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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
Keurig Green Mountain has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Keurig Green Mountain's Piotroski F-Score or its related term are showing as below:
The historical data trend for Keurig Green Mountain'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.
Keurig Green Mountain Annual Data | |||||||||||||||||||||
Trend | Sep06 | Sep07 | Sep08 | Sep09 | Sep10 | Sep11 | Sep12 | Sep13 | Sep14 | Sep15 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 5.00 | 8.00 | 8.00 | 4.00 |
Keurig Green Mountain Quarterly Data | ||||||||||||||||||||
Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 3.00 | 3.00 | 4.00 | 4.00 |
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 (Dec15) TTM: | Last Year (Dec14) TTM: |
Net Income was 155.479 + 113.621 + 94.596 + 104.497 = $468 Mil. Cash Flow from Operations was 225.557 + 242.137 + 144.76 + 334.33 = $947 Mil. Revenue was 1127.184 + 969.525 + 1036.964 + 1258.421 = $4,392 Mil. Gross Profit was 458.808 + 349.26 + 335.334 + 359.997 = $1,503 Mil. Average Total Assets from the begining of this year (Dec14) to the end of this year (Dec15) was (4775.865 + 4054.685 + 3994.487 + 4001.577 + 3931.453) / 5 = $4151.6134 Mil. Total Assets at the begining of this year (Dec14) was $4,776 Mil. Long-Term Debt & Capital Lease Obligation was $597 Mil. Total Current Assets was $1,512 Mil. Total Current Liabilities was $579 Mil. |
Net Income was 162.084 + 155.151 + 141.056 + 134.579 = $593 Mil. Revenue was 1103.072 + 1022.371 + 1195.567 + 1386.358 = $4,707 Mil. Gross Profit was 457.432 + 444.592 + 449.789 + 464.122 = $1,816 Mil. Average Total Assets from the begining of last year (Dec13) to the end of last year (Dec14) was (3680.108 + 4362.729 + 4643.664 + 4797.307 + 4775.865) / 5 = $4451.9346 Mil. Total Assets at the begining of last year (Dec13) was $3,680 Mil. Long-Term Debt & Capital Lease Obligation was $251 Mil. Total Current Assets was $2,231 Mil. Total Current Liabilities was $805 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.
Keurig Green Mountain's current Net Income (TTM) was 468.
==> 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.
Keurig Green Mountain's current Cash Flow from Operations (TTM) was 947.
==> 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 (Dec14) |
= | 468.193 | / | 4775.865 | |
= | 0.09803313 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec13) |
= | 592.87 | / | 3680.108 | |
= | 0.16110125 |
Keurig Green Mountain's return on assets of this year was 0.09803313. Keurig Green Mountain's return on assets of last year was 0.16110125.
==> 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.
Keurig Green Mountain's current Net Income (TTM) was 468. Keurig Green Mountain's current Cash Flow from Operations (TTM) was 947.
==> 947 > 468 ==> 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: Dec15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec14 to Dec15 |
= | 597.245 | / | 4151.6134 | |
= | 0.14385853 |
Gearing (Last Year: Dec14) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec13 to Dec14 |
= | 251.077 | / | 4451.9346 | |
= | 0.05639728 |
Keurig Green Mountain's gearing of this year was 0.14385853. Keurig Green Mountain's gearing of last year was 0.05639728.
==> 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: Dec15) | = | Total Current Assets | / | Total Current Liabilities |
= | 1511.924 | / | 579.47 | |
= | 2.60914974 |
Current Ratio (Last Year: Dec14) | = | Total Current Assets | / | Total Current Liabilities |
= | 2230.817 | / | 805.438 | |
= | 2.76969425 |
Keurig Green Mountain's current ratio of this year was 2.60914974. Keurig Green Mountain's current ratio of last year was 2.76969425.
==> 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.
Keurig Green Mountain's number of shares in issue this year was 150.959. Keurig Green Mountain's number of shares in issue last year was 164.075.
==> 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 |
= | 1503.399 | / | 4392.094 | |
= | 0.34229664 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1815.935 | / | 4707.368 | |
= | 0.3857644 |
Keurig Green Mountain's gross margin of this year was 0.34229664. Keurig Green Mountain's gross margin of last year was 0.3857644.
==> 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 (Dec14) |
= | 4392.094 | / | 4775.865 | |
= | 0.91964367 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec13) |
= | 4707.368 | / | 3680.108 | |
= | 1.27913855 |
Keurig Green Mountain's asset turnover of this year was 0.91964367. Keurig Green Mountain's asset turnover of last year was 1.27913855.
==> 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 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Keurig Green Mountain has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Keurig Green Mountain (NAS:GMCR) 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 Keurig Green Mountain's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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John D Hayes | director | AMERICAN EXPRESS COMPANY, 200 VESEY STREET, NEW YORK NY 10285 |
Mackay A D David | director | |
Robert Allan Steele | director | 1 PROCTER & GAMBLE PLAZA, CINCINNATI OH 45202 |
Jose Octavio Reyes | director | |
Stephen L Gibbs | officer: VP, Chief Accounting Officer | C/O SCIENTIFIC GAMES CORPORATION, 1500 BLUEGRASS LAKES PARKWAY, ALPHARETTA, GA 30004 |
Susan S Kilsby | director | 33 COFFEE LANE, WATERBURY VT 05676 |
Norman H Wesley | director | 225 W WESTMINSTER, LAKE FOREST IL 60045 |
Brian P Kelley | director, officer: CEO and President | P.O. BOX 90608, AUSTIN TX 78709 |
Barbara D Carlini | director | C/O GREEN MOUNTAIN COFFEE ROASTERS INC 33 COFFEE LANE WATERBURY VT 05676 |
Robert Paul Ostryniec | officer: Chief Product Supply Officer | 33 COFFEE LANE, WATERBURY VT 05676 |
Peter G Leemputte | officer: Chief Financial Officer | CHICAGO TITLE CORP, 171 N CLARK ST, CHICAGO IL 80601 |
Michael J Mardy | director | |
Frances G Rathke | officer: Chief Financial Officer | C/O GREEN MOUNTAIN COFFEE ROASTERS, INC., 33 COFFEE LANE, WATERBURY VT 05676 |
Sonia Galindo | officer: Corporate Secretary | C/O ROSETTA STONE, 1621 NORTH KENT STREET, SUITE 1200, ARLINGTON VA 22209 |
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