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Nintendo Co Ltd (OTCPK:NTDOY)
Piotroski F-Score
4 (As of Today)

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

Nintendo Co Ltd has an F-score of 4 indicating the company's financial situation is typical for a stable company.

NTDOY' s 10-Year Piotroski F-Score Range
Min: 2   Max: 7
Current: 4

2
7

During the past 13 years, the highest Piotroski F-Score of Nintendo Co Ltd was 7. The lowest was 2. And the median was 5.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Sep14) TTM:Last Year (Sep13) TTM:
Net Income was 92.578136294 + -325.928673212 + -97.4837821899 + 224.158168744 = $-107 Mil.
Cash Flow from Operations was 0 + -225.594877901 + 0 + -261.704546296 = $-487 Mil.
Revenue was 2915.71977911 + 708.641589725 + 734.175348929 + 895.188583531 = $5,254 Mil.
Gross Profit was 840.893977506 + 135.909348221 + 319.697267545 + 449.575289003 = $1,746 Mil.
Average Total Assets from the begining of this year (Sep13)
to the end of this year (Sep14) was
(15289.2707374 + 15295.3229055 + 12750.6880868 + 12071.8301553 + 12176.1162086) / 5 = $13,517 Mil.
Total Assets as of Sep13 was $15,289 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $9,681 Mil.
Total Current Liabilities was $1,410 Mil.
Net Income was 477.789754991 + -76.1267620041 + 86.4527003301 + -82.1417612765 = $406 Mil.

Revenue was 3840.63194772 + 945.078663639 + 818.155368054 + 1176.57768232 = $6,780 Mil.
Gross Profit was 930.910193357 + 134.035066184 + 365.234316214 + 262.227677202 = $1,692 Mil.
Average Total Assets from the begining of last year (Sep12)
to the end of last year (Sep13) was
(17812.8662372 + 17837.6451301 + 14810.8390106 + 14033.8205933 + 15289.2707374) / 5 = $15,957 Mil.
Total Assets as of Sep12 was $17,813 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $12,496 Mil.
Total Current Liabilities was $2,372 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by beginning of the year total assets.

Score 1 if positive, 0 if negative.

Nintendo Co Ltd's current net income (ttm) was -107. ==> Negative ==> Score 0.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by beginning of the year total assets.

Score 1 if positive, 0 if negative.

Nintendo Co Ltd's current cash flow from operations (ttm) was -487. ==> Negative ==> Score 0.

Q3. 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 (TTM)/Beginning of This Year Total Assets (Sep13)
=-106.676150364/15289.2707374
=-0.00697719

ROA (Last Year)=Net Income (TTM)/Beginning of Last Year Total Assets (Sep12)
=405.973932041/17812.8662372
=0.02279105

Nintendo Co Ltd's return on assets of this year was -0.00697719. Nintendo Co Ltd's return on assets of last year was 0.02279105. ==> Last year is higher ==> Score 0.

Q4. 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.

Nintendo Co Ltd's current net income (ttm) was -107. Nintendo Co Ltd's current cash flow from operations (ttm) was -487. ==> -487 =< -107 ==> CFROA =< ROA ==> Score 0.

Funding

Q5. 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: Sep14)=Long-Term Debt/Average Total Assets from Sep13 to Sep14
=0/13516.6456187
=0

Gearing (Last Year: Sep13)=Long-Term Debt/Average Total Assets from Sep12 to Sep13
=0/15956.8883417
=0

Nintendo Co Ltd's gearing of this year was 0. Nintendo Co Ltd's gearing of last year was 0. ==> This year is lower or equal to last year. ==> Score 1.

Q6. 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: Sep14)=Total Current Assets/Total Current Liabilities
=9680.64287989/1409.5535906
=6.86787856

Current Ratio (Last Year: Sep13)=Total Current Assets/Total Current Liabilities
=12495.7042037/2372.42507927
=5.26705956

Nintendo Co Ltd's current ratio of this year was 6.86787856. Nintendo Co Ltd's current ratio of last year was 5.26705956. ==> This year's current ratio is higher. ==> Score 1.

Q7. 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.

Nintendo Co Ltd's number of shares in issue this year was 947. Nintendo Co Ltd's number of shares in issue last year was 1023. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Q8. 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
=1746.07588227/5253.72530129
=0.33235005

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1692.40725296/6780.44366173
=0.24960126

Nintendo Co Ltd's gross margin of this year was 0.33235005. Nintendo Co Ltd's gross margin of last year was 0.24960126. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by begining of the year total assets) 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 (TTM)/Beginning of This Year Total Assets (Sep13)
=5253.72530129/15289.2707374
=0.34362171

Asset Turnover (Last Year)=Revenue (TTM)/Beginning of Last Year Total Assets (Sep12)
=6780.44366173/17812.8662372
=0.38064866

Nintendo Co Ltd's asset turnover of this year was 0.34362171. Nintendo Co Ltd's asset turnover of last year was 0.38064866. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=0+0+0+0+1+1+1+1+0
=4

Good or high score = 8 or 9

Bad or low score = 0 or 1

Nintendo Co Ltd has an F-score of 4 indicating the company's financial situation is typical for a stable company.


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.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities, Altman Z-Score, Beneish M-Score


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Nintendo Co Ltd Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 1111111010
Q2 1111111000
Q3 1011000010
Q4 1011101001
Q5 1011011111
Q6 0100111101
Q7 1111111111
Q8 1101100001
Q9 0011000000
F-score 7578656345

Nintendo Co Ltd Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
Q1 0011111000
Q2 0000000000
Q3 0011110000
Q4 0000000000
Q5 1111111111
Q6 1000111111
Q7 1111111111
Q8 0000001111
Q9 0001000000
F-score 3245655444
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