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CommVault Systems Inc (NAS:CVLT)
Piotroski F-Score
4 (As of Today)

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

CommVault Systems Inc has an F-score of 5 indicating the company's financial situation is typical for a stable company.

CVLT' s 10-Year Piotroski F-Score Range
Min: 4   Max: 6
Current: 4

4
6

During the past 13 years, the highest Piotroski F-Score of CommVault Systems Inc was 6. The lowest was 4. And the median was 5.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar14) TTM:Last Year (Mar13) TTM:
Net Income was 15.657 + 17.591 + 17.354 + 13.462 = $64.1 Mil.
Cash Flow from Operations was 39.919 + 30.162 + 24.482 + 24.574 = $119.1 Mil.
Revenue was 156.819 + 153.25 + 141.863 + 134.408 = $586.3 Mil.
Gross Profit was 136.95 + 134.752 + 123.707 + 116.63 = $512.0 Mil.
Total Assets at the begining of this year (Mar13) was $604.9 Mil.
Total Assets was $755.4 Mil.
Long-Term Debt was $0.0 Mil.
Total Current Assets was $630.5 Mil.
Total Current Liabilities was $243.5 Mil.
Net Income was 16.985 + 12.2 + 13.899 + 10.125 = $53.2 Mil.

Revenue was 138.274 + 128.147 + 118.162 + 111.267 = $495.9 Mil.
Gross Profit was 120.418 + 111.684 + 102.819 + 95.977 = $430.9 Mil.
Total Assets at the begining of last year (Mar12) was $432.7 Mil.
Total Assets was $604.9 Mil.
Long-Term Debt was $0.0 Mil.
Total Current Assets was $555.5 Mil.
Total Current Liabilities was $212.4 Mil.

Profitability

Q1. 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.

CommVault Systems Inc's current net income was 64.1. ==> Positive ==> Score 1.

Q2. 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.

CommVault Systems Inc's current cash flow from operations was 119.1. ==> Positive ==> Score 1.

Q3. 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 at the beginning of this year (Mar13)
=64.064/604.854
=0.10591647

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=53.209/432.688
=0.12297314

CommVault Systems Inc's return on assets of this year was 0.10591647. CommVault Systems Inc's return on assets of last year was 0.12297314. ==> Last year is higher ==> Score 0.

Q4. 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.

CommVault Systems Inc's current net income was 64.1. CommVault Systems Inc's current cash flow from operations was 119.1. ==> 119.1 > 64.1 ==> CFROA > ROA ==> Score 1.

Funding

Q5. 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)=Long-Term Debt/Total Assets
=0/755.384
=0

Gearing (Last Year)=Long-Term Debt/Total Assets
=0/604.854
=0

CommVault Systems Inc's gearing of this year was 0. CommVault Systems Inc's gearing of last year was 0. ==> This year is lower or equal to last year. ==> Score 1.

Q6. 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)=Total Current Assets/Total Current Liabilities
=630.531/243.527
=2.5891626

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=555.498/212.404
=2.61528973

CommVault Systems Inc's current ratio of this year was 2.5891626. CommVault Systems Inc's current ratio of last year was 2.61528973. ==> Last year's current ratio is higher ==> Score 0.

Q7. 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.

CommVault Systems Inc's number of shares in issue this year was 49.5. CommVault Systems Inc's number of shares in issue last year was 49.3. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Q8. 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)=Gross Profit/Revenue
=512.039/586.34
=0.87328001

Gross Margin (Last Year)=Gross Profit/Revenue
=430.898/495.85
=0.86900877

CommVault Systems Inc's gross margin of this year was 0.87328001. CommVault Systems Inc's gross margin of last year was 0.86900877. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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 (Mar13)
=586.34/604.854
=0.96939096

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=495.85/432.688
=1.14597585

CommVault Systems Inc's asset turnover of this year was 0.96939096. CommVault Systems Inc's asset turnover of last year was 1.14597585. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+1+0+0+1+0
=5

Good or high score = 8 or 9

Bad or low score = 0 or 1

CommVault Systems Inc has an F-score of 5 indicating the company's financial situation is typical for a stable company.


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.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

CommVault Systems Inc Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 11111111
Q2 11111111
Q3 10010110
Q4 01111111
Q5 11111111
Q6 01111010
Q7 10100000
Q8 01101011
Q9 00010100
F-score 56776675

CommVault Systems Inc Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Q1 1111111111
Q2 1111111111
Q3 1111111100
Q4 1111111111
Q5 1111111111
Q6 0011111110
Q7 0000000000
Q8 0000111111
Q9 1101101000
F-score 5556767654
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