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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
Thermon Group Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Thermon Group Holdings's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Thermon Group Holdings was 8. The lowest was 3. And the median was 6.
The historical data trend for Thermon Group Holdings'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.
Thermon Group Holdings Annual Data | |||||||||||||||||||||
Trend | Mar14 | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 6.00 | 7.00 | 7.00 |
Thermon Group Holdings Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 8.00 | 8.00 | 6.00 |
For the Specialty Industrial Machinery subindustry, Thermon Group Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Industrial Products industry and Industrials sector, Thermon Group Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Thermon Group Holdings's Piotroski F-Score falls into.
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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was 7.701 + 10.938 + 14.73 + 15.837 = $49.2 Mil. Cash Flow from Operations was 26.109 + 0.868 + 3.392 + 24.328 = $54.7 Mil. Revenue was 122.481 + 106.889 + 123.659 + 136.427 = $489.5 Mil. Gross Profit was 51.524 + 47.309 + 54.458 + 57.41 = $210.7 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (650.095 + 649.629 + 657.125 + 663.723 + 805.088) / 5 = $685.132 Mil. Total Assets at the begining of this year (Dec22) was $650.1 Mil. Long-Term Debt & Capital Lease Obligation was $177.3 Mil. Total Current Assets was $309.7 Mil. Total Current Liabilities was $139.7 Mil. |
Net Income was 8.685 + 6.556 + 10.984 + 8.425 = $34.7 Mil. Revenue was 102.584 + 95.442 + 100.557 + 122.11 = $420.7 Mil. Gross Profit was 41.112 + 37.225 + 45.926 + 50.45 = $174.7 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (626.47 + 636.669 + 661.931 + 654.279 + 650.095) / 5 = $645.8888 Mil. Total Assets at the begining of last year (Dec21) was $626.5 Mil. Long-Term Debt & Capital Lease Obligation was $107.2 Mil. Total Current Assets was $253.2 Mil. Total Current Liabilities was $109.8 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.
Thermon Group Holdings's current Net Income (TTM) was 49.2.
==> 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.
Thermon Group Holdings's current Cash Flow from Operations (TTM) was 54.7.
==> 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 (Dec22) |
= | 49.206 | / | 650.095 | |
= | 0.07569048 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 34.65 | / | 626.47 | |
= | 0.05530991 |
Thermon Group Holdings's return on assets of this year was 0.07569048. Thermon Group Holdings's return on assets of last year was 0.05530991.
==> This year is higher. ==> Score 1.
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.
Thermon Group Holdings's current Net Income (TTM) was 49.2. Thermon Group Holdings's current Cash Flow from Operations (TTM) was 54.7.
==> 54.7 > 49.2 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 177.322 | / | 685.132 | |
= | 0.25881436 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 107.216 | / | 645.8888 | |
= | 0.16599761 |
Thermon Group Holdings's gearing of this year was 0.25881436. Thermon Group Holdings's gearing of last year was 0.16599761.
==> 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: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 309.727 | / | 139.739 | |
= | 2.21646784 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 253.208 | / | 109.812 | |
= | 2.30583179 |
Thermon Group Holdings's current ratio of this year was 2.21646784. Thermon Group Holdings's current ratio of last year was 2.30583179.
==> 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.
Thermon Group Holdings's number of shares in issue this year was 34.202. Thermon Group Holdings's number of shares in issue last year was 33.88.
==> 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 |
= | 210.701 | / | 489.456 | |
= | 0.43047996 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 174.713 | / | 420.693 | |
= | 0.41529809 |
Thermon Group Holdings's gross margin of this year was 0.43047996. Thermon Group Holdings's gross margin of last year was 0.41529809.
==> 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 (Dec22) |
= | 489.456 | / | 650.095 | |
= | 0.75289919 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 420.693 | / | 626.47 | |
= | 0.67152936 |
Thermon Group Holdings's asset turnover of this year was 0.75289919. Thermon Group Holdings's asset turnover of last year was 0.67152936.
==> 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 |
= | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thermon Group Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Thermon Group Holdings (NYSE:THR) 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 Thermon Group Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kevin J Mcginty | director | 6688 N CENTRAL EXPRESSWAY, SUITE 1170, DALLAS TX 75206 |
Nesser John T Iii | director | 777 N ELDRIDGE PARKWAY, HOUSTON TX 77079 |
Kevin Fox | officer: VP - Corporate Development | 7171 SOUTHWEST PKWY, BLD. 300 STE. 200, AUSTIN TX 78735 |
Candace Harris-peterson | officer: VP, Human Resources | 7171 SOUTHWEST PARKWAY, BUILDING 300, SUITE 200, AUSTIN TX 78735 |
Angela Strzelecki | director | INTERNATIONAL FLAVORS & FRAGRANCES INC., 521 WEST 57TH STREET, NEW YORK NY 10019 |
Bruce Thames | officer: Executive VP and COO | 100 THERMON DRIVE, SAN MARCOS TX 78666 |
Kuahara Roberto | officer: SVP, Operations | 7171 SOUTHWEST PKWY, BLD. 300, STE. 200, AUSTIN TX 78735 |
Van Der Salm Johannes Rene | officer: SVP-Global Operations | 100 THERMON DRIVE, SAN MARCOS TX 78666 |
Michael W Press | director | P O BOX 327, GATES MILLS OH 44040 |
James Pribble | officer: SVP, Thermon Heating Systems | 7171 SOUTHWEST PARKWAY, BUILDING 300, SUITE 200, AUSTIN TX 78735 |
John U Clarke | director | PENN VIRGINIA CORPORATION, FOUR RADNOR CORPORATE CENTER, STE 200, RADNOR PA 19087 |
Roger L Fix | director | |
Tarkington Ryan | officer: General Counsel & Corp. Sec. | 7171 SOUTHWEST PARKWAY, BUILDING 300, SUITE 200, AUSTIN TX 78735 |
David Buntin | officer: SVP, Thermon Heat Tracing | 7171 SOUTHWEST PARKWAY, BUILDING 300, SUITE 200, AUSTIN TX 78735 |
Mark John Roberts | officer: SVP, Global Engineering | 7171 SOUTHWEST PARKWAY, BUILDING 300, SUITE 200, AUSTIN TX 78735 |
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