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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
Buffalo Wild Wings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Buffalo Wild Wings's Piotroski F-Score or its related term are showing as below:
The historical data trend for Buffalo Wild Wings'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.
Buffalo Wild Wings Annual Data | |||||||||||||||||||||
Trend | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 7.00 | 8.00 | 3.00 | 4.00 |
Buffalo Wild Wings Quarterly Data | ||||||||||||||||||||
Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 4.00 | 5.00 | 5.00 | 6.00 |
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 (Sep17) TTM: | Last Year (Sep16) TTM: |
Net Income was 15.619 + 21.549 + 8.782 + 18.18 = $64 Mil. Cash Flow from Operations was 68.652 + 48.852 + 49.909 + 43.164 = $211 Mil. Revenue was 494.191 + 534.763 + 499.98 + 496.7 = $2,026 Mil. Gross Profit was 96.935 + 107.725 + 90.188 + 102.218 = $397 Mil. Average Total Assets from the begining of this year (Sep16) to the end of this year (Sep17) was (984.465 + 1047.219 + 968.263 + 930.248 + 930.486) / 5 = $972.1362 Mil. Total Assets at the begining of this year (Sep16) was $984 Mil. Long-Term Debt & Capital Lease Obligation was $420 Mil. Total Current Assets was $123 Mil. Total Current Liabilities was $177 Mil. |
Net Income was 25.271 + 32.773 + 23.702 + 22.651 = $104 Mil. Revenue was 490.223 + 508.257 + 490.178 + 494.167 = $1,983 Mil. Gross Profit was 110.493 + 118.902 + 106.938 + 106.338 = $443 Mil. Average Total Assets from the begining of last year (Sep15) to the end of last year (Sep16) was (1019.097 + 1072.382 + 971.475 + 978.082 + 984.465) / 5 = $1005.1002 Mil. Total Assets at the begining of last year (Sep15) was $1,019 Mil. Long-Term Debt & Capital Lease Obligation was $93 Mil. Total Current Assets was $101 Mil. Total Current Liabilities was $174 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.
Buffalo Wild Wings's current Net Income (TTM) was 64.
==> 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.
Buffalo Wild Wings's current Cash Flow from Operations (TTM) was 211.
==> 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 (Sep16) |
= | 64.13 | / | 984.465 | |
= | 0.06514198 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep15) |
= | 104.397 | / | 1019.097 | |
= | 0.10244069 |
Buffalo Wild Wings's return on assets of this year was 0.06514198. Buffalo Wild Wings's return on assets of last year was 0.10244069.
==> 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.
Buffalo Wild Wings's current Net Income (TTM) was 64. Buffalo Wild Wings's current Cash Flow from Operations (TTM) was 211.
==> 211 > 64 ==> 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: Sep17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep16 to Sep17 |
= | 420.376 | / | 972.1362 | |
= | 0.432425 |
Gearing (Last Year: Sep16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep15 to Sep16 |
= | 93.38 | / | 1005.1002 | |
= | 0.09290616 |
Buffalo Wild Wings's gearing of this year was 0.432425. Buffalo Wild Wings's gearing of last year was 0.09290616.
==> 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: Sep17) | = | Total Current Assets | / | Total Current Liabilities |
= | 123.302 | / | 176.707 | |
= | 0.69777655 |
Current Ratio (Last Year: Sep16) | = | Total Current Assets | / | Total Current Liabilities |
= | 101.359 | / | 174.401 | |
= | 0.58118359 |
Buffalo Wild Wings's current ratio of this year was 0.69777655. Buffalo Wild Wings's current ratio of last year was 0.58118359.
==> 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.
Buffalo Wild Wings's number of shares in issue this year was 15.572. Buffalo Wild Wings's number of shares in issue last year was 18.353.
==> 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 |
= | 397.066 | / | 2025.634 | |
= | 0.1960206 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 442.671 | / | 1982.825 | |
= | 0.22325268 |
Buffalo Wild Wings's gross margin of this year was 0.1960206. Buffalo Wild Wings's gross margin of last year was 0.22325268.
==> Last year's gross margin is higher ==> Score 0.
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 (Sep16) |
= | 2025.634 | / | 984.465 | |
= | 2.0575988 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep15) |
= | 1982.825 | / | 1019.097 | |
= | 1.94566857 |
Buffalo Wild Wings's asset turnover of this year was 2.0575988. Buffalo Wild Wings's asset turnover of last year was 1.94566857.
==> 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 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Buffalo Wild Wings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Buffalo Wild Wings (NAS:BWLD) 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 Buffalo Wild Wings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Richard Mcguire | director | FOUR EMBARCADERO CENTER, SUITE 2100, SAN FRANCISCO CA 94111 |
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Lawton Iii Harry A | director | C/O EBAY INC., 2065, SAN JOSE CA 95125 |
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Marcato International Master Fund, Ltd. | director | C/O OGIER FIDUCIARY SERVICES (CAYMAN)LTD, 89 NEXUS WAY, CAMANA BAY, GRAND CAYMAN E9 KY1-9007 |
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Mary J Twinem | officer: Exec VP, CFO & Treasurer | 5500 WAYZATA BLVD., SUITE 1600, MINNEAPOLIS MN 55416 |
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