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Fast Retailing Co (TSE:9983) Piotroski F-Score : 4 (As of Jul. 23, 2025)


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What is Fast Retailing Co Piotroski F-Score?

The zones of discrimination were as such:

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

Fast Retailing Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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

TSE:9983' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 7   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Fast Retailing Co was 8. The lowest was 3. And the median was 7.


Fast Retailing Co Piotroski F-Score Historical Data

The historical data trend for Fast Retailing 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.

* Premium members only.

Fast Retailing Co Piotroski F-Score Chart

Fast Retailing Co Annual Data
Trend Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23 Aug24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 7.00 7.00 5.00 7.00

Fast Retailing Co Quarterly Data
Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25
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 8.00 7.00 7.00 6.00 4.00

Competitive Comparison of Fast Retailing Co's Piotroski F-Score

For the Apparel Retail subindustry, Fast Retailing 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.


Fast Retailing Co's Piotroski F-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Fast Retailing Co's Piotroski F-Score distribution charts can be found below:

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


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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 (May25) TTM:Last Year (May24) TTM:
Net Income was 59161 + 131963 + 101604 + 105532 = 円398,260 Mil.
Cash Flow from Operations was 197130 + 87697 + 210531 + 128904 = 円624,262 Mil.
Revenue was 737335 + 895192 + 895006 + 826510 = 円3,354,043 Mil.
Gross Profit was 394097 + 487571 + 467256 + 453705 = 円1,802,629 Mil.
Average Total Assets from the begining of this year (May24)
to the end of this year (May25) was
(3684122 + 3587565 + 3795103 + 3729143 + 3698193) / 5 = 円3698825.2 Mil.
Total Assets at the begining of this year (May24) was 円3,684,122 Mil.
Long-Term Debt & Capital Lease Obligation was 円366,753 Mil.
Total Current Assets was 円2,322,705 Mil.
Total Current Liabilities was 円903,240 Mil.
Net Income was 57711 + 107801 + 88111 + 116927 = 円370,550 Mil.

Revenue was 623053 + 810833 + 788165 + 767502 = 円2,989,553 Mil.
Gross Profit was 330766 + 442823 + 402420 + 433730 = 円1,609,739 Mil.
Average Total Assets from the begining of last year (May23)
to the end of last year (May24) was
(3100617 + 3303694 + 3434987 + 3495845 + 3684122) / 5 = 円3403853 Mil.
Total Assets at the begining of last year (May23) was 円3,100,617 Mil.
Long-Term Debt & Capital Lease Obligation was 円365,535 Mil.
Total Current Assets was 円2,372,919 Mil.
Total Current Liabilities was 円743,790 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.

Fast Retailing Co's current Net Income (TTM) was 398,260. ==> 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.

Fast Retailing Co's current Cash Flow from Operations (TTM) was 624,262. ==> 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 (May24)
=398260/3684122
=0.10810174

ROA (Last Year)=Net Income/Total Assets (May23)
=370550/3100617
=0.11950847

Fast Retailing Co's return on assets of this year was 0.10810174. Fast Retailing Co's return on assets of last year was 0.11950847. ==> Last year is higher ==> Score 0.

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.

Fast Retailing Co's current Net Income (TTM) was 398,260. Fast Retailing Co's current Cash Flow from Operations (TTM) was 624,262. ==> 624,262 > 398,260 ==> 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: May25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May24 to May25
=366753/3698825.2
=0.09915392

Gearing (Last Year: May24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from May23 to May24
=365535/3403853
=0.1073886

Fast Retailing Co's gearing of this year was 0.09915392. Fast Retailing Co's gearing of last year was 0.1073886. ==> 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: May25)=Total Current Assets/Total Current Liabilities
=2322705/903240
=2.57152584

Current Ratio (Last Year: May24)=Total Current Assets/Total Current Liabilities
=2372919/743790
=3.19030775

Fast Retailing Co's current ratio of this year was 2.57152584. Fast Retailing Co's current ratio of last year was 3.19030775. ==> 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.

Fast Retailing Co's number of shares in issue this year was 307.254. Fast Retailing Co's number of shares in issue last year was 307.239. ==> 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
=1802629/3354043
=0.53744958

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1609739/2989553
=0.53845475

Fast Retailing Co's gross margin of this year was 0.53744958. Fast Retailing Co's gross margin of last year was 0.53845475. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (May24)
=3354043/3684122
=0.91040498

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (May23)
=2989553/3100617
=0.96418003

Fast Retailing Co's asset turnover of this year was 0.91040498. Fast Retailing Co's asset turnover of last year was 0.96418003. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+0+0+0
=4

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

Fast Retailing Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Fast Retailing Co  (TSE:9983) 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.


Fast Retailing Co Piotroski F-Score Related Terms

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Fast Retailing Co Business Description

Traded in Other Exchanges
Address
10717-1 Sayama, Yamaguchi, Yamaguchi, JPN, 754-0894
Fast Retailing is Japan's largest apparel company, operating the casualwear retail chain Uniqlo known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales, while outsourcing almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the fourth-largest apparel company by sales globally in 2023 in our estimate, thanks to the expansion of Uniqlo International, which contributed 52% of core operating profit. As at the end of fiscal 2023, it ran 3,578 stores globally. Other brands in its portfolio include GU and acquired brands including Theory, Comptoir des Cotonniers, and Princesse Tam Tam. The Yanai family owned a 40.86% stake in the firm as at June 8, 2024.

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