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Penn Virginia Corp (NYSE:PVA)
Piotroski F-Score
8 (As of Today)

Good Sign:

Piotroski F-Score of 8 is 8, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Penn Virginia Corp has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

PVA' s 10-Year Piotroski F-Score Range
Min: 3   Max: 8
Current: 8

3
8

During the past 13 years, the highest Piotroski F-Score of Penn Virginia Corp was 8. The lowest was 3. And the median was 5.


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 (Sep14) TTM:Last Year (Sep13) TTM:
Net Income was -2.349 + 19.225 + -100.784 + 89.661 = $5.8 Mil.
Cash Flow from Operations was 36.678 + 66.56 + 32.633 + 101.257 = $237.1 Mil.
Revenue was 117.268 + 189.865 + 139.361 + 205.396 = $651.9 Mil.
Gross Profit was 100.585 + 160.559 + 115.922 + 177.517 = $554.6 Mil.
Average Total Assets from the begining of this year (Sep13)
to the end of this year (Sep14) was
(2406.436 + 2507.087 + 2535.933 + 2587.68 + 2722.379) / 5 = $2551.903 Mil.
Total Assets at the begining of this year (Sep13) was $2,406.4 Mil.
Long-Term Debt was $1,075.0 Mil.
Total Current Assets was $339.0 Mil.
Total Current Liabilities was $277.6 Mil.
Net Income was -54.441 + -16.383 + -25.438 + -98.9 = $-195.2 Mil.

Revenue was 73.912 + 83.198 + 109.655 + 121.613 = $388.4 Mil.
Gross Profit was 62.016 + 59.56 + 91.07 + 103.52 = $316.2 Mil.
Average Total Assets from the begining of last year (Sep12)
to the end of last year (Sep13) was
(1862.737 + 1842.989 + 1869.801 + 2445.003 + 2406.436) / 5 = $2085.3932 Mil.
Total Assets at the begining of last year (Sep12) was $1,862.7 Mil.
Long-Term Debt was $1,203.0 Mil.
Total Current Assets was $195.8 Mil.
Total Current Liabilities was $239.0 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.

Penn Virginia Corp's current net income (TTM) was 5.8. ==> 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.

Penn Virginia Corp's current cash flow from operations (TTM) was 237.1. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Sep13)
=5.753/2406.436
=0.00239067

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Sep12)
=-195.162/1862.737
=-0.10477163

Penn Virginia Corp's return on assets of this year was 0.00239067. Penn Virginia Corp's return on assets of last year was -0.10477163. ==> This year is higher. ==> Score 1.

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.

Penn Virginia Corp's current net income (TTM) was 5.8. Penn Virginia Corp's current cash flow from operations (TTM) was 237.1. ==> 237.1 > 5.8 ==> 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: Sep14)=Long-Term Debt/Average Total Assets from Sep13 to Sep14
=1075/2551.903
=0.42125426

Gearing (Last Year: Sep13)=Long-Term Debt/Average Total Assets from Sep12 to Sep13
=1203/2085.3932
=0.57686963

Penn Virginia Corp's gearing of this year was 0.42125426. Penn Virginia Corp's gearing of last year was 0.57686963. ==> 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: Sep14)=Total Current Assets/Total Current Liabilities
=339.044/277.638
=1.22117289

Current Ratio (Last Year: Sep13)=Total Current Assets/Total Current Liabilities
=195.842/238.958
=0.81956662

Penn Virginia Corp's current ratio of this year was 1.22117289. Penn Virginia Corp's current ratio of last year was 0.81956662. ==> This year's current ratio is higher. ==> Score 1.

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.

Penn Virginia Corp's number of shares in issue this year was 103.6. Penn Virginia Corp's number of shares in issue last year was 65.5. ==> 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: TTM)=Gross Profit/Revenue
=554.583/651.89
=0.85073095

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=316.166/388.378
=0.81406774

Penn Virginia Corp's gross margin of this year was 0.85073095. Penn Virginia Corp's gross margin of last year was 0.81406774. ==> This year's gross margin is higher. ==> Score 1.

Q9. 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 (TTM)/Total Assets at the Beginning of This Year (Sep13)
=651.89/2406.436
=0.27089438

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Sep12)
=388.378/1862.737
=0.20849857

Penn Virginia Corp's asset turnover of this year was 0.27089438. Penn Virginia Corp's asset turnover of last year was 0.20849857. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+1+1+1+1+0+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Penn Virginia Corp has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.


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.

Penn Virginia Corp Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111100000
Q2 1111111111
Q3 1100101010
Q4 1111111111
Q5 0010010010
Q6 1000111001
Q7 0000000000
Q8 0011111011
Q9 1100101111
F-score 6554756365

Penn Virginia Corp Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
Q1 0000000001
Q2 1111111111
Q3 1111000001
Q4 1111111111
Q5 0011000011
Q6 1000011111
Q7 0000000000
Q8 0011111111
Q9 1110111111
F-score 5465455568
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