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Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Great Elm Capital has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Great Elm Capital's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Great Elm Capital was 7. The lowest was 1. And the median was 4.
The historical data trend for Great Elm Capital'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.
Great Elm Capital Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 2.00 | 4.00 | 1.00 | 7.00 |
Great Elm Capital Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 1.00 | 3.00 | 6.00 | 7.00 | 7.00 |
For the Asset Management subindustry, Great Elm Capital'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.
For the Asset Management industry and Financial Services sector, Great Elm Capital's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Great Elm Capital'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.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was 8.16 + 5.202 + 7.76 + 4.211 = $25.33 Mil. Cash Flow from Operations was 8.715 + 4.371 + 10.496 + 2.101 = $25.68 Mil. Revenue was 9.331 + 6.316 + 8.978 + 5.578 = $30.20 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (310.112 + 314.065 + 322.477 + 246.331 + 246.825) / 5 = $287.962 Mil. Total Assets at the begining of this year (Dec22) was $310.11 Mil. Long-Term Debt & Capital Lease Obligation was $140.21 Mil. Total Assets was $246.83 Mil. Total Liabilities was $148.09 Mil. |
Net Income was -5.109 + -4.518 + 1.331 + -7.287 = $-15.58 Mil. Revenue was -8.955 + -3.631 + 2.827 + -6.316 = $-16.08 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (426.314 + 315.78 + 346.5 + 293.128 + 310.112) / 5 = $338.3668 Mil. Total Assets at the begining of last year (Dec21) was $426.31 Mil. Long-Term Debt & Capital Lease Obligation was $153.15 Mil. Total Assets was $310.11 Mil. Total Liabilities was $225.30 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.
Great Elm Capital's current Net Income (TTM) was 25.33.
==> 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.
Great Elm Capital's current Cash Flow from Operations (TTM) was 25.68.
==> 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 (Dec22) |
= | 25.333 | / | 310.112 | |
= | 0.08168984 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | -15.583 | / | 426.314 | |
= | -0.03655287 |
Great Elm Capital's return on assets of this year was 0.08168984. Great Elm Capital's return on assets of last year was -0.03655287.
==> This year is higher. ==> Score 1.
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.
Great Elm Capital's current Net Income (TTM) was 25.33. Great Elm Capital's current Cash Flow from Operations (TTM) was 25.68.
==> 25.68 > 25.33 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 140.214 | / | 287.962 | |
= | 0.48691841 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 153.152 | / | 338.3668 | |
= | 0.45262124 |
Great Elm Capital's gearing of this year was 0.48691841. Great Elm Capital's gearing of last year was 0.45262124.
==> 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.
Current Ratio (This Year: Dec23) | = | Total Assets | / | Total Liabilities |
= | 246.825 | / | 148.086 | |
= | 1.66676796 |
Current Ratio (Last Year: Dec22) | = | Total Assets | / | Total Liabilities |
= | 310.112 | / | 225.303 | |
= | 1.37642197 |
Great Elm Capital's current ratio of this year was 1.66676796. Great Elm Capital's current ratio of last year was 1.37642197.
==> 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.
Great Elm Capital's number of shares in issue this year was 7.602. Great Elm Capital's number of shares in issue last year was 7.617.
==> 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.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 25.333 | / | 30.203 | |
= | 0.83875774 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -15.583 | / | -16.075 | |
= | 0.96939347 |
Great Elm Capital's net margin of this year was 0.83875774. Great Elm Capital's net margin of last year was 0.96939347.
==> 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
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Dec22) |
= | 30.203 | / | 310.112 | |
= | 0.09739384 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | -16.075 | / | 426.314 | |
= | -0.03770695 |
Great Elm Capital's asset turnover of this year was 0.09739384. Great Elm Capital's asset turnover of last year was -0.03770695.
==> 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 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Great Elm Capital has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Great Elm Capital (NAS:GECC) 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 Great Elm Capital's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Great Elm Group, Inc. | 10 percent owner | 800 SOUTH STREET, SUITE 230, WALTHAM MA 02453 |
Richard M Cohen | director | C/O CARNEGIE INTERNATIONAL CORP, 11350 MCCORMICK ROAD EXECUTIVE PLAZA #3, HUNT VALLEY MD 21031 |
Mark Kuperschmid | director | MAST CAPITAL MANAGEMENT, LLC, 200 CLARENDON STREET, 51ST FLOOR, BOSTON MA 02116 |
Matthew D Kaplan | officer: CEO and President | 800 SOUTH STREET, SUITE 230, WALTHAM MA 02453 |
Northern Right Capital Management, L.p. | 10 percent owner, other: Member of 13D 10% Group | 9 OLD KINGS HWY. S., 4TH FLOOR, DARIEN CT 06820 |
Nrc Partners I, Lp | 10 percent owner | 9 OLD KINGS HIGHWAY SOUTH, 4TH FLOOR, DARIEN CT 06820 |
Bc Advisors Llc | 10 percent owner | 500 CRESCENT COURT, SUITE 230, DALLAS TX 75201 |
Northern Right Capital (qp), L.p. | 10 percent owner | 9 OLD KINGS HWY. S., 4TH FLOOR, DARIEN CT 06820 |
Matthew A Drapkin | director | 10 CORBIN DRIVE, 3RD FLOOR, DARIEN CT 06820 |
Chad Perry | director | C/O TANGER FACTORY OUTLET CENTERS, INC., 3200 NORTHLINE AVENUE, SUITE 360, GREENSBORO NC 27408 |
Lenders Funding Llc /california | 10 percent owner | 523 A AVENUE, CORONADO CA 92118 |
Robert A Zadek | 10 percent owner | 523 A AVENUE, CORONADO CA 92118 |
Erik A Falk | director | C/O KKR ASSET MANAGEMENT LLC, 555 CALIFORNIA STREET, 50TH FLOOR, SAN FRANCISCO CA 94104 |
Adam M Kleinman | officer: Chief Compliance Officer | 800 SOUTH STREET, SUITE 230, WALTHAM MA 02453 |
Michael C Speller | director | 800 SOUTH STREET, SUITE 230, WALTHAM MA 02453 |
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