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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
National Western Life Group 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 National Western Life Group's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of National Western Life Group was 9. The lowest was 6. And the median was 7.
The historical data trend for National Western Life 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.
National Western Life Group Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 6.00 | 9.00 | 6.00 | 7.00 |
National Western Life Group 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 | 6.00 | 6.00 | 7.00 | 7.00 | 7.00 |
For the Insurance - Life subindustry, National Western Life 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.
For the Insurance industry and Financial Services sector, National Western Life Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where National Western Life 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.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was 12.304 + 29.634 + 64.725 + -12.233 = $94.4 Mil. Cash Flow from Operations was 47.051 + 71.288 + 81.216 + 56.145 = $255.7 Mil. Revenue was 152.614 + 186.177 + 156.69 + 207.869 = $703.4 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (12782.945 + 12781.893 + 12454.386 + 12059.43 + 12250.615) / 5 = $12465.8538 Mil. Total Assets at the begining of this year (Dec22) was $12,782.9 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Assets was $12,250.6 Mil. Total Liabilities was $9,810.9 Mil. |
Net Income was 97.562 + 96.527 + 35.188 + 17.234 = $246.5 Mil. Revenue was 138.253 + 118.28 + 142.157 + 161.344 = $560.0 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (14330.189 + 13824.036 + 13302.369 + 13238.225 + 12782.945) / 5 = $13495.5528 Mil. Total Assets at the begining of last year (Dec21) was $14,330.2 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Assets was $12,782.9 Mil. Total Liabilities was $10,592.0 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.
National Western Life Group's current Net Income (TTM) was 94.4.
==> 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.
National Western Life Group's current Cash Flow from Operations (TTM) was 255.7.
==> 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) |
= | 94.43 | / | 12782.945 | |
= | 0.00738719 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 246.511 | / | 14330.189 | |
= | 0.01720222 |
National Western Life Group's return on assets of this year was 0.00738719. National Western Life Group's return on assets of last year was 0.01720222.
==> 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.
National Western Life Group's current Net Income (TTM) was 94.4. National Western Life Group's current Cash Flow from Operations (TTM) was 255.7.
==> 255.7 > 94.4 ==> 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 |
= | 0 | / | 12465.8538 | |
= | 0 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 0 | / | 13495.5528 | |
= | 0 |
National Western Life Group's gearing of this year was 0. National Western Life Group's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
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 |
= | 12250.615 | / | 9810.891 | |
= | 1.24867507 |
Current Ratio (Last Year: Dec22) | = | Total Assets | / | Total Liabilities |
= | 12782.945 | / | 10592.023 | |
= | 1.20684642 |
National Western Life Group's current ratio of this year was 1.24867507. National Western Life Group's current ratio of last year was 1.20684642.
==> 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.
National Western Life Group's number of shares in issue this year was 3.636. National Western Life Group's number of shares in issue last year was 3.636.
==> 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 |
= | 94.43 | / | 703.35 | |
= | 0.13425748 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 246.511 | / | 560.034 | |
= | 0.44017149 |
National Western Life Group's net margin of this year was 0.13425748. National Western Life Group's net margin of last year was 0.44017149.
==> 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) |
= | 703.35 | / | 12782.945 | |
= | 0.05502253 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 560.034 | / | 14330.189 | |
= | 0.03908071 |
National Western Life Group's asset turnover of this year was 0.05502253. National Western Life Group's asset turnover of last year was 0.03908071.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Western Life Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
National Western Life Group (NAS:NWLI) 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 National Western Life Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
E J Pederson | director | 850 EAST ANDERSON LANE, AUSTIN TX 78752 |
Ross R Moody | director, officer: President & Interim CEO | 850 E. ANDERSON LANE, AUSTIN TX 78752 |
David S Boone | director | AMERICAN CARESOURCE HOLDINGS, INC., 5429 LYNDON B. JOHNSON FREEWAY, #100, DALLAS TX 75240 |
Thomas A Blackwell | director | 850 E. ANDERSON LANE, AUSTIN TX 78752 |
Rey Jr Perez | officer: Sr VP - CLO & Secretary | 850 E. ANDERSON LANE, AUSTIN TX 78752 |
Gina Byrne Miller | other: NWLIC SVP - CLO & Secretary | 10801 N. MOPAC EXPY., BLDG. 3, AUSTIN TX 78759 |
Allison L Lounsbury | other: NWLIC - VP Controller | 10801 N. MOPAC EXPY., BLDG. 3, AUSTIN TX 78759 |
Van De Berg Stephen M | other: NWLIC - SVP Chief Actuary CRO | 10801 N. MOPAC EXPY, BLDG 3, AUSTIN TX 78759 |
Chad J Tope | other: NWLIC - EVP CMO | 10801 N. MOPAC EXPY, BLDG 3, AUSTIN TX 78759 |
Natalie U Anderson | other: NWLIC - VP Head of Investments | 10801 N. MOPAC EXPY., BLDG. 3, AUSTIN TX 78759 |
Robert L Moody | 10 percent owner | 850 EAST ANDERSON LANE, AUSTIN TX 78752 |
Robert L. Moody Revocable Trust | 10 percent owner | C/O MOODY NATIONAL BANK, 2302 POSTOFFICE ST., GALVESTON TX 77550 |
Gregory J Owen | other: NWLIC - SVP CIO | 10801 N. MOPAC EXPY BLDG 3, AUSTIN TX 78759 |
Russell S. Moody | director | 850 E. ANDERSON LANE, AUSTIN TX 78752 |
E Douglas Mcleod | director | 850 EAST ANDERSON LANE, AUSTIN TX 78752 |
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