Switch to:
Xcel Energy Inc (NYSE:XEL)
Piotroski F-Score
5 (As of Today)

The zones of discrimination were as such:

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

Xcel Energy Inc has an F-score of 5 indicating the company's financial situation is typical for a stable company.

XEL' s 10-Year Piotroski F-Score Range
Min: 3   Max: 8
Current: 5

3
8

During the past 13 years, the highest Piotroski F-Score of Xcel Energy Inc was 8. 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 (Mar14) TTM:Last Year (Mar13) TTM:
Net Income was 261.221 + 150.055 + 364.752 + 196.857 = $973 Mil.
Cash Flow from Operations was 592.649 + 581.128 + 928.683 + 431.897 = $2,534 Mil.
Revenue was 3202.604 + 2730.822 + 2822.338 + 2578.913 = $11,335 Mil.
Gross Profit was 1502.326 + 1356.926 + 1642.007 + 1371.223 = $5,872 Mil.
Total Assets at the begining of this year (Mar13) was $31,588 Mil.
Total Assets was $34,199 Mil.
Long-Term Debt was $11,205 Mil.
Total Current Assets was $3,129 Mil.
Total Current Liabilities was $3,468 Mil.
Net Income was 236.57 + 140.17 + 398.106 + 183.06 = $958 Mil.

Revenue was 2782.849 + 2551.135 + 2724.341 + 2274.668 = $10,333 Mil.
Gross Profit was 1410.02 + 1320.32 + 1660.521 + 1324.592 = $5,715 Mil.
Total Assets at the begining of last year (Mar12) was $29,453 Mil.
Total Assets was $31,588 Mil.
Long-Term Debt was $10,642 Mil.
Total Current Assets was $2,705 Mil.
Total Current Liabilities was $2,527 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.

Xcel Energy Inc's current net income was 973. ==> 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.

Xcel Energy Inc's current cash flow from operations was 2,534. ==> 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 (Mar13)
=972.885/31587.675
=0.03079951

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=957.906/29453.253
=0.03252293

Xcel Energy Inc's return on assets of this year was 0.03079951. Xcel Energy Inc's return on assets of last year was 0.03252293. ==> Last year is higher ==> Score 0.

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.

Xcel Energy Inc's current net income was 973. Xcel Energy Inc's current cash flow from operations was 2,534. ==> 2,534 > 973 ==> CFROA > ROA ==> Score 1.

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 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year)=Long-Term Debt/Total Assets
=11205.319/34198.752
=0.32765286

Gearing (Last Year)=Long-Term Debt/Total Assets
=10642.009/31587.675
=0.33690384

Xcel Energy Inc's gearing of this year was 0.32765286. Xcel Energy Inc's gearing of last year was 0.33690384. ==> 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)=Total Current Assets/Total Current Liabilities
=3129.346/3467.748
=0.90241448

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=2704.671/2526.517
=1.07051368

Xcel Energy Inc's current ratio of this year was 0.90241448. Xcel Energy Inc's current ratio of last year was 1.07051368. ==> 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.

Xcel Energy Inc's number of shares in issue this year was 499.7. Xcel Energy Inc's number of shares in issue last year was 490.5. ==> 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)=Gross Profit/Revenue
=5872.482/11334.677
=0.51809875

Gross Margin (Last Year)=Gross Profit/Revenue
=5715.453/10332.993
=0.55312657

Xcel Energy Inc's gross margin of this year was 0.51809875. Xcel Energy Inc's gross margin of last year was 0.55312657. ==> Last year's gross margin is higher ==> Score 0.

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 (Mar13)
=11334.677/31587.675
=0.35883227

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=10332.993/29453.253
=0.35082688

Xcel Energy Inc's asset turnover of this year was 0.35883227. Xcel Energy Inc's asset turnover of last year was 0.35082688. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+1+0+0+0+1
=5

Good or high score = 8 or 9

Bad or low score = 0 or 1

Xcel Energy Inc has an F-score of 5 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.

Xcel Energy Inc Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
Q1 1111111111
Q2 1111111111
Q3 0110101100
Q4 1111111111
Q5 1101000101
Q6 0010101010
Q7 0000000000
Q8 0000011110
Q9 1100101001
F-score 5654647655

Xcel Energy Inc Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Q1 1111111111
Q2 1111111111
Q3 1000011000
Q4 1111111111
Q5 1111000011
Q6 0000111100
Q7 0000000000
Q8 1111111000
Q9 0000000011
F-score 6555566455
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
Email Hide