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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
MarkWest Energy Partners LP 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 MarkWest Energy Partners LP's Piotroski F-Score or its related term are showing as below:
The historical data trend for MarkWest Energy Partners LP'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.
MarkWest Energy Partners LP Annual Data | |||||||||||||||||||||
Trend | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 6.00 | 6.00 | 4.00 | 7.00 |
MarkWest Energy Partners LP Quarterly Data | ||||||||||||||||||||
Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 7.00 | 6.00 | 5.00 | 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 (Sep15) TTM: | Last Year (Sep14) TTM: |
Net Income was 34.978 + -9.083 + -101.486 + 29.127 = $-46 Mil. Cash Flow from Operations was 172.319 + 200.934 + 162.404 + 205.111 = $741 Mil. Revenue was 538.245 + 467.33 + 459.628 + 474.291 = $1,939 Mil. Gross Profit was 429 + 339.306 + 334.081 + 374.593 = $1,477 Mil. Average Total Assets from the begining of this year (Sep14) to the end of this year (Sep15) was (10561.565 + 10980.778 + 11273.767 + 11359.559 + 11659.307) / 5 = $11166.9952 Mil. Total Assets at the begining of this year (Sep14) was $10,562 Mil. Long-Term Debt & Capital Lease Obligation was $4,755 Mil. Total Current Assets was $403 Mil. Total Current Liabilities was $518 Mil. |
Net Income was -6.56 + 12.492 + 8.977 + 77.434 = $92 Mil. Revenue was 453.538 + 512.476 + 518.366 + 607.086 = $2,091 Mil. Gross Profit was 252.796 + 308.71 + 290.578 + 373.849 = $1,226 Mil. Average Total Assets from the begining of last year (Sep13) to the end of last year (Sep14) was (8917.716 + 9396.423 + 9942.247 + 10183.39 + 10561.565) / 5 = $9800.2682 Mil. Total Assets at the begining of last year (Sep13) was $8,918 Mil. Long-Term Debt & Capital Lease Obligation was $3,550 Mil. Total Current Assets was $557 Mil. Total Current Liabilities was $767 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.
MarkWest Energy Partners LP's current Net Income (TTM) was -46.
==> Negative ==> Score 0.
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.
MarkWest Energy Partners LP's current Cash Flow from Operations (TTM) was 741.
==> 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 (Sep14) |
= | -46.464 | / | 10561.565 | |
= | -0.00439935 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep13) |
= | 92.343 | / | 8917.716 | |
= | 0.01035501 |
MarkWest Energy Partners LP's return on assets of this year was -0.00439935. MarkWest Energy Partners LP's return on assets of last year was 0.01035501.
==> 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.
MarkWest Energy Partners LP's current Net Income (TTM) was -46. MarkWest Energy Partners LP's current Cash Flow from Operations (TTM) was 741.
==> 741 > -46 ==> 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: Sep15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep14 to Sep15 |
= | 4755.352 | / | 11166.9952 | |
= | 0.42583989 |
Gearing (Last Year: Sep14) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep13 to Sep14 |
= | 3549.521 | / | 9800.2682 | |
= | 0.36218611 |
MarkWest Energy Partners LP's gearing of this year was 0.42583989. MarkWest Energy Partners LP's gearing of last year was 0.36218611.
==> 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: Sep15) | = | Total Current Assets | / | Total Current Liabilities |
= | 403.218 | / | 518.003 | |
= | 0.77840862 |
Current Ratio (Last Year: Sep14) | = | Total Current Assets | / | Total Current Liabilities |
= | 556.589 | / | 766.554 | |
= | 0.72609236 |
MarkWest Energy Partners LP's current ratio of this year was 0.77840862. MarkWest Energy Partners LP's current ratio of last year was 0.72609236.
==> 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.
MarkWest Energy Partners LP's number of shares in issue this year was 200.679. MarkWest Energy Partners LP's number of shares in issue last year was 189.44.
==> There is larger number of shares in issue this year. ==> Score 0.
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 |
= | 1476.98 | / | 1939.494 | |
= | 0.76152852 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1225.933 | / | 2091.466 | |
= | 0.58615966 |
MarkWest Energy Partners LP's gross margin of this year was 0.76152852. MarkWest Energy Partners LP's gross margin of last year was 0.58615966.
==> 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 | / | Total Assets at the Beginning of This Year (Sep14) |
= | 1939.494 | / | 10561.565 | |
= | 0.18363699 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep13) |
= | 2091.466 | / | 8917.716 | |
= | 0.23452933 |
MarkWest Energy Partners LP's asset turnover of this year was 0.18363699. MarkWest Energy Partners LP's asset turnover of last year was 0.23452933.
==> 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 |
= | 0 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
MarkWest Energy Partners LP has an F-score of 4 indicating the company's financial situation is typical for a stable company.
MarkWest Energy Partners LP (NYSE:MWE) 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 MarkWest Energy Partners LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Nancy Buese | officer: EVP, Chief Financial Officer | 1515 ARAPAHOE STREET, DENVER CO 80202-2126 |
J Michael Stice | director | 525 CENTRAL PARK DRIVE, OKLAHOMA CITY OK 73105 |
Frank M Semple | director, officer: Chairman, President & CEO | 1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202 |
Randy S Nickerson | officer: EVP, Chief Commercial Officer | 1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202 |
Randall J Larson | director | |
Michael L Beatty | director | 5735 PINELAND DR, SUITE 300, DALLAS TX 75231 |
Donald D Wolf | director | 1670 BROADWAY SUITE 2800, DENVER CO 80202 |
Gregory Scott Floerke | officer: EVP, Chief Commercial Officer | C/O MARKWEST ENERGY PARTNERS, L.P., 1515 ARAPAHOE STREET, TOWER 1, SUITE 160, DENVER CO 80202 |
Bromley C Corwin | officer: EVP, General Counsel | 1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202 |
Paula L Rosson | officer: SVP/Chief Accounting Officer | 1515 ARAPAHOE STREET, TOWER 1 SUITE 1600, DENVER CO 80202 |
John C Mollenkopf | officer: EVP, Chief Operating Officer | 1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202 |
William P Nicoletti | director | C/O STAR GAS PARTNERS, L.P., 2187 ATLANTIC STREET, STAMFORD CT 06902 |
Bruckmann William A Iii | director | 631 RANGER LANE, LONGBOAT KEY FL 342284119 |
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