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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
Pzena Investment Management has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Pzena Investment Management's Piotroski F-Score or its related term are showing as below:
The historical data trend for Pzena Investment Management'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.
Pzena Investment Management Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 7.00 | 3.00 | 6.00 | 7.00 |
Pzena Investment Management Quarterly Data | ||||||||||||||||||||
Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 7.00 | 6.00 | 4.00 | - |
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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 5.068 + 4.821 + 2.815 + 2.523 = $15.2 Mil. Cash Flow from Operations was 29.089 + 22.179 + -2.021 + 19.148 = $68.4 Mil. Revenue was 51.622 + 50.964 + 52.76 + 48.697 = $204.0 Mil. Gross Profit was 32.701 + 30.983 + 31.574 + 30.271 = $125.5 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (202.958 + 228.155 + 264.3 + 220.115 + 267.384) / 5 = $236.5824 Mil. Total Assets at the begining of this year (Jun21) was $203.0 Mil. Long-Term Debt & Capital Lease Obligation was $65.4 Mil. Total Current Assets was $104.4 Mil. Total Current Liabilities was $35.5 Mil. |
Net Income was 2.664 + 4.012 + 4.187 + 4.603 = $15.5 Mil. Revenue was 33.948 + 39.861 + 45.871 + 50.877 = $170.6 Mil. Gross Profit was 18.14 + 21.9 + 26.736 + 31.842 = $98.6 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (148.312 + 158.356 + 188.687 + 162.158 + 202.958) / 5 = $172.0942 Mil. Total Assets at the begining of last year (Jun20) was $148.3 Mil. Long-Term Debt & Capital Lease Obligation was $10.7 Mil. Total Current Assets was $103.7 Mil. Total Current Liabilities was $28.7 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.
Pzena Investment Management's current Net Income (TTM) was 15.2.
==> 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.
Pzena Investment Management's current Cash Flow from Operations (TTM) was 68.4.
==> 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 (Jun21) |
= | 15.227 | / | 202.958 | |
= | 0.07502537 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 15.466 | / | 148.312 | |
= | 0.10428017 |
Pzena Investment Management's return on assets of this year was 0.07502537. Pzena Investment Management's return on assets of last year was 0.10428017.
==> 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.
Pzena Investment Management's current Net Income (TTM) was 15.2. Pzena Investment Management's current Cash Flow from Operations (TTM) was 68.4.
==> 68.4 > 15.2 ==> 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: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 65.396 | / | 236.5824 | |
= | 0.27641955 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 10.694 | / | 172.0942 | |
= | 0.06214039 |
Pzena Investment Management's gearing of this year was 0.27641955. Pzena Investment Management's gearing of last year was 0.06214039.
==> 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: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 104.352 | / | 35.507 | |
= | 2.93891345 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 103.735 | / | 28.714 | |
= | 3.61269764 |
Pzena Investment Management's current ratio of this year was 2.93891345. Pzena Investment Management's current ratio of last year was 3.61269764.
==> 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.
Pzena Investment Management's number of shares in issue this year was 85.293. Pzena Investment Management's number of shares in issue last year was 84.337.
==> 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 |
= | 125.529 | / | 204.043 | |
= | 0.61520856 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 98.618 | / | 170.557 | |
= | 0.57821139 |
Pzena Investment Management's gross margin of this year was 0.61520856. Pzena Investment Management's gross margin of last year was 0.57821139.
==> This year's gross margin is higher. ==> Score 1.
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 (Jun21) |
= | 204.043 | / | 202.958 | |
= | 1.00534593 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 170.557 | / | 148.312 | |
= | 1.14998786 |
Pzena Investment Management's asset turnover of this year was 1.00534593. Pzena Investment Management's asset turnover of last year was 1.14998786.
==> Last year's asset turnover is higher ==> Score 0.
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 | + | 0 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pzena Investment Management has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Pzena Investment Management (NYSE:PZN) 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 Pzena Investment Management's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Shavar Dakel Jeffries | director | 50 HALSEY STREET, APT. 708T, NEWARK NJ 07102 |
Chenyu Caroline Cai | director, officer: Executive Vice President | 320 PARK AVENUE, 8TH FLOOR, NEW YORK NY 10022 |
Joel Greenblatt | director | 535 MADISON AVENUE, 30TH FLOOR, NEW YORK NY 10022 |
Steven M Galbraith | director | C/O PZENA INVESTMENT MANAGEMENT LLC, 120 WEST 45TH STREET, 20TH FLOOR, NEW YORK NY 10036 |
Richard P. Meyerowich | director | C/O PZENA INVESTMENT MANAGEMENT LLC, 120 WEST 45TH STREET, 20TH FLOOR, NEW YORK NY 10036 |
Evan K. Fire | officer: Chief Operating Officer | PZENA INVESTMENT MANAGEMENT, INC., 320 PARK AVENUE, 8TH FLOOR, NEW YORK NY 10022 |
John Paul Goetz | director, officer: President and Co-CIO | C/O PZENA INVESTMENT MANAGEMENT LLC, 120 WEST 45TH STREET, 20TH FLOOR, NEW YORK NY 10036 |
Richard Stanton Pzena | director, officer: Chairman, CEO and Co-CIO | C/O PZENA INVESTMENT MANAGEMENT LLC, 120 WEST 45TH STREET, 20TH FLOOR, NEW YORK NY 10036 |
William Louis Lipsey | director, officer: Pres., Marketing/Client Serv. | C/O PZENA INVESTMENT MANAGEMENT LLC, 320 PARK AVENUE, 8TH FLOOR, NEW YORK NY 10022 |
Jessica R Doran | officer: Chief Financial Officer | 320 PARK AVENUE, 8TH FLOOR, C/O PZENA INVESTMENT MANAGEMENT, LLC, NEW YORK NY 10022 |
Punch Howard D. Jr | 10 percent owner | 7701 FRANCE AVE. SOUTH, SUITE 300, EDINA MN 55435 |
Punch & Associates Investment Management, Inc. | 10 percent owner | 7701 FRANCE AVE. SOUTH, SUITE 300, EDINA MN 55435 |
Charles D Johnston | director | C/O MORGAN STANLEY, 1585 BROADWAY, NEW YORK NY 10036 |
Gary J Bachman | officer: Chief Financial Officer | C/O PZENA INVESTMENT MANAGEMENT, 120 WEST 45TH STREET, 20TH FLOOR, NEW YORK NY 10036 |
Michael D Peterson | officer: Executive Vice President | C/O PZENA INVESTMENT MANAGEMENT, 120 WEST 45TH STREET, 20TH FLOOR, NEW YORK NY 10036 |
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