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Frontier Group Holdings (FRA:0VN) Piotroski F-Score : 0 (As of May. 22, 2024)


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What is Frontier Group Holdings Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 0 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Frontier Group Holdings has an F-score of 0. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Frontier Group Holdings's Piotroski F-Score or its related term are showing as below:

During the past 9 years, the highest Piotroski F-Score of Frontier Group Holdings was 6. The lowest was 0. And the median was 4.


Frontier Group Holdings Piotroski F-Score Historical Data

The historical data trend for Frontier Group Holdings'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.

* Premium members only.

Frontier Group Holdings Piotroski F-Score Chart

Frontier Group Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only N/A N/A 6.00 4.00 2.00

Frontier Group Holdings Quarterly Data
Mar17 Dec18 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 4.00 2.00 -

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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 65.533 + -29.984 + -33.929 + -23.92 = €-22 Mil.
Cash Flow from Operations was -8.307 + -162.101 + -49.518 + -20.24 = €-240 Mil.
Revenue was 892.541 + 827.371 + 817.047 + 795.8 = €3,333 Mil.
Gross Profit was 162.448 + 25.299 + 52.269 + 7.36 = €247 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(4361.78 + 4345.484 + 4624.095 + 4578.581 + 4789.52) / 5 = €4539.892 Mil.
Total Assets at the begining of this year (Mar23) was €4,362 Mil.
Long-Term Debt & Capital Lease Obligation was €2,545 Mil.
Total Current Assets was €831 Mil.
Total Current Liabilities was €1,653 Mil.
Net Income was 12.298 + 31.31 + 37.76 + -12.142 = €69 Mil.

Revenue was 859.914 + 915.06 + 855.264 + 792.032 = €3,422 Mil.
Gross Profit was 95.546 + 128.27 + 109.504 + 39.228 = €373 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(3755.488 + 4015.77 + 4288.46 + 4247.056 + 4361.78) / 5 = €4133.7108 Mil.
Total Assets at the begining of last year (Mar22) was €3,755 Mil.
Long-Term Debt & Capital Lease Obligation was €2,208 Mil.
Total Current Assets was €973 Mil.
Total Current Liabilities was €1,569 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.

Frontier Group Holdings's current Net Income (TTM) was -22. ==> Negative ==> Score 0.

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.

Frontier Group Holdings's current Cash Flow from Operations (TTM) was -240. ==> Negative ==> Score 0.

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 (Mar23)
=-22.3/4361.78
=-0.00511259

ROA (Last Year)=Net Income/Total Assets (Mar22)
=69.226/3755.488
=0.01843329

Frontier Group Holdings's return on assets of this year was -0.00511259. Frontier Group Holdings's return on assets of last year was 0.01843329. ==> Last year is higher ==> Score 0.

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.

Frontier Group Holdings's current Net Income (TTM) was -22. Frontier Group Holdings's current Cash Flow from Operations (TTM) was -240. ==> -240 <= -22 ==> CFROA <= ROA ==> Score 0.

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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=2544.72/4539.892
=0.56052435

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=2207.976/4133.7108
=0.53413896

Frontier Group Holdings's gearing of this year was 0.56052435. Frontier Group Holdings's gearing of last year was 0.53413896. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=830.76/1653.24
=0.50250417

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=973.228/1569.12
=0.6202381

Frontier Group Holdings's current ratio of this year was 0.50250417. Frontier Group Holdings's current ratio of last year was 0.6202381. ==> 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.

Frontier Group Holdings's number of shares in issue this year was 223.429. Frontier Group Holdings's number of shares in issue last year was 218.181. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=247.376/3332.759
=0.07422559

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=372.548/3422.27
=0.10885991

Frontier Group Holdings's gross margin of this year was 0.07422559. Frontier Group Holdings's gross margin of last year was 0.10885991. ==> 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 (Mar23)
=3332.759/4361.78
=0.76408232

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=3422.27/3755.488
=0.91127172

Frontier Group Holdings's asset turnover of this year was 0.76408232. Frontier Group Holdings's asset turnover of last year was 0.91127172. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+0+0+0+0+0+0
=0

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Frontier Group Holdings has an F-score of 0. It is a bad or low score, which usually implies poor business operation.

Frontier Group Holdings  (FRA:0VN) 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.


Frontier Group Holdings Piotroski F-Score Related Terms

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Frontier Group Holdings (FRA:0VN) Business Description

Traded in Other Exchanges
Address
4545 Airport Way, Denver, CO, USA, 80239
Frontier Group Holdings Inc is an ultra low-cost carrier whose business is focused on Low Fares Done Right. The company owns fleet of 120 Airbus single-aisle aircraft, consisting of 13 A320ceos, 82 A320neos, 21 A321ceos and 4 A321neos. The use of these aircraft, its seating configuration, weight-saving tactics and baggage process have all contributed to ability to continue to be the fuel-efficient of all the U.S. The Company is managed as a single business unit that provides air transportation for passengers.

Frontier Group Holdings (FRA:0VN) Headlines

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