Switch to:
Tutor Perini Corp (NYSE:TPC)
Piotroski F-Score
7 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

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

Tutor Perini Corp has an F-score of 7 indicating the company's financial situation is typical for a stable company.

TPC' s 10-Year Piotroski F-Score Range
Min: 3   Max: 7
Current: 7

3
7

During the past 13 years, the highest Piotroski F-Score of Tutor Perini Corp was 7. The lowest was 3. And the median was 5.


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 (Dec13) TTM:Last Year (Dec12) TTM:
Net Income was 33.259 + 23.759 + 15.478 + 14.8 = $87 Mil.
Cash Flow from Operations was 61.786 + 27.512 + 45.885 + -84.455 = $51 Mil.
Revenue was 1099.291 + 1030.388 + 1053.065 + 992.928 = $4,176 Mil.
Gross Profit was 139.735 + 120.857 + 105.955 + 100.357 = $467 Mil.
Total Assets at the begining of this year (Dec12) was $3,296 Mil.
Total Assets was $3,397 Mil.
Long-Term Debt was $619 Mil.
Total Current Assets was $2,086 Mil.
Total Current Liabilities was $1,298 Mil.
Net Income was 41.635 + 42.591 + -348.423 + -1.203 = $-265 Mil.

Revenue was 1114.198 + 1099.393 + 985.346 + 912.534 = $4,111 Mil.
Gross Profit was 126.449 + 115.463 + 87.061 + 86.159 = $415 Mil.
Total Assets at the begining of last year (Dec11) was $3,613 Mil.
Total Assets was $3,296 Mil.
Long-Term Debt was $669 Mil.
Total Current Assets was $1,982 Mil.
Total Current Liabilities was $1,234 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.

Tutor Perini Corp's current net income was 87. ==> 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.

Tutor Perini Corp's current cash flow from operations was 51. ==> 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/Total Assets at the beginning of this year (Dec12)
=87.296/3296.41
=0.02648214

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Dec11)
=-265.4/3613.127
=-0.07345438

Tutor Perini Corp's return on assets of this year was 0.02648214. Tutor Perini Corp's return on assets of last year was -0.07345438. ==> 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.

Tutor Perini Corp's current net income was 87. Tutor Perini Corp's current cash flow from operations was 51. ==> 51 =< 87 ==> CFROA =< ROA ==> Score 0.

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 1 if gearing is lower, 0 if it’s higher.

Gearing (This Year)=Long-Term Debt/Total Assets
=619.226/3397.438
=0.18226263

Gearing (Last Year)=Long-Term Debt/Total Assets
=669.38/3296.41
=0.20306333

Tutor Perini Corp's gearing of this year was 0.18226263. Tutor Perini Corp's gearing of last year was 0.20306333. ==> This year is lower. ==> 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)=Total Current Assets/Total Current Liabilities
=2085.92/1298.486
=1.60642471

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=1981.847/1234.27
=1.60568352

Tutor Perini Corp's current ratio of this year was 1.60642471. Tutor Perini Corp's current ratio of last year was 1.60568352. ==> This year's current ratio is higher. ==> Score 1.

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

Tutor Perini Corp's number of shares in issue this year was 48.7. Tutor Perini Corp's number of shares in issue last year was 47.6. ==> There is more number of shares in issue this year. ==> Score 0.

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)=Gross Profit/Revenue
=466.904/4175.672
=0.1118153

Gross Margin (Last Year)=Gross Profit/Revenue
=415.132/4111.471
=0.10096922

Tutor Perini Corp's gross margin of this year was 0.1118153. Tutor Perini Corp's gross margin of last year was 0.10096922. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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 (Dec12)
=4175.672/3296.41
=1.2667332

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Dec11)
=4111.471/3613.127
=1.13792596

Tutor Perini Corp's asset turnover of this year was 1.2667332. Tutor Perini Corp's asset turnover of last year was 1.13792596. ==> 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+0+1+1+0+1+1
=7

Good or high score = 8 or 9

Bad or low score = 0 or 1

Tutor Perini Corp has an F-score of 7 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


Historical Data

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

Tutor Perini Corp Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111011101
Q2 1111101001
Q3 0011010001
Q4 1111100010
Q5 1011000001
Q6 1001011011
Q7 0000001110
Q8 0010111101
Q9 0011000101
F-score 5377345437

Tutor Perini Corp Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
Q1 1110000111
Q2 0001100001
Q3 0000000111
Q4 0001111000
Q5 0000100111
Q6 1000111111
Q7 1011010000
Q8 1100000111
Q9 0111000111
F-score 4334432667
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
Hide