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.
Impac Mortgage Holdings's Sloan Ratio for the quarter that ended in Dec. 2022 was -662.63%.
As of Dec. 2022, Impac Mortgage Holdings has a Sloan Ratio of -662.63%, indicating earnings are more likely to be made up of accruals.
Impac Mortgage Holdings Sloan Ratio % Historical Data
The historical data trend for Impac Mortgage Holdings'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.
Competitive Comparison of Impac Mortgage Holdings's Sloan Ratio %
For the Mortgage Finance subindustry, Impac Mortgage Holdings'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.
Impac Mortgage Holdings's Sloan Ratio % Distribution in the Banks Industry
For the Banks industry and Financial Services sector, Impac Mortgage Holdings's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Impac Mortgage Holdings's Sloan Ratio % falls into.
Impac Mortgage Holdings Sloan Ratio % Calculation
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.
Impac Mortgage Holdings's Sloan Ratio for the fiscal year that ended in Dec. 2022 is calculated as
Impac Mortgage Holdings's Net Income for the trailing twelve months (TTM) ended in Dec. 2022 was -1.574 (Mar. 2022 ) + -13.467 (Jun. 2022 ) + -13.013 (Sep. 2022 ) + -11.768 (Dec. 2022 ) = $-39.82 Mil.
Impac Mortgage Holdings's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2022 was 144.73 (Mar. 2022 ) + 108.149 (Jun. 2022 ) + 6.147 (Sep. 2022 ) + -9.457 (Dec. 2022 ) = $249.57 Mil.
Impac Mortgage Holdings's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2022 was 109.65 (Mar. 2022 ) + -0.046 (Jun. 2022 ) + 0.024 (Sep. 2022 ) + 0.754 (Dec. 2022 ) = $110.38 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.
Impac Mortgage Holdings (OTCPK:IMPM) 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.
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. 2022, Impac Mortgage Holdings has a Sloan Ratio of -662.63%, indicating earnings are more likely to be made up of accruals.
Impac Mortgage Holdings Sloan Ratio % Related Terms
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Impac Mortgage Holdings (Impac Mortgage Holdings) Business Description
Impac Mortgage Holdings Inc is an independent residential mortgage lender. The company's segments include Mortgage Lending, Real Estate Services, and the Long-Term Mortgage Portfolio. The mortgage lending segment provides mortgage lending products through three lending channels, retail, wholesale, and correspondent, retains mortgage servicing rights, and provides warehouse lending facilities. Its Real estate services segment performs master servicing and provides loss mitigation services for securitized long-term mortgage portfolios, and Long-term mortgage portfolio consists of residual interests in securitization trusts.
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