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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Jan. 2026, Fonterra Shareholders Fund has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Fonterra Shareholders Fund (NZSE:FSF) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jan. 2026, Fonterra Shareholders Fund has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Fonterra Shareholders Fund Sloan Ratio % Related Terms
Fonterra Shareholders Fund Sloan Ratio % Historical Data
* 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.
NZSE:FSF vs BLK, BX, KKR: Sloan Ratio % Comparison
For the Asset Management subindustry, Fonterra Shareholders Fund's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Fonterra Shareholders Fund Sloan Ratio % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Fonterra Shareholders Fund's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Fonterra Shareholders Fund's Sloan Ratio % falls into.
Fonterra Shareholders Fund Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Fonterra Shareholders Fund's Net Income for the trailing twelve months (TTM) ended in Jan. 2026 was 0 (Jul. 2025 ) + 0 (Jan. 2026 ) = NZ$0.00 Mil.
Fonterra Shareholders Fund's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jan. 2026 was 24 (Jul. 2025 ) + 38 (Jan. 2026 ) = NZ$62.00 Mil.
Fonterra Shareholders Fund's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jan. 2026 was 0 (Jul. 2025 ) + 0 (Jan. 2026 ) = NZ$0.00 Mil.
* 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.
Fonterra Shareholders Fund (NZSE:FSF) has a Sloan Ratio % of 0.00% as of Jan. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Fonterra Shareholders Fund and its competitors.
Is Fonterra Shareholders Fund's Sloan Ratio % too high?
Fonterra Shareholders Fund's current Sloan Ratio % is 0.00%. Overall, Fonterra Shareholders Fund has a GF Score™ of 41/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fonterra Shareholders Fund's Sloan Ratio % compare to BLK and BX?
Fonterra Shareholders Fund's Sloan Ratio % of 0.00% can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Asset Management company?
A good Sloan Ratio % depends on the Asset Management industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Fonterra Shareholders Fund and its competitors. Fonterra Shareholders Fund's current Sloan Ratio % is 0.00%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fonterra Shareholders Fund stock overvalued right now?
Based on GuruFocus' analysis, Fonterra Shareholders Fund (NZSE:FSF) is currently considered Fairly Valued. The stock's GF Value™ is NZ$7.77, compared to a current price of NZ$7.05 — trading 9.3% below its estimated fair value. The current Sloan Ratio % is 0.00%. Fonterra Shareholders Fund's overall GF Score™ is 41/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Fonterra Shareholders Fund (NZSE:FSF), the current Sloan Ratio % is 0.00% as of Jan. 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 Fonterra Shareholders Fund (NZSE:FSF) Overvalued in 2026?
Based on GuruFocus' analysis, Fonterra Shareholders Fund stock appears to be undervalued.
The current stock price of NZ$7.05 is trading 9.3% below its estimated GF Value™ of NZ$7.77.
GuruFocus considers Fonterra Shareholders Fund to be Fairly Valued.
Key valuation signals for NZSE:FSF:
Sloan Ratio %: 0.00%
GF Value™: NZ$7.77 vs. price of NZ$7.05 (9.3% below fair value)
No single metric tells the full story. See the NZSE:FSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fonterra Shareholders Fund functions as a managed investment scheme that issues units to investors through which investors gain economic rights to Fonterra shares. The main purpose of the FSF is to allow public investors who are not milk-supplying farmers to invest indirectly in Fonterra's economic performance.
41GF Score
Get the complete analysis for NZSE:FSF
Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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