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Apple Piotroski F-Score

: 8 (As of Today)
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Good Sign:

Piotroski F-Score is 8, indicating very healthy situation.

The zones of discrimination were as such:

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

Apple has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Apple's Piotroski F-Score or its related term are showing as below:

AAPL' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 8

During the past 13 years, the highest Piotroski F-Score of Apple was 9. The lowest was 1. And the median was 6.


Apple Piotroski F-Score Historical Data

The historical data trend for Apple's Piotroski F-Score 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.

* Premium members only.

Apple Annual Data
Trend Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 6.00 6.00 7.00 7.00

Apple Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 7.00 7.00 8.00

Competitive Comparison

For the Consumer Electronics subindustry, Apple's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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.

   

Apple Piotroski F-Score Distribution

For the Hardware industry and Technology sector, Apple's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Apple's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 21744 + 20551 + 34630 + 25010 = $101,935 Mil.
Cash Flow from Operations was 21094 + 20200 + 46966 + 28166 = $116,426 Mil.
Revenue was 81434 + 83360 + 123945 + 97278 = $386,017 Mil.
Gross Profit was 35255 + 35174 + 54243 + 42559 = $167,231 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(337158 + 329840 + 351002 + 381191 + 350662) / 5 = $349970.6 Mil.
Total Assets at the begining of this year (Mar21) was $337,158 Mil.
Long-Term Debt & Capital Lease Obligation was $103,323 Mil.
Total Current Assets was $118,180 Mil.
Total Current Liabilities was $127,508 Mil.
Net Income was 11253 + 12673 + 28755 + 23630 = $76,311 Mil.

Revenue was 59685 + 64698 + 111439 + 89584 = $325,406 Mil.
Gross Profit was 22680 + 24689 + 44328 + 38079 = $129,776 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(320400 + 317344 + 323888 + 354054 + 337158) / 5 = $330568.8 Mil.
Total Assets at the begining of last year (Mar20) was $320,400 Mil.
Long-Term Debt & Capital Lease Obligation was $108,642 Mil.
Total Current Assets was $121,465 Mil.
Total Current Liabilities was $106,385 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. 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.

Apple's current Net Income (TTM) was 101,935. ==> Positive ==> Score 1.

Question 2. 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.

Apple's current Cash Flow from Operations (TTM) was 116,426. ==> Positive ==> Score 1.

Question 3. 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 (Mar21)
=101935/337158
=0.302336

ROA (Last Year)=Net Income/Total Assets (Mar20)
=76311/320400
=0.23817416

Apple's return on assets of this year was 0.302336. Apple's return on assets of last year was 0.23817416. ==> This year is higher. ==> Score 1.

Question 4. 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.

Apple's current Net Income (TTM) was 101,935. Apple's current Cash Flow from Operations (TTM) was 116,426. ==> 116,426 > 101,935 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. 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: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=103323/349970.6
=0.29523337

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=108642/330568.8
=0.32865171

Apple's gearing of this year was 0.29523337. Apple's gearing of last year was 0.32865171. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. 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: Mar22)=Total Current Assets/Total Current Liabilities
=118180/127508
=0.92684381

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=121465/106385
=1.14174931

Apple's current ratio of this year was 0.92684381. Apple's current ratio of last year was 1.14174931. ==> Last year's current ratio is higher ==> Score 0.

Question 7. 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.

Apple's number of shares in issue this year was 16403.316. Apple's number of shares in issue last year was 16929.157. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. 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
=167231/386017
=0.43322185

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=129776/325406
=0.39881256

Apple's gross margin of this year was 0.43322185. Apple's gross margin of last year was 0.39881256. ==> This year's gross margin is higher. ==> Score 1.

Question 9. 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/Total Assets at the Beginning of This Year (Mar21)
=386017/337158
=1.14491425

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=325406/320400
=1.01562422

Apple's asset turnover of this year was 1.14491425. Apple's asset turnover of last year was 1.01562422. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+1+1+1
=8

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

Apple has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Apple  (NAS:AAPL) Piotroski F-Score 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.


Apple Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Apple's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Apple Business Description

Apple logo
Industry
Technology » Hardware NAICS : 334220 SIC : 3571
Address
One Apple Park Way, Cupertino, CA, USA, 95014
Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), AirPods, and TV boxes (Apple TV), among others. The iPhone makes up the majority of Apple's total revenue. In addition, Apple offers its customers a variety of services such as Apple Music, iCloud, Apple Care, Apple TV+, Apple Arcade, Apple Card, and Apple Pay, among others. Apple's products run internally developed software and semiconductors, and the firm is well known for its integration of hardware, software and services. Apple's products are distributed online as well as through company-owned stores and third-party retailers. The company generates roughly 40% of its revenue from the Americas, with the remainder earned internationally.
Executives
Kondo Chris officer: Principal Accounting Officer 1 INFINITE LOOP CUPERTINO CA 95014
Maestri Luca officer: Senior Vice President, CFO 1 INFINITE LOOP CUPERTINO CA 95014
Adams Katherine L. officer: SVP, GC and Secretary APPLE INC. 1 INFINITE LOOP CUPERTINO CA 95014
Williams Jeffrey E officer: COO ONE INFINITE LOOP CUPERTINO CA 95014
Cook Timothy D director, officer: Chief Executive Officer C/O APPLE INC ONE INFINITE LOOP CUPERTINO CA 95014
Jung Andrea director C/O APPLE INC ONE APPLE PARK WAY CUPERTINO CA 95014
Wagner Susan director C/O BLACKROCK, INC. 40 EAST 52ND STREET NEW YORK NY 10022
Bell James A director C/O THE DOW CHEMICAL COMPANY 2211 H.H. DOW WAY MIDLAND MI 48674
Levinson Arthur D director C/O GENENTECH INC 1 DNA WAY MS 49 SOUTH SAN FRANCISCO CA 94080-4990
Sugar Ronald D director 10877 WILSHIRE BLVD. SUITE 1650 LOS ANGELES CA 900274
Gore Albert Jr director C/O APPLE INC 1 INFINITE LOOP CUPERTINO CA 95014
Iger Robert A director C/O WALT DISNEY CO 500 S BUENA VISTA STREET BURBANK CA 91521-1062
Ahrendts Angela J officer: Senior Vice President 1 INFINITE LOOP CUPERTINO CA 95014
Srouji Johny officer: Senior Vice President 1 INFINITE LOOP CUPERTINO CA 95014
Federighi Craig officer: Senior Vice President 807 11TH AVENUE SUNNYVALE CA 94089

Apple Headlines

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