Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
The Carlyle Group has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for The Carlyle Group's Piotroski F-Score or its related term are showing as below:
CG'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 4 Max: 8
Current: 3
During the past 13 years, the highest Piotroski F-Score of The Carlyle Group was 8. The lowest was 2. And the median was 4.
The Carlyle Group Piotroski F-Score Historical Data
The historical data trend for The Carlyle Group'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.
Competitive Comparison of The Carlyle Group's Piotroski F-Score
For the Asset Management subindustry, The Carlyle Group's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The Carlyle Group's Piotroski F-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, The Carlyle Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where The Carlyle Group's Piotroski F-Score falls into.
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.
Net Income was 571.6 + 245.4 + 280.8 + 127.2 = $1,225 Mil.
Revenue was 1143.3 + 751 + 813.7 + 647.3 = $3,355 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(21250.4 + 21736.4 + 21424.9 + 21092.4 + 21403) / 5 = $21381.42 Mil. Total Assets at the begining of last year (Dec21) was $21,250 Mil. Long-Term Debt & Capital Lease Obligation was $8,680 Mil. Total Assets was $21,403 Mil. Total Liabilities was $14,582 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.
The Carlyle Group's current Net Income (TTM) was -608.
==> 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.
The Carlyle Group's return on assets of this year was -0.02842592. The Carlyle Group's return on assets of last year was 0.05764597.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
The Carlyle Group's gearing of this year was 0.43579882. The Carlyle Group's gearing of last year was 0.40595059.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
The Carlyle Group's current ratio of this year was 1.37582432. The Carlyle Group's current ratio of last year was 1.46779868.
==> Last year's current ratio is higher ==> Score 0.
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.
The Carlyle Group's number of shares in issue this year was 360.834. The Carlyle Group's number of shares in issue last year was 366.663.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
The Carlyle Group's net margin of this year was -0.45944721. The Carlyle Group's net margin of last year was 0.36509403.
==> Last year's net 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
The Carlyle Group's asset turnover of this year was 0.06186983. The Carlyle Group's asset turnover of last year was 0.1578935.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 4
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0
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1
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
The Carlyle Group has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The Carlyle Group (NAS:CG) 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.
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.
The Carlyle Group Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of The Carlyle Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
The Carlyle Group (The Carlyle Group) Business Description
The Carlyle Group is one of the world's largest alternative-asset managers, with $382.3 billion in total assets under management, including $273.0 billion in fee-earning AUM, at the end of September 2023. The company has three core business segments: private equity, which includes private equity, real estate, infrastructure, and natural resources funds (accounting for 40% of fee-earning AUM and 64% of base management fees during 2023), global credit (46% and 25%) and investment solutions (14% and 11%). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 2,900 active carry fund investors from 88 countries.
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