Switch to:
Symantec Corp (NAS:SYMC)
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

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

SYMC' s 10-Year Piotroski F-Score Range
Min: 2   Max: 9
Current: 8

2
9

During the past 13 years, the highest Piotroski F-Score of Symantec Corp was 9. The lowest was 2. 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 (Sep14) TTM:Last Year (Sep13) TTM:
Net Income was 283 + 217 + 236 + 244 = $980 Mil.
Cash Flow from Operations was 329 + 449 + 293 + 173 = $1,244 Mil.
Revenue was 1705 + 1625 + 1735 + 1617 = $6,682 Mil.
Gross Profit was 1422 + 1343 + 1426 + 1339 = $5,530 Mil.
Average Total Assets from the begining of this year (Sep13)
to the end of this year (Sep14) was
(12914 + 13258 + 13539 + 13164 + 12883) / 5 = $13151.6 Mil.
Total Assets at the begining of this year (Sep13) was $12,914 Mil.
Long-Term Debt was $1,745 Mil.
Total Current Assets was $5,038 Mil.
Total Current Liabilities was $4,045 Mil.
Net Income was 216 + 190 + 157 + 241 = $804 Mil.

Revenue was 1791 + 1748 + 1709 + 1637 = $6,885 Mil.
Gross Profit was 1492 + 1440 + 1409 + 1353 = $5,694 Mil.
Average Total Assets from the begining of last year (Sep12)
to the end of last year (Sep13) was
(13463 + 13962 + 14508 + 13151 + 12914) / 5 = $13599.6 Mil.
Total Assets at the begining of last year (Sep12) was $13,463 Mil.
Long-Term Debt was $2,094 Mil.
Total Current Assets was $4,970 Mil.
Total Current Liabilities was $3,907 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.

Symantec Corp's current net income (TTM) was 980. ==> 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.

Symantec Corp's current cash flow from operations (TTM) was 1,244. ==> 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.

Symantec Corp's return on assets of this year was 0.07588663. Symantec Corp's return on assets of last year was 0.05971923. ==> 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.

Symantec Corp's current net income (TTM) was 980. Symantec Corp's current cash flow from operations (TTM) was 1,244. ==> 1,244 > 980 ==> 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
=1745/13151.6
=0.13268348

Gearing (Last Year: Sep13)=Long-Term Debt/Average Total Assets from Sep12 to Sep13
=2094/13599.6
=0.15397512

Symantec Corp's gearing of this year was 0.13268348. Symantec Corp's gearing of last year was 0.15397512. ==> 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
=5038/4045
=1.24548826

Current Ratio (Last Year: Sep13)=Total Current Assets/Total Current Liabilities
=4970/3907
=1.27207576

Symantec Corp's current ratio of this year was 1.24548826. Symantec Corp's current ratio of last year was 1.27207576. ==> 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.

Symantec Corp's number of shares in issue this year was 696. Symantec Corp's number of shares in issue last year was 707. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=5530/6682
=0.82759653

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5694/6885
=0.82701525

Symantec Corp's gross margin of this year was 0.82759653. Symantec Corp's gross margin of last year was 0.82701525. ==> 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)
=6682/12914
=0.51742295

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Sep12)
=6885/13463
=0.51140162

Symantec Corp's asset turnover of this year was 0.51742295. Symantec Corp's asset turnover of last year was 0.51140162. ==> 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+0+1+1+1
=8

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

Symantec 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.

Symantec Corp Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 1111011111
Q2 1111111111
Q3 1001010101
Q4 1111111111
Q5 1101001111
Q6 0010010111
Q7 0011111111
Q8 1011111100
Q9 1101110010
F-score 7568586877

Symantec Corp Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
Q1 1111111111
Q2 1111111111
Q3 1110000111
Q4 1111111111
Q5 1111111001
Q6 1111111110
Q7 1111111111
Q8 0000000001
Q9 0111000001
F-score 7887666668
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK