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Yahoo Japan Corp (OTCPK:YAHOY)
Piotroski F-Score
5 (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

Yahoo Japan Corp has an F-score of 5 indicating the company's financial situation is typical for a stable company.

YAHOY' s 10-Year Piotroski F-Score Range
Min: 5   Max: 7
Current: 5

5
7

During the past 13 years, the highest Piotroski F-Score of Yahoo Japan Corp was 7. The lowest was 5. 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 (Sep14) TTM:Last Year (Sep13) TTM:
Net Income was 272.095495844 + 315.468047684 + 359.738945297 + 283.833384376 = $1,231 Mil.
Cash Flow from Operations was 102.822346801 + 552.237639242 + 37.2515380221 + 512.614765368 = $1,205 Mil.
Revenue was 839.619176493 + 990.551104163 + 979.268666675 + 961.762408809 = $3,771 Mil.
Gross Profit was 837.347767253 + 865.223763924 + 787.651536454 + 768.205373574 = $3,258 Mil.
Average Total Assets from the begining of this year (Sep13)
to the end of this year (Sep14) was
(7917.68974902 + 7625.02416393 + 8234.79577878 + 8075.74544717 + 8235.30123611) / 5 = $8017.711275 Mil.
Total Assets at the begining of this year (Sep13) was $7,918 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $6,197 Mil.
Total Current Liabilities was $1,981 Mil.
Net Income was 372.104402621 + 338.313812388 + 352.085154523 + 317.578873097 = $1,380 Mil.

Revenue was 1057.76276688 + 1033.818719 + 1000.20568725 + 1015.90565467 = $4,108 Mil.
Gross Profit was 948.323805659 + 907.238577609 + 818.861521057 + 830.904142728 = $3,505 Mil.
Average Total Assets from the begining of last year (Sep12)
to the end of last year (Sep13) was
(7573.59697959 + 7434.1516392 + 7843.31539517 + 7514.07415025 + 7917.68974902) / 5 = $7656.56558264 Mil.
Total Assets at the begining of last year (Sep12) was $7,574 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $6,219 Mil.
Total Current Liabilities was $1,938 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.

Yahoo Japan Corp's current net income (TTM) was 1,231. ==> 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.

Yahoo Japan Corp's current cash flow from operations (TTM) was 1,205. ==> 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)/Total Assets at the Beginning of This Year (Sep13)
=1231.1358732/7917.68974902
=0.15549181

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Sep12)
=1380.08224263/7573.59697959
=0.18222283

Yahoo Japan Corp's return on assets of this year was 0.15549181. Yahoo Japan Corp's return on assets of last year was 0.18222283. ==> 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.

Yahoo Japan Corp's current net income (TTM) was 1,231. Yahoo Japan Corp's current cash flow from operations (TTM) was 1,205. ==> 1,205 <= 1,231 ==> 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 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep14)=Long-Term Debt/Average Total Assets from Sep13 to Sep14
=0/8017.711275
=0

Gearing (Last Year: Sep13)=Long-Term Debt/Average Total Assets from Sep12 to Sep13
=0/7656.56558264
=0

Yahoo Japan Corp's gearing of this year was 0. Yahoo Japan Corp's gearing of last year was 0. ==> 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: Sep14)=Total Current Assets/Total Current Liabilities
=6196.80393053/1980.90401087
=3.12827068

Current Ratio (Last Year: Sep13)=Total Current Assets/Total Current Liabilities
=6219.36296744/1938.24211269
=3.20876475

Yahoo Japan Corp's current ratio of this year was 3.12827068. Yahoo Japan Corp's current ratio of last year was 3.20876475. ==> 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.

Yahoo Japan Corp's number of shares in issue this year was 1711.4. Yahoo Japan Corp's number of shares in issue last year was 1725.2. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=3258.42844121/3771.20135614
=0.86402929

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3505.32804705/4107.69282781
=0.85335691

Yahoo Japan Corp's gross margin of this year was 0.86402929. Yahoo Japan Corp's gross margin of last year was 0.85335691. ==> 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 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 (Sep13)
=3771.20135614/7917.68974902
=0.47630072

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Sep12)
=4107.69282781/7573.59697959
=0.54237014

Yahoo Japan Corp's asset turnover of this year was 0.47630072. Yahoo Japan Corp's asset turnover of last year was 0.54237014. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

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

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

Yahoo Japan Corp 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.

Yahoo Japan Corp Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 111111111
Q2 111111111
Q3 000010000
Q4 111110011
Q5 101111111
Q6 001011101
Q7 011111011
Q8 110101100
Q9 000010000
F-score 556686556

Yahoo Japan Corp Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
Q1 1111111111
Q2 1111111111
Q3 0000000000
Q4 1111111100
Q5 1111111111
Q6 1110000110
Q7 0001111111
Q8 1100000001
Q9 0000000000
F-score 6655675655
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