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Gyrodyne LLC (NAS:GYRO)
Piotroski F-Score
7 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

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

Gyrodyne LLC has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

GYRO' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Max: 9
Current: 7

1
9

During the past 13 years, the highest Piotroski F-Score of Gyrodyne LLC was 9. The lowest was 1. And the median was 4.


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 (Jun16) TTM:Last Year (Sep14) TTM:
Net Income was 0.209 + -0.063 + -0.075 + 0 = $0.07 Mil.
Cash Flow from Operations was -0.305 + -0.731 + -1.044 + 0 = $-2.08 Mil.
Revenue was 2.947 + 1.259 + 0.623 + 0 = $4.83 Mil.
Gross Profit was 1.481 + 0.54 + 0.255 + 0 = $2.28 Mil.
Average Total Assets from the begining of this year (Sep14)
to the end of this year (Jun16) was
(44.938 + 43.876 + 43.298 + 47.25 + 40.856) / 5 = $44.0436 Mil.
Total Assets at the begining of this year (Sep14) was $44.94 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $9.44 Mil.
Total Current Liabilities was $1.15 Mil.
Net Income was -1.317 + 0.012 + -0.054 + -0.02 = $-1.38 Mil.

Revenue was 2.843 + 1.3 + 0.635 + 0.639 = $5.42 Mil.
Gross Profit was 1.38 + 0.588 + 0.289 + 0.265 = $2.52 Mil.
Average Total Assets from the begining of last year (Sep13)
to the end of last year (Sep14) was
(122.407 + 50.982 + 46.42 + 45.635 + 44.938) / 5 = $62.0764 Mil.
Total Assets at the begining of last year (Sep13) was $122.41 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $10.88 Mil.
Total Current Liabilities was $18.17 Mil.

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.

Gyrodyne LLC's current net income (TTM) was 0.07. ==> 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.

Gyrodyne LLC's current cash flow from operations (TTM) was -2.08. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Sep14)
=0.071/44.938
=0.00157995

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Sep13)
=-1.379/122.407
=-0.0112657

Gyrodyne LLC's return on assets of this year was 0.00157995. Gyrodyne LLC's return on assets of last year was -0.0112657. ==> 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.

Gyrodyne LLC's current net income (TTM) was 0.07. Gyrodyne LLC's current cash flow from operations (TTM) was -2.08. ==> -2.08 <= 0.07 ==> 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: Jun16)=Long-Term Debt/Average Total Assets from Sep14 to Jun16
=0/44.0436
=0

Gearing (Last Year: Sep14)=Long-Term Debt/Average Total Assets from Sep13 to Sep14
=0/62.0764
=0

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

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: Jun16)=Total Current Assets/Total Current Liabilities
=9.441/1.152
=8.1953125

Current Ratio (Last Year: Sep14)=Total Current Assets/Total Current Liabilities
=10.88/18.17
=0.59878921

Gyrodyne LLC's current ratio of this year was 8.1953125. Gyrodyne LLC's current ratio of last year was 0.59878921. ==> This year's current ratio is higher. ==> Score 1.

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.

Gyrodyne LLC's number of shares in issue this year was 0. Gyrodyne LLC's number of shares in issue last year was 0.1. ==> 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
=2.276/4.829
=0.47131911

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2.522/5.417
=0.46557135

Gyrodyne LLC's gross margin of this year was 0.47131911. Gyrodyne LLC's gross margin of last year was 0.46557135. ==> This year's gross margin is higher. ==> Score 1.

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 (TTM)/Total Assets at the Beginning of This Year (Sep14)
=4.829/44.938
=0.10745917

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Sep13)
=5.417/122.407
=0.04425401

Gyrodyne LLC's asset turnover of this year was 0.10745917. Gyrodyne LLC's asset turnover of last year was 0.04425401. ==> 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+0+1+0+1+1+1+1+1
=7

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

Gyrodyne LLC has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.


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.

Gyrodyne LLC Annual Data

Apr05Apr06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
Question 1 0101100111
Question 2 0100000100
Question 3 0101001100
Question 4 0100011100
Question 5 1110001100
Question 6 0110011101
Question 7 0010110011
Question 8 0110110000
Question 9 1011100001
F-score 2753444624

Gyrodyne LLC Quarterly Data

Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Jun16
Question 1 0111101111
Question 2 1000000000
Question 3 0000100001
Question 4 1000000000
Question 5 1101110101
Question 6 0000001011
Question 7 1111111101
Question 8 0000000001
Question 9 0000111111
F-score 4323534437
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