GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Toyota Motor Corp (NYSE:TM) » Definitions » Piotroski F-Score

Toyota Motor (Toyota Motor) Piotroski F-Score

: 7 (As of Today)
View and export this data going back to 1976. Start your Free Trial

Good Sign:

Piotroski F-Score is 7, indicates a 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

Toyota Motor has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Toyota Motor's Piotroski F-Score or its related term are showing as below:

TM' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 7   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of Toyota Motor was 8. The lowest was 3. And the median was 7.


Toyota Motor Piotroski F-Score Historical Data

The historical data trend for Toyota Motor'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.

* Premium members only.

Toyota Motor Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 8.00 5.00 7.00 7.00

Toyota Motor 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 7.00 8.00 7.00

Competitive Comparison

For the Auto Manufacturers subindustry, Toyota Motor'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.


Toyota Motor Piotroski F-Score Distribution

For the Vehicles & Parts industry and Consumer Cyclical sector, Toyota Motor's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Toyota Motor'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 4131.934 + 9276.95 + 8644.567 + 9430.475 = $31,484 Mil.
Cash Flow from Operations was 8447.678 + 9608.349 + 6221.793 + 3528.662 = $27,806 Mil.
Revenue was 72497.032 + 74610.73 + 77343.069 + 83629.515 = $308,080 Mil.
Gross Profit was 11707.277 + 14593.462 + 16029.869 + 18650.243 = $60,981 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(530561.414 + 555893.982 + 566866.759 + 565872.305 + 585020.673) / 5 = $560843.0266 Mil.
Total Assets at the begining of this year (Dec22) was $530,561 Mil.
Long-Term Debt & Capital Lease Obligation was $133,741 Mil.
Total Current Assets was $221,242 Mil.
Total Current Liabilities was $188,030 Mil.
Net Income was 4502.443 + 5500.221 + 3030.786 + 5395.568 = $18,429 Mil.

Revenue was 68414.942 + 63384.559 + 64335.255 + 72302.557 = $268,437 Mil.
Gross Profit was 11444.685 + 10384.662 + 9936.392 + 14329.733 = $46,095 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(558872.373 + 570840.405 + 536982.463 + 519833.806 + 530561.414) / 5 = $543418.0922 Mil.
Total Assets at the begining of last year (Dec21) was $558,872 Mil.
Long-Term Debt & Capital Lease Obligation was $122,745 Mil.
Total Current Assets was $183,523 Mil.
Total Current Liabilities was $168,277 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.

Toyota Motor's current Net Income (TTM) was 31,484. ==> 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.

Toyota Motor's current Cash Flow from Operations (TTM) was 27,806. ==> 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)
=31483.926/530561.414
=0.05934078

ROA (Last Year)=Net Income/Total Assets (Dec21)
=18429.018/558872.373
=0.03297536

Toyota Motor's return on assets of this year was 0.05934078. Toyota Motor's return on assets of last year was 0.03297536. ==> 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.

Toyota Motor's current Net Income (TTM) was 31,484. Toyota Motor's current Cash Flow from Operations (TTM) was 27,806. ==> 27,806 <= 31,484 ==> CFROA <= ROA ==> Score 0.

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
=133740.696/560843.0266
=0.23846369

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=122744.754/543418.0922
=0.22587535

Toyota Motor's gearing of this year was 0.23846369. Toyota Motor's gearing of last year was 0.22587535. ==> 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
=221241.736/188029.768
=1.17663144

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=183522.912/168276.772
=1.09060157

Toyota Motor's current ratio of this year was 1.17663144. Toyota Motor's current ratio of last year was 1.09060157. ==> This year's current ratio is higher. ==> Score 1.

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.

Toyota Motor's number of shares in issue this year was 1349.447. Toyota Motor's number of shares in issue last year was 1363.187. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=60980.851/308080.346
=0.19793814

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=46095.472/268437.313
=0.17171783

Toyota Motor's gross margin of this year was 0.19793814. Toyota Motor's gross margin of last year was 0.17171783. ==> 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)
=308080.346/530561.414
=0.58066859

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=268437.313/558872.373
=0.48031953

Toyota Motor's asset turnover of this year was 0.58066859. Toyota Motor's asset turnover of last year was 0.48031953. ==> 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+0+0+1+1+1+1
=7

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

Toyota Motor has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Toyota Motor  (NYSE:TM) 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.


Toyota Motor Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Toyota Motor's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Toyota Motor (Toyota Motor) Business Description

Address
1 Toyota-cho, Aichi Prefecture, Toyota, JPN, 471-8571
Founded in 1937, Toyota is one of the world's largest automakers with 10.56 million units sold at retail in fiscal 2023 across its light vehicle brands. Brands include Toyota, Lexus, Daihatsu, and truck maker Hino; market share in Japan is about 51% excluding mini-vehicles, while U.S. share is around 15%. The firm also owns 3.3% of Denso, a parts supplier, about 20% of Subaru, and holds investments in many other firms, including shares of Uber Technologies, Joby Aviation, Aurora Innovation, Isuzu Motors, and about 5% in each of Mazda and Suzuki. Fiscal 2023 sales excluding financial services were JPY 34.4 trillion. Toyota also has a financing arm and manufactures homes and boats.