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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
RLJ Lodging Trust has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for RLJ Lodging Trust's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of RLJ Lodging Trust was 8. The lowest was 3. And the median was 6.
The historical data trend for RLJ Lodging Trust'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.
For the REIT - Hotel & Motel subindustry, RLJ Lodging Trust'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 REITs industry and Real Estate sector, RLJ Lodging Trust's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where RLJ Lodging Trust'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 10.645 + 41.395 + 16.43 + 7.935 = $76 Mil. Cash Flow from Operations was 42.018 + 95.097 + 89.073 + 88.954 = $315 Mil. Revenue was 314.503 + 356.96 + 334.406 + 319.708 = $1,326 Mil. Gross Profit was 88.861 + 120.422 + 93.931 + 87.467 = $391 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (4978.225 + 4931.952 + 4932.5 + 4940.342 + 4919.295) / 5 = $4940.4628 Mil. Total Assets at the begining of this year (Dec22) was $4,978 Mil. Long-Term Debt & Capital Lease Obligation was $2,343 Mil. Total Current Assets was $640 Mil. Total Current Liabilities was $193 Mil. |
Net Income was -15.247 + 32.966 + 17.594 + 6.613 = $42 Mil. Revenue was 242.899 + 330.501 + 318.071 + 302.191 = $1,194 Mil. Gross Profit was 61.347 + 117.034 + 98.147 + 85.731 = $362 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (5148.976 + 4921.657 + 4933.226 + 4966.773 + 4978.225) / 5 = $4989.7714 Mil. Total Assets at the begining of last year (Dec21) was $5,149 Mil. Long-Term Debt & Capital Lease Obligation was $2,335 Mil. Total Current Assets was $654 Mil. Total Current Liabilities was $191 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.
RLJ Lodging Trust's current Net Income (TTM) was 76.
==> 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.
RLJ Lodging Trust's current Cash Flow from Operations (TTM) was 315.
==> 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) |
= | 76.405 | / | 4978.225 | |
= | 0.01534784 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 41.926 | / | 5148.976 | |
= | 0.00814259 |
RLJ Lodging Trust's return on assets of this year was 0.01534784. RLJ Lodging Trust's return on assets of last year was 0.00814259.
==> 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.
RLJ Lodging Trust's current Net Income (TTM) was 76. RLJ Lodging Trust's current Cash Flow from Operations (TTM) was 315.
==> 315 > 76 ==> 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 |
= | 2343.366 | / | 4940.4628 | |
= | 0.47432115 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 2334.565 | / | 4989.7714 | |
= | 0.46787013 |
RLJ Lodging Trust's gearing of this year was 0.47432115. RLJ Lodging Trust's gearing of last year was 0.46787013.
==> 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
Current Ratio (This Year: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 639.541 | / | 192.858 | |
= | 3.31612378 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 654.003 | / | 191.245 | |
= | 3.41971293 |
RLJ Lodging Trust's current ratio of this year was 3.31612378. RLJ Lodging Trust's current ratio of last year was 3.41971293.
==> 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.
RLJ Lodging Trust's number of shares in issue this year was 154.385. RLJ Lodging Trust's number of shares in issue last year was 159.978.
==> 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.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 390.681 | / | 1325.577 | |
= | 0.29472524 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 362.259 | / | 1193.662 | |
= | 0.30348541 |
RLJ Lodging Trust's gross margin of this year was 0.29472524. RLJ Lodging Trust's gross margin of last year was 0.30348541.
==> 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 (Dec22) |
= | 1325.577 | / | 4978.225 | |
= | 0.26627503 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 1193.662 | / | 5148.976 | |
= | 0.23182512 |
RLJ Lodging Trust's asset turnover of this year was 0.26627503. RLJ Lodging Trust's asset turnover of last year was 0.23182512.
==> 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 | + | 0 | + | 1 | + | 0 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
RLJ Lodging Trust has an F-score of 6 indicating the company's financial situation is typical for a stable company.
RLJ Lodging Trust (NYSE:RLJ) 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 RLJ Lodging Trust's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Arthur Reginald Collins | director | 3911 LORCOM LANE, ARLINGTON VA 22207 |
Nathaniel A Davis | director | 1500 ECKINGTON PLACE NE, WASHINGTON DC 20002 |
Chad Perry | officer: EVP and General Counsel | C/O TANGER FACTORY OUTLET CENTERS, INC., 3200 NORTHLINE AVENUE, SUITE 360, GREENSBORO NC 27408 |
Patricia L Gibson | director | 545 E JOHN CARPENTER FREEWAY, SUITE 1300, IRVING TX 75062 |
Thomas Bardenett | officer: EVP and COO | C/O EXTENDED STAY AMERICA, INC., 11525 N. COMMUNITY HOUSE ROAD, SUITE 100, CHARLOTTE NC 28277 |
La Forgia Robert M | director | C/O HILTON HOTELS CORP, 9336 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Robert Mccarthy | director | C/O SANTANDER CONSUMER USA HOLDINGS INC, 1601 ELM STREET, SUITE 800, DALLAS TX 75201 |
Evan Bayh | director | 3 BETHESDA METRO CENTER, SUITE 1000, BETHESDA MD 20814 |
Robin Mcbride Zeigler | director | 44 SOUTH BAYLES AVENUE, PORT WASHINGTON NY 11050 |
Sean M Mahoney | officer: EVP, CFO and Treasurer | 3 BETHESDA METRO CTR #1000, BETHESDA MD 20814 |
Robert L Johnson | director, officer: Executive Chairman | C/O RLJ COMPANIES, 3 BETHESDA METRO CENTER, SUITE 1000, BETHESDA MD 20814 |
Leslie D. Hale | director, officer: President and CEO | 3 BETHESDA METRO CENTER, SUITE 1000, BETHESDA MD 20814 |
Christopher Andrew Gormsen | officer: Chief Accounting Officer | C/O RLJ LODGING TRUST, 3 BETHESDA METRO CENTER, SUITE 1000, BETHESDA MD 20814 |
Joseph J Ryan | director | C/O RLJ LODGING TRUST, 3 BETHESDA METRO CENTER, SUITE 1000, BETHESDA MD 20817 |
California Public Employees Retirement System | 10 percent owner | 400 Q ST, SUITE 4800, SACRAMENTO CA 95811 |
From GuruFocus
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