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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.
First Steamship Co's Sloan Ratio for the quarter that ended in Jun. 2026 was -16.26%.
As of Jun. 2026, First Steamship Co has a Sloan Ratio of -16.26%, indicating there is a warning stage of accrual build up.
First Steamship Co (TPE:2601) 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 Jun. 2026, First Steamship Co has a Sloan Ratio of -16.26%, indicating there is a warning stage of accrual build up.
First Steamship Co Sloan Ratio % Related Terms
First Steamship Co Sloan Ratio % Historical Data
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The historical data trend for First Steamship Co's Sloan Ratio % 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 Department Stores subindustry, First Steamship Co'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.
First Steamship Co Sloan Ratio % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, First Steamship Co's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where First Steamship Co's Sloan Ratio % falls into.
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.
First Steamship Co's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
First Steamship Co's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was -71.479 (Sep. 2025 ) + -1065.623 (Dec. 2025 ) + -13.77 (Mar. 2026 ) + -150.438 (Jun. 2026 ) = NT$-1,301.3 Mil.
First Steamship Co's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was 190.132 (Sep. 2025 ) + 536.917 (Dec. 2025 ) + 323.697 (Mar. 2026 ) + 133.328 (Jun. 2026 ) = NT$1,184.1 Mil.
First Steamship Co's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -185.958 (Sep. 2025 ) + -278.729 (Dec. 2025 ) + -20.276 (Mar. 2026 ) + -145.552 (Jun. 2026 ) = NT$-630.5 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.
First Steamship Co (TPE:2601) has a Sloan Ratio % of -16.26% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on First Steamship Co and its competitors.
Is First Steamship Co's Sloan Ratio % too high?
First Steamship Co's current Sloan Ratio % is -16.26%. Overall, First Steamship Co has a GF Score™ of 46/100, reflecting its overall financial health beyond just this single metric.
How does First Steamship Co's Sloan Ratio % compare to DDS and M?
First Steamship Co's Sloan Ratio % of -16.26% can be compared against companies in the Retail - Cyclical 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 a Retail - Cyclical company?
A good Sloan Ratio % depends on the Retail - Cyclical 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 First Steamship Co and its competitors. First Steamship Co's current Sloan Ratio % is -16.26%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Steamship Co stock overvalued right now?
First Steamship Co (TPE:2601) has a current Sloan Ratio % of -16.26%. The current Sloan Ratio % is -16.26%. First Steamship Co's overall GF Score™ is 46/100 with 6 warning signs to review. 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 First Steamship Co (TPE:2601), the current Sloan Ratio % is -16.26% as of Jun. 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.
First Steamship Co Ltd is engaged in business management consultancy, domestic and international investments, as well as development, rental and sale of residential and commercial buildings. It operates in four segments the Shipping department, the Investing department, the Department Store department, and the Rental department. The Shipping department engages in domestic and international marine transportation and related businesses. The Investing department engages in domestic and international investment business. The Department Store department engages in department store retail industry, and the Rental department engages in automobile finance leasing company businesses. The majority of revenue is derived from the Department Store department segment.
46GF Score
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