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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Penns Woods Bancorp's Sloan Ratio for the quarter that ended in Dec. 2023 was 8.83%.
As of Dec. 2023, Penns Woods Bancorp has a Sloan Ratio of 8.83%, indicating the company is in the safe zone and there is no funny business with accruals.
The historical data trend for Penns Woods Bancorp's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Penns Woods Bancorp Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Sloan Ratio % | Get a 7-Day Free Trial | -1.01 | 0.22 | 2.79 | 14.56 | 8.83 |
Penns Woods Bancorp Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Sloan Ratio % | Get a 7-Day Free Trial | 15.65 | 13.35 | 12.11 | 8.83 | - |
For the Banks - Regional subindustry, Penns Woods Bancorp's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Banks industry and Financial Services sector, Penns Woods Bancorp's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Penns Woods Bancorp's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Penns Woods Bancorp's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
Sloan Ratio | = | (Net Income (A: Dec. 2023 ) | - | Cash Flow from Operations (A: Dec. 2023 ) |
- | Cash Flow from Investing (A: Dec. 2023 )) | / | Total Assets (A: Dec. 2023 ) | |
= | (16.608 | - | 18.822 | |
- | -196.995) | / | 2204.809 | |
= | 8.83% |
Penns Woods Bancorp's Sloan Ratio for the quarter that ended in Dec. 2023 is calculated as
Sloan Ratio | = | (Net Income (TTM) | - | Cash Flow from Operations (TTM)) |
- | Cash Flow from Investing (TTM)) | / | Total Assets (Q: Dec. 2023 ) | |
= | (16.608 | - | 18.822 | |
- | -196.995) | / | 2204.809 | |
= | 8.83% |
Penns Woods Bancorp's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was 4.658 (Mar. 2023 ) + 4.171 (Jun. 2023 ) + 2.224 (Sep. 2023 ) + 5.555 (Dec. 2023 ) = $16.61 Mil. Penns Woods Bancorp's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2023 was 11.106 (Mar. 2023 ) + 3.899 (Jun. 2023 ) + -0.808 (Sep. 2023 ) + 4.625 (Dec. 2023 ) = $18.82 Mil. Penns Woods Bancorp's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2023 was -63.703 (Mar. 2023 ) + -66.691 (Jun. 2023 ) + -49.051 (Sep. 2023 ) + -17.55 (Dec. 2023 ) = $-197.00 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Penns Woods Bancorp (NAS:PWOD) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
According to How to Beat the Market with the Sloan Ratio:
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2023, Penns Woods Bancorp has a Sloan Ratio of 8.83%, indicating the company is in the safe zone and there is no funny business with accruals.
Thank you for viewing the detailed overview of Penns Woods Bancorp's Sloan Ratio % provided by GuruFocus.com. Please click on the following links to see related term pages.
Charles E. Kranich | director | 1025 GREENBRIAR DRIVE, STATE COLLEGE PA 16801-6936 |
William Edwards | director | 885 SHADE HOLLOW ROAD, MILL HALL PA 17751 |
Cameron Kephart | director | 300 MARKET STREET, P.O. BOX 967, WILLIAMSPORT PA 17703 |
Daniel K. Brewer | director | 23 LONG VIEW DRIVE, BLOOMSBURG PA 17815 |
Richard A Grafmyre | director, officer: President and CEO | 115 SKYWARD DRIVE, DANVILLE PA 17821 |
Brian L Knepp | officer: VP of Finance/Asst. Secretary | ONE STRAWBERRY LANE, MIDDLEBURG PA 17842 |
Jack W. Jones | officer: CBO | 300 MARKET STREET, P. O. BOX 967, WILLIAMSPORT PA 17703 |
Robert Neher | officer: President Luzerne Bank | 300 MARKET STREET, P.O. BOX 967, WILLIAMSPORT PA 17703 |
Furey James M Ii | director | 299 LEHMAN DRIVE, COGAN STATION PA 17728 |
Nackley John G Sr | director | 559 LAKESIDE DRIVE, HARVEYS LAKE PA 18618 |
Joseph E Kluger | director | 1768 PENNS CROSSING, ALLENTOWN PA 18104 |
D Michael Hawbaker | director | 502 STONECLIFFE PLACE, PORT MATILDA PA 16870 |
Jill Fortinsky Schwartz | director | 857 NANDY DRIVE, KINGSTON PA 18704 |
Michelle M Karas | officer: Chief Operating Officer | C/O PENNS WOODS BANCORP, INC., 300 MARKET STREET, WILLIAMSPORT PA 17703 |
Robert Q. Miller | director | 534 MUNRO ROAD, MILL HALL PA 17751 |
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