Switch to:
TIBCO Software Inc (NAS:TIBX)
Piotroski F-Score
6 (As of Today)

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

TIBCO Software Inc has an F-score of 6 indicating the company's financial situation is typical for a stable company.

TIBX' s 10-Year Piotroski F-Score Range
Min: 2   Max: 9
Current: 6

2
9

During the past 13 years, the highest Piotroski F-Score of TIBCO Software Inc 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 (May14) TTM:Last Year (May13) TTM:
Net Income was 21.251 + 44.549 + 12.15 + 1.552 = $80 Mil.
Cash Flow from Operations was 58.326 + 59.617 + 52.869 + 18.049 = $189 Mil.
Revenue was 270.859 + 315.455 + 252.879 + 252.299 = $1,091 Mil.
Gross Profit was 192.886 + 233.591 + 175.347 + 172.842 = $775 Mil.
Average Total Assets from the begining of this year (May13)
to the end of this year (May14) was
(1859.365 + 1913.812 + 2006.113 + 1992.324 + 2006.595) / 5 = $1,956 Mil.
Total Assets was $2,007 Mil.
Long-Term Debt was $548 Mil.
Total Current Assets was $894 Mil.
Total Current Liabilities was $417 Mil.
Net Income was 26.086 + 48.788 + 9.505 + 8.715 = $93 Mil.

Revenue was 255.021 + 296.527 + 237.79 + 245.846 = $1,035 Mil.
Gross Profit was 182.772 + 220.938 + 164.153 + 171.875 = $740 Mil.
Average Total Assets from the begining of last year (May12)
to the end of last year (May13) was
(1816.312 + 1899.683 + 1946.908 + 1916.38 + 1859.365) / 5 = $1,888 Mil.
Total Assets was $1,859 Mil.
Long-Term Debt was $532 Mil.
Total Current Assets was $979 Mil.
Total Current Liabilities was $391 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by average total assets throughout the year.

Score 1 if positive, 0 if negative.

TIBCO Software Inc's current net income (ttm) was 80. ==> Positive ==> Score 1.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by average total assets throughout the year.

Score 1 if positive, 0 if negative.

TIBCO Software Inc's current cash flow from operations (ttm) was 189. ==> 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)/Average Total Assets from May13 to May14
=79.502/1955.6418
=0.04065264

ROA (Last Year)=Net Income (TTM)/Average Total Assets from May12 to May13
=93.094/1887.7296
=0.04931533

TIBCO Software Inc's return on assets of this year was 0.04065264. TIBCO Software Inc's return on assets of last year was 0.04931533. ==> Last year is higher ==> Score 0.

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.

TIBCO Software Inc's current net income (ttm) was 80. TIBCO Software Inc's current cash flow from operations (ttm) was 189. ==> 189 > 80 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by total assets) to last year’s gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: May14)=Long-Term Debt/Total Assets
=548.123/2006.595
=0.27316075

Gearing (Last Year: May13)=Long-Term Debt/Total Assets
=532.139/1859.365
=0.28619394

TIBCO Software Inc's gearing of this year was 0.27316075. TIBCO Software Inc's gearing of last year was 0.28619394. ==> 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: May14)=Total Current Assets/Total Current Liabilities
=893.512/417.021
=2.14260673

Current Ratio (Last Year: May13)=Total Current Assets/Total Current Liabilities
=978.665/391.348
=2.5007538

TIBCO Software Inc's current ratio of this year was 2.14260673. TIBCO Software Inc's current ratio of last year was 2.5007538. ==> 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.

TIBCO Software Inc's number of shares in issue this year was 166.9. TIBCO Software Inc's number of shares in issue last year was 167.5. ==> 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
=774.666/1091.492
=0.70973127

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=739.738/1035.184
=0.71459567

TIBCO Software Inc's gross margin of this year was 0.70973127. TIBCO Software Inc's gross margin of last year was 0.71459567. ==> Last year's gross margin is higher ==> Score 0.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by average total assets throughout 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)/Average Total Assets from May13 to May14
=1091.492/1955.6418
=0.5581247

Asset Turnover (Last Year)=Revenue (TTM)/Average Total Assets from May12 to May13
=1035.184/1887.7296
=0.54837515

TIBCO Software Inc's asset turnover of this year was 0.5581247. TIBCO Software Inc's asset turnover of last year was 0.54837515. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+1+0+1+0+1
=6

Good or high score = 8 or 9

Bad or low score = 0 or 1

TIBCO Software Inc has an F-score of 6 indicating the company's financial situation is typical for a stable company.


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, Altman Z-Score, Beneish M-Score


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

TIBCO Software Inc Annual Data

Nov04Nov05Nov06Nov07Nov08Nov09Nov10Nov11Nov12Nov13
Q1 1111111111
Q2 1111111111
Q3 1000111110
Q4 1111111111
Q5 1111011001
Q6 0100010011
Q7 1011111011
Q8 0010010000
Q9 0011101111
F-score 6576687577

TIBCO Software Inc Quarterly Data

Feb12May12Aug12Nov12Feb13May13Aug13Nov13Feb14May14
Q1 1111111111
Q2 1111111111
Q3 1110000000
Q4 1111111111
Q5 0000010111
Q6 1111111110
Q7 1111111111
Q8 0000000000
Q9 1100000001
F-score 7776565666
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