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Molex, Inc. (NAS:MOLX)
Piotroski F-Score
0 (As of Today)

The zones of discrimination were as such:

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

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

MOLX' s 10-Year Piotroski F-Score Range
Min: 0   Max: 0
Current: 0


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 (Sep13) TTM:Last Year (Sep12) TTM:
Net Income was 70.394 + 44.767 + 57.148 + 84.079 = $256 Mil.
Cash Flow from Operations was 87.173 + -20.087 + 148.062 + 98.851 = $314 Mil.
Revenue was 967.735 + 852.858 + 882.933 + 936.367 = $3,640 Mil.
Gross Profit was 289.17 + 248.532 + 256.995 + 302.551 = $1,097 Mil.
Average Total Assets from the begining of this year (Sep12)
to the end of this year (Sep13) was
(3745.878 + 3764.597 + 3561.826 + 3586.854 + 3686.017) / 5 = $3669.0344 Mil.
Total Assets at the begining of this year (Sep12) was $3,746 Mil.
Long-Term Debt was $315 Mil.
Total Current Assets was $2,088 Mil.
Total Current Liabilities was $686 Mil.
Net Income was 64.016 + 64.883 + 71.961 + 71.314 = $272 Mil.

Revenue was 857.598 + 837.08 + 858.526 + 916.921 = $3,470 Mil.
Gross Profit was 262.937 + 255.176 + 257.622 + 268.417 = $1,044 Mil.
Average Total Assets from the begining of last year (Sep11)
to the end of last year (Sep12) was
(3580.578 + 3570.118 + 3563.613 + 3611.503 + 3745.878) / 5 = $3614.338 Mil.
Total Assets at the begining of last year (Sep11) was $3,581 Mil.
Long-Term Debt was $150 Mil.
Total Current Assets was $2,185 Mil.
Total Current Liabilities was $954 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.

Molex, Inc.'s current net income (TTM) was 256. ==> 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.

Molex, Inc.'s current cash flow from operations (TTM) was 314. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Sep12)
=256.388/3745.878
=0.06844537

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Sep11)
=272.174/3580.578
=0.07601398

Molex, Inc.'s return on assets of this year was 0.06844537. Molex, Inc.'s return on assets of last year was 0.07601398. ==> 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.

Molex, Inc.'s current net income (TTM) was 256. Molex, Inc.'s current cash flow from operations (TTM) was 314. ==> 314 > 256 ==> 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 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep13)=Long-Term Debt/Average Total Assets from Sep12 to Sep13
=315/3669.0344
=0.08585365

Gearing (Last Year: Sep12)=Long-Term Debt/Average Total Assets from Sep11 to Sep12
=150/3614.338
=0.04150138

Molex, Inc.'s gearing of this year was 0.08585365. Molex, Inc.'s gearing of last year was 0.04150138. ==> Last year is lower than this year ==> 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: Sep13)=Total Current Assets/Total Current Liabilities
=2087.704/686.451
=3.04130084

Current Ratio (Last Year: Sep12)=Total Current Assets/Total Current Liabilities
=2184.878/954.469
=2.28910316

Molex, Inc.'s current ratio of this year was 3.04130084. Molex, Inc.'s current ratio of last year was 2.28910316. ==> 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 0 if there is larger number of shares in issue this year, 1 otherwise.

Molex, Inc.'s number of shares in issue this year was 181.5. Molex, Inc.'s number of shares in issue last year was 178.6. ==> There is larger 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: TTM)=Gross Profit/Revenue
=1097.248/3639.893
=0.30145062

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1044.152/3470.125
=0.30089752

Molex, Inc.'s gross margin of this year was 0.30145062. Molex, Inc.'s gross margin of last year was 0.30089752. ==> This year's gross margin is higher. ==> Score 1.

Q9. 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 (Sep12)
=3639.893/3745.878
=0.97170623

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Sep11)
=3470.125/3580.578
=0.96915219

Molex, Inc.'s asset turnover of this year was 0.97170623. Molex, Inc.'s asset turnover of last year was 0.96915219. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+0+1+0+1+1
=6

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

Molex, 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.

Molex, Inc. Annual Data

Jun04Jun05Jun06Jun07Jun08Jun09Jun10Jun11Jun12Jun13
Q1 1111101111
Q2 1111111111
Q3 1010001100
Q4 1111111111
Q5 1110010010
Q6 1101000111
Q7 1111110000
Q8 1010001110
Q9 1111001101
F-score 9786446765

Molex, Inc. Quarterly Data

Jun11Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13
Q1 1111111111
Q2 1111111111
Q3 1110000000
Q4 1111111111
Q5 0111110000
Q6 1111111111
Q7 0000000000
Q8 1111100001
Q9 1100000011
F-score 7876654456
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