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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
Terra Nitrogen Co LP 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 Terra Nitrogen Co LP's Piotroski F-Score or its related term are showing as below:
The historical data trend for Terra Nitrogen Co LP'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.
Terra Nitrogen Co LP Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 6.00 | 5.00 | 5.00 | 7.00 |
Terra Nitrogen Co LP Quarterly Data | ||||||||||||||||||||
Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 6.00 | 5.00 | 6.00 | 7.00 |
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 (Dec17) TTM: | Last Year (Dec16) TTM: |
Net Income was 42.2 + 39.5 + 22.8 + 49.4 = $153.9 Mil. Cash Flow from Operations was 41.6 + 55.5 + 33.6 + 46.8 = $177.5 Mil. Revenue was 119 + 96.1 + 84.6 + 97.5 = $397.2 Mil. Gross Profit was 46.6 + 43.5 + 27.2 + 39.4 = $156.7 Mil. Average Total Assets from the begining of this year (Dec16) to the end of this year (Dec17) was (373.3 + 378.4 + 399.8 + 382 + 403.9) / 5 = $387.48 Mil. Total Assets at the begining of this year (Dec16) was $373.3 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Current Assets was $105.1 Mil. Total Current Liabilities was $34.8 Mil. |
Net Income was 37.7 + 98.7 + 28.8 + 44.1 = $209.3 Mil. Revenue was 108 + 126.7 + 90.2 + 93.4 = $418.3 Mil. Gross Profit was 43.1 + 102.7 + 32.8 + 48.2 = $226.8 Mil. Average Total Assets from the begining of last year (Dec15) to the end of last year (Dec16) was (443.7 + 400.8 + 428.2 + 377.7 + 373.3) / 5 = $404.74 Mil. Total Assets at the begining of last year (Dec15) was $443.7 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Total Current Assets was $60.6 Mil. Total Current Liabilities was $31.9 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.
Terra Nitrogen Co LP's current Net Income (TTM) was 153.9.
==> 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.
Terra Nitrogen Co LP's current Cash Flow from Operations (TTM) was 177.5.
==> 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 (Dec16) |
= | 153.9 | / | 373.3 | |
= | 0.41226895 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec15) |
= | 209.3 | / | 443.7 | |
= | 0.47171512 |
Terra Nitrogen Co LP's return on assets of this year was 0.41226895. Terra Nitrogen Co LP's return on assets of last year was 0.47171512.
==> 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.
Terra Nitrogen Co LP's current Net Income (TTM) was 153.9. Terra Nitrogen Co LP's current Cash Flow from Operations (TTM) was 177.5.
==> 177.5 > 153.9 ==> 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: Dec17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec16 to Dec17 |
= | 0 | / | 387.48 | |
= | 0 |
Gearing (Last Year: Dec16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec15 to Dec16 |
= | 0 | / | 404.74 | |
= | 0 |
Terra Nitrogen Co LP's gearing of this year was 0. Terra Nitrogen Co LP's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
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: Dec17) | = | Total Current Assets | / | Total Current Liabilities |
= | 105.1 | / | 34.8 | |
= | 3.02011494 |
Current Ratio (Last Year: Dec16) | = | Total Current Assets | / | Total Current Liabilities |
= | 60.6 | / | 31.9 | |
= | 1.89968652 |
Terra Nitrogen Co LP's current ratio of this year was 3.02011494. Terra Nitrogen Co LP's current ratio of last year was 1.89968652.
==> 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.
Terra Nitrogen Co LP's number of shares in issue this year was 18.686. Terra Nitrogen Co LP's number of shares in issue last year was 18.686.
==> 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 |
= | 156.7 | / | 397.2 | |
= | 0.39451158 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 226.8 | / | 418.3 | |
= | 0.5421946 |
Terra Nitrogen Co LP's gross margin of this year was 0.39451158. Terra Nitrogen Co LP's gross margin of last year was 0.5421946.
==> Last year's gross margin is higher ==> Score 0.
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 (Dec16) |
= | 397.2 | / | 373.3 | |
= | 1.06402357 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec15) |
= | 418.3 | / | 443.7 | |
= | 0.94275411 |
Terra Nitrogen Co LP's asset turnover of this year was 1.06402357. Terra Nitrogen Co LP's asset turnover of last year was 0.94275411.
==> 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 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Terra Nitrogen Co LP has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Terra Nitrogen Co LP (NYSE:TNH) 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 Terra Nitrogen Co LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael A Jackson | director | |
Anne H Lloyd | director | |
Susan L Menzel | officer: Sr. VP, Human Resources | C/O CF INDUSTRIES HOLDINGS, INC., FOUR PARKWAY NORTH, DEERFIELD IL 60015 |
Christopher D Bohn | officer: VP, Supply Chain | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Adam L Hall | officer: VP, Corporate Development | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Dennis P. Kelleher | director, officer: Sr Vice President and CFO | C/O CF INDUSTRIES HOLDINGS, INC, 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Theodore D Sands | director | CITYPLACE ONE SUITE 300, ARCH MINERAL CORP, CREVE COEUR MO 63141 |
Jablow Spertus Wendy S | officer: VP, Human Resources | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Anthony J Nocchiero | director, officer: Senior Vice President and CFO | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Lynn F White | officer: VP, Corporate Development | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Philipp P Koch | officer: VP, Supply Chain | C/O CF INDUSTRIES, INC., ONE SALEM LAKE DRIVE, LONG GROVE IL 60047 |
Stephen R Wilson | director, officer: Chairman, President, and CEO | C/O CF INDUSTRIES, INC., ONE SALEM LAKE DRIVE, LONG GROVE IL 60047 |
Douglas C Barnard | officer: VP, GC, and Corp. Secretary | C/O CF INDUSTRIES, INC., ONE SALEM LAKE DRIVE, LONG GROVE IL 60047 |
W Anthony Will | officer: VP, Manufacturing and Dist. | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
Richard A Hoker | officer: VP and Corporate Controller | C/O CF INDUSTRIES HOLDINGS, INC., 4 PARKWAY NORTH, SUITE 400, DEERFIELD IL 60015 |
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