How are the S–F grades calculated?

Grades are produced in three steps: ① relative scoring within the sector, ② fixed grade thresholds, and ③ a boundary buffer. Eleven indicators are organized under four axes — financial strength, growth momentum, price attractiveness, and shareholder return — and each indicator is converted to a percentile within the company's own sector (16 sectors in total). The "normal range" of debt ratios or margins differs by industry, so comparison happens within the sector rather than across the whole market.

Axis scores are then combined into a weighted total and mapped to an S–F grade against pre-set fixed thresholds; because the thresholds do not move with the market, a weak market cannot inflate the number of S grades. Finally, a buffer zone prevents the grade from flipping day to day when the total score hovers near a boundary. The full list of indicators and the scoring principles are published on the methodology page; only the exact weights and threshold values are withheld to prevent score gaming.