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New York Times Co (NYSE:NYT)
Piotroski F-Score
5 (As of Today)

The zones of discrimination were as such:

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

New York Times Co has an F-score of 5 indicating the company's financial situation is typical for a stable company.

NYT' s 10-Year Piotroski F-Score Range
Min: 3   Max: 9
Current: 5

3
9

During the past 13 years, the highest Piotroski F-Score of New York Times Co was 9. The lowest was 3. And the median was 6.


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 (Mar14) TTM:Last Year (Mar13) TTM:
Net Income was 1.743 + 65.626 + -24.226 + 20.131 = $63 Mil.
Cash Flow from Operations was -4.443 + 24.785 + 36.632 + 60.996 = $118 Mil.
Revenue was 390.408 + 443.86 + 361.738 + 390.957 = $1,587 Mil.
Gross Profit was 231.425 + 279.345 + 209.143 + 237.888 = $958 Mil.
Total Assets at the begining of this year (Mar13) was $2,651 Mil.
Total Assets was $2,508 Mil.
Long-Term Debt was $441 Mil.
Total Current Assets was $1,033 Mil.
Total Current Liabilities was $552 Mil.
Net Income was 3.572 + 178.121 + 2.745 + -87.622 = $97 Mil.

Revenue was 380.675 + 468.114 + 355.337 + 489.802 = $1,694 Mil.
Gross Profit was 223.941 + 290.674 + 197.967 + 287.224 = $1,000 Mil.
Total Assets at the begining of last year (Mar12) was $2,818 Mil.
Total Assets was $2,651 Mil.
Long-Term Debt was $698 Mil.
Total Current Assets was $991 Mil.
Total Current Liabilities was $338 Mil.

Profitability

Q1. 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.

New York Times Co's current net income was 63. ==> Positive ==> Score 1.

Q2. 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.

New York Times Co's current cash flow from operations was 118. ==> Positive ==> Score 1.

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/Total Assets at the beginning of this year (Mar13)
=63.274/2650.977
=0.02386818

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=96.816/2817.78
=0.03435896

New York Times Co's return on assets of this year was 0.02386818. New York Times Co's return on assets of last year was 0.03435896. ==> 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.

New York Times Co's current net income was 63. New York Times Co's current cash flow from operations was 118. ==> 118 > 63 ==> CFROA > ROA ==> Score 1.

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)=Long-Term Debt/Total Assets
=441.272/2507.837
=0.17595721

Gearing (Last Year)=Long-Term Debt/Total Assets
=698.071/2650.977
=0.26332594

New York Times Co's gearing of this year was 0.17595721. New York Times Co's gearing of last year was 0.26332594. ==> 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)=Total Current Assets/Total Current Liabilities
=1032.935/552.215
=1.8705305

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=991.332/337.991
=2.93301301

New York Times Co's current ratio of this year was 1.8705305. New York Times Co's current ratio of last year was 2.93301301. ==> Last year's current ratio is higher ==> Score 0.

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.

New York Times Co's number of shares in issue this year was 161.9. New York Times Co's number of shares in issue last year was 155.3. ==> There is larger number of shares in issue this year. ==> Score 0.

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)=Gross Profit/Revenue
=957.801/1586.963
=0.60354337

Gross Margin (Last Year)=Gross Profit/Revenue
=999.806/1693.928
=0.59022934

New York Times Co's gross margin of this year was 0.60354337. New York Times Co's gross margin of last year was 0.59022934. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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 (Mar13)
=1586.963/2650.977
=0.59863326

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=1693.928/2817.78
=0.60115694

New York Times Co's asset turnover of this year was 0.59863326. New York Times Co's asset turnover of last year was 0.60115694. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+1+0+0+1+0
=5

Good or high score = 8 or 9

Bad or low score = 0 or 1

New York Times Co has an F-score of 5 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


Historical Data

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

New York Times Co Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1101011011
Q2 1111111111
Q3 0001011010
Q4 1110111100
Q5 1001100100
Q6 0100011111
Q7 1111100100
Q8 0001011011
Q9 0001100001
F-score 5537566555

New York Times Co Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
Q1 0111111111
Q2 1111100111
Q3 0111111000
Q4 1110000011
Q5 1010000011
Q6 1111111100
Q7 1110000000
Q8 1110111111
Q9 1111000001
F-score 7895544455
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