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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Landauer 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 Landauer's Piotroski F-Score or its related term are showing as below:
The historical data trend for Landauer'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.
Landauer Annual Data | |||||||||||||||||||||
Trend | Sep07 | Sep08 | Sep09 | Sep10 | Sep11 | Sep12 | Sep13 | Sep14 | Sep15 | Sep16 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 4.00 | 4.00 | 7.00 | 8.00 |
Landauer Quarterly Data | ||||||||||||||||||||
Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 8.00 | 7.00 | 7.00 | 7.00 |
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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Net Income was 2.566 + 4.401 + 5.175 + 6.4 = $18.5 Mil. Cash Flow from Operations was 9.321 + 6.49 + 7.448 + 18.075 = $41.3 Mil. Revenue was 36.773 + 37.572 + 39.122 + 39.888 = $153.4 Mil. Gross Profit was 17.69 + 19.635 + 20.317 + 21.087 = $78.7 Mil. Average Total Assets from the begining of this year (Jun16) to the end of this year (Jun17) was (194.67 + 190.816 + 187.752 + 190.508 + 198.166) / 5 = $192.3824 Mil. Total Assets at the begining of this year (Jun16) was $194.7 Mil. Long-Term Debt & Capital Lease Obligation was $100.6 Mil. Total Current Assets was $73.3 Mil. Total Current Liabilities was $36.3 Mil. |
Net Income was 2.564 + 3.643 + 4.279 + 7.265 = $17.8 Mil. Revenue was 40.161 + 36.53 + 38.082 + 37.854 = $152.6 Mil. Gross Profit was 20.759 + 18.515 + 19.755 + 19.518 = $78.5 Mil. Average Total Assets from the begining of last year (Jun15) to the end of last year (Jun16) was (208.074 + 208.744 + 201.685 + 202.602 + 194.67) / 5 = $203.155 Mil. Total Assets at the begining of last year (Jun15) was $208.1 Mil. Long-Term Debt & Capital Lease Obligation was $112.3 Mil. Total Current Assets was $58.0 Mil. Total Current Liabilities was $37.0 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.
Landauer's current Net Income (TTM) was 18.5.
==> 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.
Landauer's current Cash Flow from Operations (TTM) was 41.3.
==> 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 (Jun16) |
= | 18.542 | / | 194.67 | |
= | 0.09524837 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun15) |
= | 17.751 | / | 208.074 | |
= | 0.085311 |
Landauer's return on assets of this year was 0.09524837. Landauer's return on assets of last year was 0.085311.
==> 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.
Landauer's current Net Income (TTM) was 18.5. Landauer's current Cash Flow from Operations (TTM) was 41.3.
==> 41.3 > 18.5 ==> 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: Jun17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun16 to Jun17 |
= | 100.6 | / | 192.3824 | |
= | 0.52291686 |
Gearing (Last Year: Jun16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun15 to Jun16 |
= | 112.3 | / | 203.155 | |
= | 0.5527799 |
Landauer's gearing of this year was 0.52291686. Landauer's gearing of last year was 0.5527799.
==> 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: Jun17) | = | Total Current Assets | / | Total Current Liabilities |
= | 73.259 | / | 36.307 | |
= | 2.01776517 |
Current Ratio (Last Year: Jun16) | = | Total Current Assets | / | Total Current Liabilities |
= | 57.95 | / | 37.033 | |
= | 1.56482057 |
Landauer's current ratio of this year was 2.01776517. Landauer's current ratio of last year was 1.56482057.
==> 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.
Landauer's number of shares in issue this year was 9.606. Landauer's number of shares in issue last year was 9.564.
==> 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 |
= | 78.729 | / | 153.355 | |
= | 0.51337746 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 78.547 | / | 152.627 | |
= | 0.51463371 |
Landauer's gross margin of this year was 0.51337746. Landauer's gross margin of last year was 0.51463371.
==> Last year's gross 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 (Jun16) |
= | 153.355 | / | 194.67 | |
= | 0.78776905 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun15) |
= | 152.627 | / | 208.074 | |
= | 0.73352269 |
Landauer's asset turnover of this year was 0.78776905. Landauer's asset turnover of last year was 0.73352269.
==> 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 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Landauer has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Landauer (NYSE:LDR) 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 Landauer's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Frank Blaise Modruson | director | C/O ZEBRA TECHNOLOGIES CORPORATION, 3 OVERLOOK POINT, LINCOLNSHIRE IL 60069 |
William G Dempsey | director | C/O LANDAUER, INC., 2 SCIENCE ROAD, GLENWOOD IL 60425 |
David E Meador | director | ONE ENERGY PLAZA, DETROIT MI 48226 |
Teri G. Fontenot | director | 18933 EAST PINNACLE CIRCLE, BATON ROUGE LA 70634 |
Jeffrey Allen Bailey | director | BIODELIVERY SCIENCES INTERNATIONAL, INC., 4131 PARKLAKE AVE., SUITE 225, RALEIGH NC 27612 |
Jeffrey A. Strong | director | 157 COLUMBUS AVE, SUITE 403, NEW YORK CITY NY 10023 |
Thomas M White | director | C/O APOLLO MANAGEMENT, 9 WEST 57TH STREET, 43RD FLOOR, NEW YORK NY 10019 |
Daniel Fujii | officer: Vice President, CFO | 2 SCIENCE ROAD, GLENWOOD IL 60425 |
Michael P Kaminski | director, officer: President and CEO | C/O STEREOTAXIS INC, 4041 FOREST PARK, ST. LOUIS MO 63108 |
Stephen C Mitchell | director | C/O LANDAUER, INC., 2 SCIENCE ROAD, GLENWOOD IL 60425 |
Mark A Zorko | officer: Interim CFO | 9265 FAWN LAKE DR, RALEIGH NC 27617 |
Michael K Burke | officer: Sr VP and CFO | C/O LANDAUER, INC., 2 SCIENCE ROAD, GLENWOOD IL 60425 |
Jonathon M Singer | officer: Sr VP, Treas, Sec & CFO | 520 LAKE COOK ROAD, SUITE 315, DEERFIELD IL 60015 |
De Planque E Gail | director | C/O LANDAUER, INC., 2 SCIENCE ROAD, GLENWOOD IL 60425 |
Gary D Eppen | other: Former Director | C/O LANDAUER, INC. (RETIRED), 2 SCIENCE ROAD, GLENWOOD IL 60425 |
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