Inc is a Japanese media and broadcasting holding company that operates television businesses through its subsidiaries. The company operates through three reportable segments: Media & Content Business, Lifestyle Business, and Real Estate & Other Business. The Media & Content Business includes television and radio broadcasting, event planning, video software production, and distribution. The Lifestyle Business handles general merchandise retail, beauty and wellness services, private tutoring, and early childhood education. The Real Estate & Other Business segment involves land and building rentals. It generates the majority of its revenue from the Media & content business segment.
83GF Score
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