Methodology
How Maegim's grades are computed — from what data and by what principles. The indicator list and scoring principles are fully public.
4 axes, 11 indicators
1. Financial strengthDebt, liquidity, profitability — the strength to endure
- Debt-to-equity ratioTotal liabilities ÷ total equity × 100. Lower means less financial burden.
- Current ratioCurrent assets ÷ current liabilities × 100.
- Operating marginOperating income ÷ revenue × 100.
- ROE (return on equity)Net income ÷ equity × 100.
2. Growth momentumDirection of revenue and core profit — the strength to grow
- Revenue growth (YoY)Revenue growth vs. the prior fiscal year.
- Revenue 3-year CAGRCompound annual growth rate of revenue over three fiscal years.
- Operating income change (YoY)Operating income change vs. the prior fiscal year.
- Operating income change (3Y)Operating income change vs. three fiscal years ago.
3. Price attractivenessPrice relative to earnings and book — how attractive today's price is
- P/E (price-to-earnings)Market cap ÷ net income. Scored relative to sector peers; lower means cheaper per unit of earnings.
- P/B (price-to-book)Market cap ÷ book equity. Scored relative to sector peers.
4. Shareholder ReturnDoes it share profits via dividends — the part that returns to shareholders
- Dividend yieldCommon-stock dividend per share ÷ fiscal year-end close × 100. Based on the latest fiscal year; no dividend scores as 0%.
Financials and holding companies are scored on a reduced indicator set that excludes revenue-based metrics (operating margin, revenue growth, current ratio, debt ratio) due to sector accounting differences.
Scoring principles
① Sector-relative scoring — the 'normal range' of debt ratios and margins differs by industry, so each indicator is scored as a percentile within its sector (16 sectors).
② Fixed thresholds — the weighted total is mapped to S–F against pre-set thresholds, so S grades don't inflate even when the whole market deteriorates.
③ Boundary damping — a buffer zone prevents grades from flipping day-to-day when the total hovers near a threshold.
Every box and gap is drawn at the same size — they do not represent the weight of any axis or indicator. The exact weights and threshold values are not published.
How to read the screens
The numbers in the examples below are arbitrary values shown only to explain the notation. They are unrelated to the actual scoring coefficients or to any specific stock.
Grade badges
Toward S means a higher total-score band; toward F, a lower band. Badges are distinguished by ink intensity and shape (fill, outline, dashed) rather than hue, and on screen they always appear together with a score and a percentile sentence.
Axis score bars
Axis scores use a 0–100 scale, and the vertical tick in the middle of the bar marks 50 — the midpoint of the scale, not the sector median.
Sector percentile track
The dot marks where this indicator sits within its own sector, and the middle tick is the sector median (the 50th percentile). Above the median we write "top N%"; below it we flip to "bottom M%". Both are rounded up, so the stated band is always the wider one.
When a grade changes
A grade changes through five channels: ① indicator changes move the total score across a baseline, ② withholding starts or ends, ③ a cap based on disclosed facts is applied or lifted, ④ calculation conditions change (sector classification or financial statement basis), ⑤ the methodology version changes. The reason type of each change is shown in 'Grade change history' on the stock page.
Even when the total score crosses a baseline, the previous grade may be kept inside the boundary buffer zone. The total score alone therefore does not determine the next published grade.
Maegim does not display 'points to the next boundary' or any likelihood of a grade change. This follows the same policy that keeps exact baselines and buffer widths private, and the principle of showing facts, not predictions.
Grade caps (guardrails)
When certain disclosed facts exist, the grade is capped regardless of score: adverse or disclaimed audit opinions cap at F; qualified audit opinions, administrative-issue designation, impaired equity, or an embezzlement/breach-of-trust allegation disclosed within the past year cap at D; investment-caution designation caps at C.
Stocks under a trading halt have their grade display suspended. Caps and suspensions are mechanical reflections of disclosed facts and lift automatically in the next computation once the underlying fact is resolved.
What the grade does not reflect
The grade's financial inputs come from the most recent annual report's full-year figures. Quarterly and half-year results are not part of the grade score; they appear only as facts in the stock page's financial charts.
The composition of profit is not distinguished. One-off items such as asset disposals are counted exactly as they appear in reported operating and net income.
Operating cash flow is not part of the grade score. Operating-cash-flow items appear as facts in the stock page's financial checklist.
Trading volume, trading value, and market-cap size are not scored. Stocks in the same sector are compared on the same basis regardless of size.
This list is a notice that clarifies what the grade covers, in the same spirit as the disclosure-scope principle.
Withheld ratings
Stocks without a recent annual report, core accounts, or market data are marked 'Not rated' instead of being force-scored. Withholding signals missing information, not a bad grade, and scoring resumes automatically once data is confirmed.
Update cycle
All stocks are re-scored once per business day. Financials automatically reflect new filings and corrections; prices use the latest confirmed figures from public APIs.
Financial checklist
The financial checklist at the bottom of each stock page is a record of facts determined by fixed rules from the financial statements in the latest annual report. It shows nine items — five for financial and holding companies, due to the structure of their statements — covering net income, cash flow, liabilities and more, in three states: met, not met, or not computable.
The items are adapted from a widely known academic framework for reading financial statements (Piotroski, 2000), adjusted to Maegim's data. When required data is missing or the reporting basis (consolidated/separate) changed within the comparison period, the item is left as 'not computable' with the reason shown.
The checklist is not used in grading, and no summed-up score of items met is provided. It is a record of facts, not a buy or sell signal.
On disclosure
What we evaluate (the indicator list), why (selection rationale), and how (sector-relative scoring + fixed thresholds) are fully public. Each stock also exposes its indicator values, position vs. sector median, and links to the original filings.
The exact weights and threshold values are not disclosed — to allow continuous improvement and prevent score gaming. This is a stated principle, not a hidden one.
Data sources
Financial statements from FSS DART annual reports and prices from FSC Open Data. Every source is publicly accessible.