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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Barnes Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Barnes Group's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Barnes Group was 8. The lowest was 5. And the median was 6.
The historical data trend for Barnes Group'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.
Barnes Group Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 5.00 | 8.00 | 5.00 | 6.00 |
Barnes Group Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 4.00 | 5.00 | 6.00 | 6.00 |
For the Specialty Industrial Machinery subindustry, Barnes Group'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.
For the Industrial Products industry and Industrials sector, Barnes Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Barnes Group's Piotroski F-Score falls into.
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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was 13.159 + 17.352 + -21.73 + 7.216 = $16 Mil. Cash Flow from Operations was 32.215 + 10.252 + 28.506 + 41.442 = $112 Mil. Revenue was 335.357 + 338.984 + 360.988 + 415.542 = $1,451 Mil. Gross Profit was 109.115 + 114.359 + 107.498 + 111.114 = $442 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (2413.73 + 2444.369 + 2440.679 + 3277.334 + 3308.014) / 5 = $2776.8252 Mil. Total Assets at the begining of this year (Dec22) was $2,414 Mil. Long-Term Debt & Capital Lease Obligation was $1,280 Mil. Total Current Assets was $907 Mil. Total Current Liabilities was $397 Mil. |
Net Income was 20.484 + -39.552 + 16.979 + 15.568 = $13 Mil. Revenue was 312.383 + 321.268 + 314.744 + 313.473 = $1,262 Mil. Gross Profit was 105.193 + 108.514 + 106.095 + 102.07 = $422 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (2576.82 + 2555.355 + 2401.096 + 2311.054 + 2413.73) / 5 = $2451.611 Mil. Total Assets at the begining of last year (Dec21) was $2,577 Mil. Long-Term Debt & Capital Lease Obligation was $570 Mil. Total Current Assets was $732 Mil. Total Current Liabilities was $305 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.
Barnes Group's current Net Income (TTM) was 16.
==> 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.
Barnes Group's current Cash Flow from Operations (TTM) was 112.
==> 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 (Dec22) |
= | 15.997 | / | 2413.73 | |
= | 0.0066275 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 13.479 | / | 2576.82 | |
= | 0.00523087 |
Barnes Group's return on assets of this year was 0.0066275. Barnes Group's return on assets of last year was 0.00523087.
==> This year is higher. ==> Score 1.
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.
Barnes Group's current Net Income (TTM) was 16. Barnes Group's current Cash Flow from Operations (TTM) was 112.
==> 112 > 16 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 1279.962 | / | 2776.8252 | |
= | 0.46094439 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 569.639 | / | 2451.611 | |
= | 0.23235293 |
Barnes Group's gearing of this year was 0.46094439. Barnes Group's gearing of last year was 0.23235293.
==> Last year is lower than this year ==> Score 0.
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: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 906.72 | / | 396.61 | |
= | 2.28617534 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 732.304 | / | 305.073 | |
= | 2.40042219 |
Barnes Group's current ratio of this year was 2.28617534. Barnes Group's current ratio of last year was 2.40042219.
==> 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.
Barnes Group's number of shares in issue this year was 51.152. Barnes Group's number of shares in issue last year was 51.391.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
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 |
= | 442.086 | / | 1450.871 | |
= | 0.30470386 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 421.872 | / | 1261.868 | |
= | 0.3343234 |
Barnes Group's gross margin of this year was 0.30470386. Barnes Group's gross margin of last year was 0.3343234.
==> 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 (Dec22) |
= | 1450.871 | / | 2413.73 | |
= | 0.60109084 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 1261.868 | / | 2576.82 | |
= | 0.48969971 |
Barnes Group's asset turnover of this year was 0.60109084. Barnes Group's asset turnover of last year was 0.48969971.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Barnes Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Barnes Group (NYSE:B) 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.
Thank you for viewing the detailed overview of Barnes Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mylle H Mangum | director | 3231 S E SIXTH AVENUE, TOPEKA KS 66607 |
Thomas O Barnes | director | C/O BARNES GROUP INC, PO BOX 489, BRISTOL CT 06011-0489 |
Hans-peter Manner | director | 123 MAIN STREET, BRISTOL CT 06010 |
Marian Acker | officer: VP, Controller | 123 MAIN STREET, BRISTOL CT 06010 |
Jay B Knoll | officer: SVP, Gen. Counsel & Secretary | 2225 W CHANDLER BLVD, CHANDLER AZ 85224 |
Thomas J Hook | director | 810 INNOVATION DR, KNOXVILLE TN 37932 |
Elijah Kent Barnes | director | 123 MAIN STREET, BRISTOL CT 06010 |
Neal J Keating | director | C/O KAMAN CORPORATION, PO BOX 1, BLOOMFIELD CT 06002 |
Julie K Streich | officer: SVP, Finance and CFO | 123 MAIN STREET, BRISTOL CT 06010 |
Dawn N Edwards | officer: SVP, Human Resources | 123 MAIN STREET, BRISTOL CT 06010 |
Richard J Hipple | director | 10035 HUNTING DRIVE, BRECKSVILLE OH 44141 |
Ian Malcolm Reason | officer: SVP, BGI; Pres., Barnes Aero | C/O BARNES GROUP INC., 123 MAIN STREET, BRISTOL CT 06010 |
Michael Andrew Beck | officer: SVP, BGI; Pres., Barnes Aero | 123 MAIN STREET, BRISTOL CT 06010 |
Jakki L. Haussler | director | 221 EAST FOURTH STREET, CINCINNATI OH 45202 |
Lukas Hovorka | officer: SVP, Corporate Development | 123 MAIN STREET, BRISTOL CT 06010 |
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