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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
Pep Boys - Manny Moe & Jack 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 Pep Boys - Manny Moe & Jack's Piotroski F-Score or its related term are showing as below:
The historical data trend for Pep Boys - Manny Moe & Jack'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.
Pep Boys - Manny Moe & Jack Annual Data | |||||||||||||||||||||
Trend | Jan06 | Jan07 | Jan08 | Jan09 | Jan10 | Jan11 | Jan12 | Jan13 | Jan14 | Jan15 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 4.00 | 4.00 | 6.00 | 5.00 |
Pep Boys - Manny Moe & Jack Quarterly Data | ||||||||||||||||||||
Jan11 | Apr11 | Jul11 | Oct11 | Jan12 | Apr12 | Jul12 | Oct12 | Jan13 | Apr13 | Jul13 | Oct13 | Jan14 | Apr14 | Jul14 | Oct14 | Jan15 | Apr15 | Jul15 | Oct15 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 5.00 | 5.00 | 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 (Oct15) TTM: | Last Year (Oct14) TTM: |
Net Income was -26.668 + 11.893 + 4.81 + 1.266 = $-9 Mil. Cash Flow from Operations was 15.819 + 33.829 + 33.446 + 13.671 = $97 Mil. Revenue was 502.424 + 542.261 + 526.546 + 508.136 = $2,079 Mil. Gross Profit was 99.684 + 133.767 + 127.572 + 117.797 = $479 Mil. Average Total Assets from the begining of this year (Oct14) to the end of this year (Oct15) was (1572.401 + 1541.741 + 1520.728 + 1507.18 + 1492.355) / 5 = $1526.881 Mil. Total Assets at the begining of this year (Oct14) was $1,572 Mil. Long-Term Debt & Capital Lease Obligation was $193 Mil. Total Current Assets was $797 Mil. Total Current Liabilities was $614 Mil. |
Net Income was -3.331 + 1.608 + -0.273 + -1.964 = $-4 Mil. Revenue was 495.733 + 538.821 + 525.773 + 517.584 = $2,078 Mil. Gross Profit was 104.016 + 133.126 + 124.297 + 118.334 = $480 Mil. Average Total Assets from the begining of last year (Oct13) to the end of last year (Oct14) was (1589.247 + 1605.481 + 1592.951 + 1580.732 + 1572.401) / 5 = $1588.1624 Mil. Total Assets at the begining of last year (Oct13) was $1,589 Mil. Long-Term Debt & Capital Lease Obligation was $230 Mil. Total Current Assets was $807 Mil. Total Current Liabilities was $642 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.
Pep Boys - Manny Moe & Jack's current Net Income (TTM) was -9.
==> Negative ==> Score 0.
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.
Pep Boys - Manny Moe & Jack's current Cash Flow from Operations (TTM) was 97.
==> 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 (Oct14) |
= | -8.699 | / | 1572.401 | |
= | -0.0055323 |
ROA (Last Year) | = | Net Income | / | Total Assets (Oct13) |
= | -3.96 | / | 1589.247 | |
= | -0.00249175 |
Pep Boys - Manny Moe & Jack's return on assets of this year was -0.0055323. Pep Boys - Manny Moe & Jack's return on assets of last year was -0.00249175.
==> 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.
Pep Boys - Manny Moe & Jack's current Net Income (TTM) was -9. Pep Boys - Manny Moe & Jack's current Cash Flow from Operations (TTM) was 97.
==> 97 > -9 ==> 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: Oct15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Oct14 to Oct15 |
= | 192.5 | / | 1526.881 | |
= | 0.126074 |
Gearing (Last Year: Oct14) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Oct13 to Oct14 |
= | 229.5 | / | 1588.1624 | |
= | 0.14450663 |
Pep Boys - Manny Moe & Jack's gearing of this year was 0.126074. Pep Boys - Manny Moe & Jack's gearing of last year was 0.14450663.
==> 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: Oct15) | = | Total Current Assets | / | Total Current Liabilities |
= | 797.481 | / | 613.818 | |
= | 1.2992141 |
Current Ratio (Last Year: Oct14) | = | Total Current Assets | / | Total Current Liabilities |
= | 806.91 | / | 642.251 | |
= | 1.25637796 |
Pep Boys - Manny Moe & Jack's current ratio of this year was 1.2992141. Pep Boys - Manny Moe & Jack's current ratio of last year was 1.25637796.
==> 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.
Pep Boys - Manny Moe & Jack's number of shares in issue this year was 54.605. Pep Boys - Manny Moe & Jack's number of shares in issue last year was 53.59.
==> 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 |
= | 478.82 | / | 2079.367 | |
= | 0.230272 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 479.773 | / | 2077.911 | |
= | 0.23089199 |
Pep Boys - Manny Moe & Jack's gross margin of this year was 0.230272. Pep Boys - Manny Moe & Jack's gross margin of last year was 0.23089199.
==> 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 (Oct14) |
= | 2079.367 | / | 1572.401 | |
= | 1.32241521 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Oct13) |
= | 2077.911 | / | 1589.247 | |
= | 1.30748147 |
Pep Boys - Manny Moe & Jack's asset turnover of this year was 1.32241521. Pep Boys - Manny Moe & Jack's asset turnover of last year was 1.30748147.
==> 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 |
= | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pep Boys - Manny Moe & Jack has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Pep Boys - Manny Moe & Jack (NYSE:PBY) 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 Pep Boys - Manny Moe & Jack's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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