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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
Wesco Aircraft Holdings 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 Wesco Aircraft Holdings's Piotroski F-Score or its related term are showing as below:
The historical data trend for Wesco Aircraft Holdings'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.
Wesco Aircraft Holdings Annual Data | |||||||||||||||||||||
Trend | Sep10 | Sep11 | Sep12 | Sep13 | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 6.00 | 2.00 | 6.00 | 5.00 |
Wesco Aircraft Holdings Quarterly Data | ||||||||||||||||||||
Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 5.00 | 7.00 | 7.00 | 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Net Income was 6.293 + 12.01 + 14.114 + -11.048 = $21 Mil. Cash Flow from Operations was -32.447 + 26.046 + 55.715 + 37.058 = $86 Mil. Revenue was 395.311 + 426.474 + 442.374 + 432.291 = $1,696 Mil. Gross Profit was 98.342 + 108.747 + 105.87 + 90.134 = $403 Mil. Average Total Assets from the begining of this year (Sep18) to the end of this year (Sep19) was (1789.476 + 1813.076 + 1817.515 + 1836.183 + 1794.798) / 5 = $1810.2096 Mil. Total Assets at the begining of this year (Sep18) was $1,789 Mil. Long-Term Debt & Capital Lease Obligation was $727 Mil. Total Current Assets was $1,248 Mil. Total Current Liabilities was $344 Mil. |
Net Income was -0.374 + 15 + 10.754 + 7.274 = $33 Mil. Revenue was 363.091 + 390.183 + 410.359 + 406.817 = $1,570 Mil. Gross Profit was 94.424 + 105.735 + 104.197 + 98.8 = $403 Mil. Average Total Assets from the begining of last year (Sep17) to the end of last year (Sep18) was (1754.107 + 1758.286 + 1812.312 + 1830.392 + 1789.476) / 5 = $1788.9146 Mil. Total Assets at the begining of last year (Sep17) was $1,754 Mil. Long-Term Debt & Capital Lease Obligation was $774 Mil. Total Current Assets was $1,232 Mil. Total Current Liabilities was $302 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.
Wesco Aircraft Holdings's current Net Income (TTM) was 21.
==> 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.
Wesco Aircraft Holdings's current Cash Flow from Operations (TTM) was 86.
==> 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 (Sep18) |
= | 21.369 | / | 1789.476 | |
= | 0.01194148 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep17) |
= | 32.654 | / | 1754.107 | |
= | 0.01861574 |
Wesco Aircraft Holdings's return on assets of this year was 0.01194148. Wesco Aircraft Holdings's return on assets of last year was 0.01861574.
==> 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.
Wesco Aircraft Holdings's current Net Income (TTM) was 21. Wesco Aircraft Holdings's current Cash Flow from Operations (TTM) was 86.
==> 86 > 21 ==> 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: Sep19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep18 to Sep19 |
= | 726.584 | / | 1810.2096 | |
= | 0.40138114 |
Gearing (Last Year: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep17 to Sep18 |
= | 774.106 | / | 1788.9146 | |
= | 0.43272384 |
Wesco Aircraft Holdings's gearing of this year was 0.40138114. Wesco Aircraft Holdings's gearing of last year was 0.43272384.
==> 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: Sep19) | = | Total Current Assets | / | Total Current Liabilities |
= | 1247.792 | / | 344.247 | |
= | 3.62469971 |
Current Ratio (Last Year: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
= | 1231.517 | / | 301.761 | |
= | 4.08110061 |
Wesco Aircraft Holdings's current ratio of this year was 3.62469971. Wesco Aircraft Holdings's current ratio of last year was 4.08110061.
==> 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.
Wesco Aircraft Holdings's number of shares in issue this year was 100.868. Wesco Aircraft Holdings's number of shares in issue last year was 99.812.
==> 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 |
= | 403.093 | / | 1696.45 | |
= | 0.23760971 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 403.156 | / | 1570.45 | |
= | 0.25671368 |
Wesco Aircraft Holdings's gross margin of this year was 0.23760971. Wesco Aircraft Holdings's gross margin of last year was 0.25671368.
==> 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 (Sep18) |
= | 1696.45 | / | 1789.476 | |
= | 0.94801495 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep17) |
= | 1570.45 | / | 1754.107 | |
= | 0.89529886 |
Wesco Aircraft Holdings's asset turnover of this year was 0.94801495. Wesco Aircraft Holdings's asset turnover of last year was 0.89529886.
==> 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 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Wesco Aircraft Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Wesco Aircraft Holdings (NYSE:WAIR) 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 Wesco Aircraft Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tc Group, Llc | 10 percent owner | C/O CARLYLE GROUP, 1001 PENNSYLVANIA AVENUE NW SUITE 220 S, WASHINGTON DC 20004 |
Jennifer Pollino | director | C/O GOODRICH CORPORATION, 2730 W. TYVOLA ROAD, CHARLOTTE NC 28217 |
Jay L Haberland | director | 260 BACK SHORE RD., ROUND POND ME 04564 |
Carlyle Holdings I L.p. | 10 percent owner | C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505 |
Carlyle Holdings I Gp Sub L.l.c. | 10 percent owner | C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505 |
Carlyle Holdings I Gp Inc. | 10 percent owner | C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505 |
Cg Subsidiary Holdings L.l.c. | 10 percent owner | C/O THE CARLYLE GROUP, SUITE 220 SOUTH, 1001 PENNSYLVANIA AVENUE, N.W., WASHINGTON DC 20004 |
Scott Ernest Kuechle | director | C/O GOODRICH CORPORATION, 2730 WEST TYVOLA ROAD, CHARLOTTE NC 28217 |
Paul E Fulchino | director | |
Kerry A Shiba | officer: Executive Vice President & CFO | 5847 SAN FELIPE SUITE 2500, HOUSTON TX 77057 |
Robert D Paulson | director | AEROSTAR CAPITAL LLC, 590 SANDHILL CRANE RD., #1270, WILSON WY 83014-1270 |
Carlyle Group Management L.l.c. | 10 percent owner | C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505 |
Carlyle Group Inc. | 10 percent owner | C/O THE CARLYLE GROUP, 1001 PENNSYLVANIA AVENUE, N.W., WASHINGTON DC 20004 |
Tc Group Iv Managing Gp, L.l.c. | 10 percent owner | 1001 PENNSYLVANIA AVENUE, N.W., SUITE 200 SOUTH, ATTN: DONNA ARRINGTON, WASHINGTON DC 20004 |
Platinum Equity Investment Holdings, Llc | 10 percent owner | C/O PLATINUM EQUITY, 360 NORTH CRESCENT DRIVE, BEVERLY HILLS CA 90210 |
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