SFLY has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
SFLY has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Shutterfly has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Shutterfly's Piotroski F-Score or its related term are showing as below:
The historical data trend for Shutterfly'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.
Shutterfly Annual Data | |||||||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 5.00 | 6.00 | 7.00 | 7.00 |
Shutterfly Quarterly Data | ||||||||||||||||||||
Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 4.00 | 7.00 | 4.00 | 5.00 |
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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Net Income was -73.543 + 177.616 + -83.619 + -12.732 = $8 Mil. Cash Flow from Operations was 27.041 + 374.45 + -144.115 + -21.502 = $236 Mil. Revenue was 368.757 + 949.967 + 324.681 + 473.416 = $2,117 Mil. Gross Profit was 144.019 + 572.404 + 114.282 + 232.903 = $1,064 Mil. Average Total Assets from the begining of this year (Jun18) to the end of this year (Jun19) was (2011.036 + 2046.416 + 2302.209 + 1945.914 + 1891.174) / 5 = $2039.3498 Mil. Total Assets at the begining of this year (Jun18) was $2,011 Mil. Long-Term Debt & Capital Lease Obligation was $1,003 Mil. Total Current Assets was $330 Mil. Total Current Liabilities was $253 Mil. |
Net Income was -25.607 + 111.724 + -27.165 + -26.512 = $32 Mil. Revenue was 195.443 + 593.755 + 199.725 + 443.372 = $1,432 Mil. Gross Profit was 64.296 + 339.537 + 73.679 + 210.144 = $688 Mil. Average Total Assets from the begining of last year (Jun17) to the end of last year (Jun18) was (1022.067 + 1006.937 + 1534.8 + 1379.228 + 2011.036) / 5 = $1390.8136 Mil. Total Assets at the begining of last year (Jun17) was $1,022 Mil. Long-Term Debt & Capital Lease Obligation was $1,138 Mil. Total Current Assets was $387 Mil. Total Current Liabilities was $224 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.
Shutterfly's current Net Income (TTM) was 8.
==> 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.
Shutterfly's current Cash Flow from Operations (TTM) was 236.
==> 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 (Jun18) |
= | 7.722 | / | 2011.036 | |
= | 0.00383981 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun17) |
= | 32.44 | / | 1022.067 | |
= | 0.0317396 |
Shutterfly's return on assets of this year was 0.00383981. Shutterfly's return on assets of last year was 0.0317396.
==> 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.
Shutterfly's current Net Income (TTM) was 8. Shutterfly's current Cash Flow from Operations (TTM) was 236.
==> 236 > 8 ==> 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: Jun19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun18 to Jun19 |
= | 1002.536 | / | 2039.3498 | |
= | 0.4915959 |
Gearing (Last Year: Jun18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun17 to Jun18 |
= | 1137.627 | / | 1390.8136 | |
= | 0.81795792 |
Shutterfly's gearing of this year was 0.4915959. Shutterfly's gearing of last year was 0.81795792.
==> 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
Current Ratio (This Year: Jun19) | = | Total Current Assets | / | Total Current Liabilities |
= | 329.618 | / | 252.594 | |
= | 1.30493203 |
Current Ratio (Last Year: Jun18) | = | Total Current Assets | / | Total Current Liabilities |
= | 386.634 | / | 224.247 | |
= | 1.72414347 |
Shutterfly's current ratio of this year was 1.30493203. Shutterfly's current ratio of last year was 1.72414347.
==> 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.
Shutterfly's number of shares in issue this year was 34.254. Shutterfly's number of shares in issue last year was 33.234.
==> 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 |
= | 1063.608 | / | 2116.821 | |
= | 0.50245533 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 687.656 | / | 1432.295 | |
= | 0.4801078 |
Shutterfly's gross margin of this year was 0.50245533. Shutterfly's gross margin of last year was 0.4801078.
==> 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 (Jun18) |
= | 2116.821 | / | 2011.036 | |
= | 1.05260224 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun17) |
= | 1432.295 | / | 1022.067 | |
= | 1.40137095 |
Shutterfly's asset turnover of this year was 1.05260224. Shutterfly's asset turnover of last year was 1.40137095.
==> 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 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Shutterfly has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Shutterfly (NAS:SFLY) 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 Shutterfly's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Betsy Rafael | director | 550 MERIDIAN AVENUE, SAN JOSE CA 95126 |
Ann Mather | director | |
Henry Tayloe Stansbury | director | 807 11TH AVENUE, SUNNYVALE CA 94089 |
Michael W Pope | officer: SVP & Chief Financial Officer | 601 BRANNAN STREET, SAN FRANCISCO CA 94107 |
Ryan Ohara | director, officer: President and CEO | 6922 HOLLYWOOD BLVD., 12TH FL, LOS ANGELES CA 90028 |
William J Lansing | director | NET PERCEPTIONS, INC, 7700 FRANCE AVENUE SOUTH, EDINA MN 55435 |
Scott Arnold | officer: President, Shutterfly Ent. | 6740 SHADY OAK RD, EDEN PRAIRIE MN 55344 |
Elizabeth P Sartain | director | MANPOWERGROUP INC., 100 MANPOWER PLACE, MILWAUKEE WI 53212 |
Maureen M. Mericle | officer: SVP, Chief Marketing Officer | C/O SHUTTERFLY, INC., 2800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
James A Hilt | officer: President, Shutterfly Consumer | 1 EXPRESS DRIVE, COLUMBUS OH 43230 |
Michael P Zeisser | director | |
Eva Manolis | director | C/O SHUTTERFLY, INC., 2800 BRIDGE PARKWAY, REDWOOD CITY CA 94065 |
Lisa Blackwood-kapral | officer: Chief Accounting Officer | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
Jeffrey T Housenbold | director, officer: PRESIDENT & CEO | 303 2ND STREET, SOUTH TOWER, 8TH FLOOR, SAN FRANCISCO CA 94107 |
Brian M Regan | officer: SVP, Chief Financial Officer | C/O TICKETMASTER 8800 WEST SUNSET BLVD. WEST HOLLYWOOD CA 90069 |
From GuruFocus
By Marketwired Marketwired • 06-13-2019
By Canadian Value Canadian Value • 06-05-2015
By Omar Venerio Omar Venerio • 05-02-2018
By Marketwired Marketwired • 06-26-2019
By Holly LaFon Holly LaFon • 11-07-2014
By Sydnee Gatewood Sydnee Gatewood • 01-31-2018
By TipRanks TipRanks • 02-18-2015
By Sydnee Gatewood Sydnee Gatewood • 10-19-2016
By PRNewswire PRNewswire • 06-11-2019
By Marketwired Marketwired • 06-26-2019
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.