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UNS Energy Corp (NYSE:UNS)
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

UNS Energy Corp has an F-score of 6 indicating the company's financial situation is typical for a stable company.

UNS' s 10-Year Piotroski F-Score Range
Min: 4   Max: 8
Current: 6

4
8

During the past 13 years, the highest Piotroski F-Score of UNS Energy Corp was 8. The lowest was 4. 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 (Jun14) TTM:Last Year (Jun13) TTM:
Net Income was 67.99 + 13.525 + 15.475 + 42.354 = $139 Mil.
Cash Flow from Operations was 157.382 + 115.478 + 76.785 + 60.972 = $411 Mil.
Revenue was 437.041 + 350.161 + 333.392 + 386.606 = $1,507 Mil.
Gross Profit was 279.97 + 210.238 + 198.166 + 239.503 = $928 Mil.
Average Total Assets from the begining of this year (Jun13)
to the end of this year (Jun14) was
(4176.38 + 4293.805 + 4273.069 + 4344.488 + 4548.592) / 5 = $4,327 Mil.
Total Assets was $4,549 Mil.
Long-Term Debt was $1,747 Mil.
Total Current Assets was $564 Mil.
Total Current Liabilities was $613 Mil.
Net Income was 50.664 + 7.505 + 11.345 + 34.618 = $104 Mil.

Revenue was 437.261 + 338.461 + 332.141 + 365.217 = $1,473 Mil.
Gross Profit was 261.574 + 200.439 + 188.475 + 214.367 = $865 Mil.
Average Total Assets from the begining of last year (Jun12)
to the end of last year (Jun13) was
(4064.31 + 4147.223 + 4140.429 + 4077.888 + 4176.38) / 5 = $4,121 Mil.
Total Assets was $4,176 Mil.
Long-Term Debt was $1,699 Mil.
Total Current Assets was $510 Mil.
Total Current Liabilities was $441 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.

UNS Energy Corp's current net income (ttm) was 139. ==> 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.

UNS Energy Corp's current cash flow from operations (ttm) was 411. ==> 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 Jun13 to Jun14
=139.344/4327.2668
=0.03220139

ROA (Last Year)=Net Income (TTM)/Average Total Assets from Jun12 to Jun13
=104.132/4121.246
=0.02526712

UNS Energy Corp's return on assets of this year was 0.03220139. UNS Energy Corp's return on assets of last year was 0.02526712. ==> 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.

UNS Energy Corp's current net income (ttm) was 139. UNS Energy Corp's current cash flow from operations (ttm) was 411. ==> 411 > 139 ==> 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: Jun14)=Long-Term Debt/Total Assets
=1747.261/4548.592
=0.38413228

Gearing (Last Year: Jun13)=Long-Term Debt/Total Assets
=1698.648/4176.38
=0.40672736

UNS Energy Corp's gearing of this year was 0.38413228. UNS Energy Corp's gearing of last year was 0.40672736. ==> 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: Jun14)=Total Current Assets/Total Current Liabilities
=564.433/612.52
=0.92149318

Current Ratio (Last Year: Jun13)=Total Current Assets/Total Current Liabilities
=509.632/441.242
=1.15499431

UNS Energy Corp's current ratio of this year was 0.92149318. UNS Energy Corp's current ratio of last year was 1.15499431. ==> 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.

UNS Energy Corp's number of shares in issue this year was 42.1. UNS Energy Corp's number of shares in issue last year was 41.9. ==> There is larger 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: TTM)=Gross Profit/Revenue
=927.877/1507.2
=0.61562964

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=864.855/1473.08
=0.58710661

UNS Energy Corp's gross margin of this year was 0.61562964. UNS Energy Corp's gross margin of last year was 0.58710661. ==> This year's gross margin is higher. ==> Score 1.

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 Jun13 to Jun14
=1507.2/4327.2668
=0.348303

Asset Turnover (Last Year)=Revenue (TTM)/Average Total Assets from Jun12 to Jun13
=1473.08/4121.246
=0.35743559

UNS Energy Corp's asset turnover of this year was 0.348303. UNS Energy Corp's asset turnover of last year was 0.35743559. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

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

Good or high score = 8 or 9

Bad or low score = 0 or 1

UNS Energy Corp 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.

UNS Energy Corp Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111111111
Q2 1111111111
Q3 0110011001
Q4 1111111111
Q5 1111011111
Q6 1000100110
Q7 0100000000
Q8 0010011011
Q9 1111011101
F-score 6775477667

UNS Energy Corp Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
Q1 1111111111
Q2 1111111111
Q3 0000001111
Q4 1111111111
Q5 1111111111
Q6 1111110000
Q7 1000000000
Q8 0001111111
Q9 0000000000
F-score 6556666666
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