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.
Oxford Lane Capital's Sloan Ratio for the quarter that ended in Sep. 2023 was 0.00%.
As of Sep. 2023, Oxford Lane Capital has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Oxford Lane Capital Sloan Ratio % Historical Data
The historical data trend for Oxford Lane Capital'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 Oxford Lane Capital's Sloan Ratio %
For the Asset Management subindustry, Oxford Lane Capital'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.
Oxford Lane Capital's Sloan Ratio % Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Oxford Lane Capital's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Oxford Lane Capital's Sloan Ratio % falls into.
Oxford Lane Capital 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.
Oxford Lane Capital's Sloan Ratio for the fiscal year that ended in Mar. 2023 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Oxford Lane Capital's Net Income for the trailing twelve months (TTM) ended in Sep. 2023 was 14.152 (Mar. 2023 ) + 115.245 (Sep. 2023 ) = $129.4 Mil.
Oxford Lane Capital's Cash Flow from Operations for the trailing twelve months (TTM) ended in Sep. 2023 was -20.009 (Mar. 2023 ) + -84.534 (Sep. 2023 ) = $-104.5 Mil.
Oxford Lane Capital's Cash Flow from Investing for the trailing twelve months (TTM) ended in Sep. 2023 was 0 (Mar. 2023 ) + 0 (Sep. 2023 ) = $0.0 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.
Oxford Lane Capital (NAS:OXLC) 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 Sep. 2023, Oxford Lane Capital has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Oxford Lane Capital Sloan Ratio % Related Terms
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Oxford Lane Capital (Oxford Lane Capital) Business Description
Oxford Lane Capital Corp is a non-diversified closed-end management investment company. The fund's investment objective is to maximize its portfolio's risk-adjusted total return over its investment horizon. Its current focus is to seek that return by investing in equity and junior tranches of CLO(collateralized loan obligation) vehicles, which are collateralized primarily by a diverse portfolio of senior loans, and which generally have little to no exposure to real estate loans, mortgage loans or pools of consumer-based debt, such as credit card receivables or auto loans. Its investment strategy also includes investing in warehouse facilities, which are financing structures intended to aggregate senior loans that may be used to form the basis of a CLO vehicle.
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