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Universal Health Realty Income Trust (NYSE:UHT)
Piotroski F-Score
4 (As of Today)

The zones of discrimination were as such:

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

Universal Health Realty Income Trust has an F-score of 4 indicating the company's financial situation is typical for a stable company.

UHT' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 7
Current: 4

3
7

During the past 13 years, the highest Piotroski F-Score of Universal Health Realty Income Trust 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 (Jun16) TTM:Last Year (Jun15) TTM:
Net Income was 3.639 + 4.352 + 4.428 + 4.523 = $16.94 Mil.
Cash Flow from Operations was 9.485 + 10.878 + 9.094 + 10.915 = $40.37 Mil.
Revenue was 15.686 + 16.013 + 16.226 + 16.461 = $64.39 Mil.
Gross Profit was 15.686 + 16.013 + 0 + 0 = $31.70 Mil.
Average Total Assets from the begining of this year (Jun15)
to the end of this year (Jun16) was
(444.352 + 438.652 + 458.901 + 471.107 + 487.424) / 5 = $460.0872 Mil.
Total Assets at the begining of this year (Jun15) was $444.35 Mil.
Long-Term Debt was $108.50 Mil.
Total Current Assets was $11.52 Mil.
Total Current Liabilities was $174.30 Mil.
Net Income was 28.141 + 16.228 + 3.696 + 12.004 = $60.07 Mil.

Revenue was 15.258 + 15.923 + 16.202 + 16.049 = $63.43 Mil.
Gross Profit was 15.258 + 15.923 + 0 + 16.049 = $47.23 Mil.
Average Total Assets from the begining of last year (Jun14)
to the end of last year (Jun15) was
(383.712 + 436.862 + 428.866 + 441.606 + 444.352) / 5 = $427.0796 Mil.
Total Assets at the begining of last year (Jun14) was $383.71 Mil.
Long-Term Debt was $232.01 Mil.
Total Current Assets was $10.60 Mil.
Total Current Liabilities was $6.33 Mil.

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.

Universal Health Realty Income Trust's current net income (TTM) was 16.94. ==> 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.

Universal Health Realty Income Trust's current cash flow from operations (TTM) was 40.37. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Jun15)
=16.942/444.352
=0.03812743

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Jun14)
=60.069/383.712
=0.1565471

Universal Health Realty Income Trust's return on assets of this year was 0.03812743. Universal Health Realty Income Trust's return on assets of last year was 0.1565471. ==> 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.

Universal Health Realty Income Trust's current net income (TTM) was 16.94. Universal Health Realty Income Trust's current cash flow from operations (TTM) was 40.37. ==> 40.37 > 16.94 ==> 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: Jun16)=Long-Term Debt/Average Total Assets from Jun15 to Jun16
=108.5/460.0872
=0.23582486

Gearing (Last Year: Jun15)=Long-Term Debt/Average Total Assets from Jun14 to Jun15
=232.01/427.0796
=0.54324768

Universal Health Realty Income Trust's gearing of this year was 0.23582486. Universal Health Realty Income Trust's gearing of last year was 0.54324768. ==> 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: Jun16)=Total Current Assets/Total Current Liabilities
=11.515/174.301
=0.06606388

Current Ratio (Last Year: Jun15)=Total Current Assets/Total Current Liabilities
=10.603/6.325
=1.67636364

Universal Health Realty Income Trust's current ratio of this year was 0.06606388. Universal Health Realty Income Trust's current ratio of last year was 1.67636364. ==> 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.

Universal Health Realty Income Trust's number of shares in issue this year was 13.4. Universal Health Realty Income Trust's number of shares in issue last year was 13.3. ==> 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
=31.699/64.386
=0.49232752

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=47.23/63.432
=0.74457687

Universal Health Realty Income Trust's gross margin of this year was 0.49232752. Universal Health Realty Income Trust's gross margin of last year was 0.74457687. ==> 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 (TTM)/Total Assets at the Beginning of This Year (Jun15)
=64.386/444.352
=0.14489864

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Jun14)
=63.432/383.712
=0.16531148

Universal Health Realty Income Trust's asset turnover of this year was 0.14489864. Universal Health Realty Income Trust's asset turnover of last year was 0.16531148. ==> Last year's asset turnover is higher ==> Score 0.

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+0+0+0+0
=4

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

Universal Health Realty Income Trust has an F-score of 4 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.

Universal Health Realty Income Trust Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
Question 1 1111111111
Question 2 1111111111
Question 3 1001010010
Question 4 0111101101
Question 5 1100101000
Question 6 0111110101
Question 7 0000000000
Question 8 0110000000
Question 9 1010011010
F-score 5665555444

Universal Health Realty Income Trust Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
Question 1 1111111111
Question 2 1111111111
Question 3 1111110000
Question 4 1100001111
Question 5 0000111001
Question 6 1100001100
Question 7 0000000000
Question 8 0000000010
Question 9 1111110000
F-score 6644555444
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