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John Wiley & Sons, Inc. (NYSE:JW.A)
Piotroski F-Score
6 (As of Today)

The zones of discrimination were as such:

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

John Wiley & Sons, Inc. has an F-score of 6 indicating the company's financial situation is typical for a stable company.

JW.A' s 10-Year Piotroski F-Score Range
Min: 4   Max: 9
Current: 6

4
9

During the past 13 years, the highest Piotroski F-Score of John Wiley & Sons, Inc. was 9. The lowest was 4. And the median was 7.


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 (Jan14) TTM:Last Year (Jan13) TTM:
Net Income was 0 + 36.197 + 35.933 + 7.951 = $80 Mil.
Cash Flow from Operations was 338.501 + -9.822 + -56.676 + 174.882 = $447 Mil.
Revenue was 0 + 449.153 + 411.02 + 445.854 = $1,306 Mil.
Gross Profit was 0 + 318.801 + 291.229 + 312.214 = $922 Mil.
Total Assets at the begining of this year (Jan13) was $2,881 Mil.
Total Assets was $0 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $0 Mil.
Total Current Liabilities was $0 Mil.
Net Income was 57.1 + 43.057 + 36.117 + 48.265 = $185 Mil.

Revenue was 472.435 + 431.755 + 410.734 + 454.577 = $1,770 Mil.
Gross Profit was 330.641 + 302.201 + 283.49 + 315.653 = $1,232 Mil.
Total Assets at the begining of last year (Jan12) was $2,479 Mil.
Total Assets was $2,881 Mil.
Long-Term Debt was $735 Mil.
Total Current Assets was $664 Mil.
Total Current Liabilities was $621 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.

John Wiley & Sons, Inc.'s current net income was 80. ==> 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.

John Wiley & Sons, Inc.'s current cash flow from operations was 447. ==> 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 (Jan13)
=80.081/2880.884
=0.02779737

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Jan12)
=184.539/2478.641
=0.07445169

John Wiley & Sons, Inc.'s return on assets of this year was 0.02779737. John Wiley & Sons, Inc.'s return on assets of last year was 0.07445169. ==> 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.

John Wiley & Sons, Inc.'s current net income was 80. John Wiley & Sons, Inc.'s current cash flow from operations was 447. ==> 447 > 80 ==> 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 1 if gearing is lower, 0 if it’s higher.

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

Gearing (Last Year)=Long-Term Debt/Total Assets
=734.8/2880.884
=0.2550606

John Wiley & Sons, Inc.'s gearing of this year was 0. John Wiley & Sons, Inc.'s gearing of last year was 0.2550606. ==> This year is lower. ==> 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
=0/0
=

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=663.521/620.727
=1.06894174

John Wiley & Sons, Inc.'s current ratio of this year was . John Wiley & Sons, Inc.'s current ratio of last year was 1.06894174. ==> 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 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

John Wiley & Sons, Inc.'s number of shares in issue this year was 59.7. John Wiley & Sons, Inc.'s number of shares in issue last year was 60.3. ==> There is the same number of shares in issue this year, or fewer. ==> Score 1.

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
=922.244/1306.027
=0.70614467

Gross Margin (Last Year)=Gross Profit/Revenue
=1231.985/1769.501
=0.69623301

John Wiley & Sons, Inc.'s gross margin of this year was 0.70614467. John Wiley & Sons, Inc.'s gross margin of last year was 0.69623301. ==> 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 (Jan13)
=1306.027/2880.884
=0.45334245

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Jan12)
=1769.501/2478.641
=0.71389967

John Wiley & Sons, Inc.'s asset turnover of this year was 0.45334245. John Wiley & Sons, Inc.'s asset turnover of last year was 0.71389967. ==> 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+1+1+0
=6

Good or high score = 8 or 9

Bad or low score = 0 or 1

John Wiley & Sons, Inc. has an F-score of 6 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.

John Wiley & Sons, Inc. Annual Data

Apr04Apr05Apr06Apr07Apr08Apr09Apr10Apr11Apr12Apr13
Q1 1111111111
Q2 1111111111
Q3 0010001110
Q4 1111111111
Q5 1110101100
Q6 1000010011
Q7 1111000011
Q8 1110101111
Q9 0111001000
F-score 7785547676

John Wiley & Sons, Inc. Quarterly Data

Oct11Jan12Apr12Jul12Oct12Jan13Apr13Jul13Oct13Jan14
Q1 111111111
Q2 111111111
Q3 111110000
Q4 111111111
Q5 110000001
Q6 111101100
Q7 011111111
Q8 111101111
Q9 100011000
F-score 8877676566
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