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Mantech International Corp (NAS:MANT)
Piotroski F-Score
3 (As of Today)

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Mantech International Corp has an F-score of 3 indicating the company's financial situation is typical for a stable company.

MANT' s 10-Year Piotroski F-Score Range
Min: 3   Max: 7
Current: 3

3
7

During the past 13 years, the highest Piotroski F-Score of Mantech International Corp was 7. The lowest was 3. 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 (Dec13) TTM:Last Year (Dec12) TTM:
Net Income was -65.598 + 17.718 + 21.551 + 20.18 = $-6 Mil.
Cash Flow from Operations was 22.225 + 76.916 + 31.523 + 57.615 = $188 Mil.
Revenue was 491.536 + 567.399 + 605.129 + 646.008 = $2,310 Mil.
Gross Profit was 74.846 + 73.795 + 82.09 + 83.711 = $314 Mil.
Total Assets at the begining of this year (Dec12) was $1,842 Mil.
Total Assets was $1,723 Mil.
Long-Term Debt was $200 Mil.
Total Current Assets was $750 Mil.
Total Current Liabilities was $297 Mil.
Net Income was 20.205 + 24.427 + 24.745 + 25.642 = $95 Mil.

Revenue was 621.821 + 645.028 + 638.937 + 676.509 = $2,582 Mil.
Gross Profit was 86.397 + 93.535 + 94.827 + 93.642 = $368 Mil.
Total Assets at the begining of last year (Dec11) was $1,760 Mil.
Total Assets was $1,842 Mil.
Long-Term Debt was $200 Mil.
Total Current Assets was $745 Mil.
Total Current Liabilities was $387 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.

Mantech International Corp's current net income was -6. ==> Negative ==> Score 0.

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.

Mantech International Corp's current cash flow from operations was 188. ==> 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 (Dec12)
=-6.149/1841.909
=-0.00333838

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Dec11)
=95.019/1760.206
=0.05398175

Mantech International Corp's return on assets of this year was -0.00333838. Mantech International Corp's return on assets of last year was 0.05398175. ==> 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.

Mantech International Corp's current net income was -6. Mantech International Corp's current cash flow from operations was 188. ==> 188 > -6 ==> 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
=200/1723.402
=0.11604953

Gearing (Last Year)=Long-Term Debt/Total Assets
=200/1841.909
=0.108583

Mantech International Corp's gearing of this year was 0.11604953. Mantech International Corp's gearing of last year was 0.108583. ==> Last year is lower ==> Score 0.

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
=750.245/296.685
=2.52875946

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=745.152/387.243
=1.92424911

Mantech International Corp's current ratio of this year was 2.52875946. Mantech International Corp's current ratio of last year was 1.92424911. ==> This year's current ratio is higher. ==> Score 1.

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.

Mantech International Corp's number of shares in issue this year was 37.2. Mantech International Corp's number of shares in issue last year was 37. ==> There is more 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
=314.442/2310.072
=0.13611784

Gross Margin (Last Year)=Gross Profit/Revenue
=368.401/2582.295
=0.14266418

Mantech International Corp's gross margin of this year was 0.13611784. Mantech International Corp's gross margin of last year was 0.14266418. ==> Last year's gross margin is higher ==> Score 0.

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 (Dec12)
=2310.072/1841.909
=1.25417271

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Dec11)
=2582.295/1760.206
=1.46704136

Mantech International Corp's asset turnover of this year was 1.25417271. Mantech International Corp's asset turnover of last year was 1.46704136. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=0+1+0+1+0+1+0+0+0
=3

Good or high score = 8 or 9

Bad or low score = 0 or 1

Mantech International Corp has an F-score of 3 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.

Mantech International Corp Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111111110
Q2 1111111111
Q3 0101011000
Q4 1110111111
Q5 1110100110
Q6 0010110011
Q7 0000000000
Q8 0000110000
Q9 1101001000
F-score 5654665453

Mantech International Corp Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
Q1 1111111110
Q2 1111111111
Q3 0000000000
Q4 1111111111
Q5 1110111110
Q6 0011111111
Q7 0000000000
Q8 0000000000
Q9 0000000000
F-score 4454555553
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