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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Advanced Energy Industries has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Advanced Energy Industries's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Advanced Energy Industries was 8. The lowest was 3. And the median was 5.
The historical data trend for Advanced Energy Industries'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.
Advanced Energy Industries Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial |
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7.00 | 4.00 | 7.00 | 5.00 | 4.00 |
Advanced Energy Industries Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Piotroski F-Score | Get a 7-Day Free Trial |
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5.00 | 5.00 | 5.00 | 5.00 | 4.00 |
For the Electrical Equipment & Parts subindustry, Advanced Energy Industries'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.
For the Industrial Products industry and Industrials sector, Advanced Energy Industries's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Advanced Energy Industries'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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Net Income was 5.216 + 15.029 + -14.905 + 48.874 = $54 Mil. Cash Flow from Operations was 7.283 + 6.714 + 34.062 + 82.688 = $131 Mil. Revenue was 327.475 + 364.947 + 374.217 + 415.403 = $1,482 Mil. Gross Profit was 112.829 + 127.741 + 134.068 + 154.705 = $529 Mil. Average Total Assets from the begining of this year (Dec23) to the end of this year (Dec24) was (2556.757 + 2524.088 + 2541.859 + 2192.86 + 2261.894) / 5 = $2415.4916 Mil. Total Assets at the begining of this year (Dec23) was $2,557 Mil. Long-Term Debt & Capital Lease Obligation was $654 Mil. Total Current Assets was $1,389 Mil. Total Current Liabilities was $314 Mil. |
Net Income was 30.921 + 27.14 + 32.721 + 37.502 = $128 Mil. Revenue was 425.04 + 415.508 + 409.991 + 405.271 = $1,656 Mil. Gross Profit was 155.111 + 147.08 + 147.341 + 142.866 = $592 Mil. Average Total Assets from the begining of last year (Dec22) to the end of last year (Dec23) was (1992.168 + 2008.701 + 1949.907 + 2493.686 + 2556.757) / 5 = $2200.2438 Mil. Total Assets at the begining of last year (Dec22) was $1,992 Mil. Long-Term Debt & Capital Lease Obligation was $985 Mil. Total Current Assets was $1,712 Mil. Total Current Liabilities was $336 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.
Advanced Energy Industries's current Net Income (TTM) was 54.
==> 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.
Advanced Energy Industries's current Cash Flow from Operations (TTM) was 131.
==> 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 (Dec23) |
= | 54.214 | / | 2556.757 | |
= | 0.02120421 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec22) |
= | 128.284 | / | 1992.168 | |
= | 0.06439417 |
Advanced Energy Industries's return on assets of this year was 0.02120421. Advanced Energy Industries's return on assets of last year was 0.06439417.
==> Last year is higher ==> Score 0.
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.
Advanced Energy Industries's current Net Income (TTM) was 54. Advanced Energy Industries's current Cash Flow from Operations (TTM) was 131.
==> 131 > 54 ==> 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: Dec24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec23 to Dec24 |
= | 653.873 | / | 2415.4916 | |
= | 0.27069976 |
Gearing (Last Year: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 985.009 | / | 2200.2438 | |
= | 0.44768175 |
Advanced Energy Industries's gearing of this year was 0.27069976. Advanced Energy Industries's gearing of last year was 0.44768175.
==> 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: Dec24) | = | Total Current Assets | / | Total Current Liabilities |
= | 1389.323 | / | 314.222 | |
= | 4.42146953 |
Current Ratio (Last Year: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 1711.894 | / | 335.848 | |
= | 5.09722851 |
Advanced Energy Industries's current ratio of this year was 4.42146953. Advanced Energy Industries's current ratio of last year was 5.09722851.
==> 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.
Advanced Energy Industries's number of shares in issue this year was 38.001. Advanced Energy Industries's number of shares in issue last year was 37.474.
==> There is larger number of shares in issue this year. ==> Score 0.
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 |
= | 529.343 | / | 1482.042 | |
= | 0.35717139 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 592.398 | / | 1655.81 | |
= | 0.35776931 |
Advanced Energy Industries's gross margin of this year was 0.35717139. Advanced Energy Industries's gross margin of last year was 0.35776931.
==> Last year's gross margin is higher ==> Score 0.
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 (Dec23) |
= | 1482.042 | / | 2556.757 | |
= | 0.57965696 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec22) |
= | 1655.81 | / | 1992.168 | |
= | 0.83115982 |
Advanced Energy Industries's asset turnover of this year was 0.57965696. Advanced Energy Industries's asset turnover of last year was 0.83115982.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Advanced Energy Industries has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Advanced Energy Industries (NAS:AEIS) 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.
Thank you for viewing the detailed overview of Advanced Energy Industries's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tina Donikowski | director | 1625 SHARP POINT DRIVE, FORT COLLINS CO 80525 |
Lanesha Minnix | director | TWO LAKESIDE COMMONS, BUILDING TWO, 980 HAMMOND DRIVE, SUITE 500, ATLANTA GA 30328 |
Frederick Ball | director | C/O MARKETO, INC., 901 MARINER'S ISLAND BLVD., SUITE 500, SAN MATEO CA 94404 |
Anne Delsanto | director | 1133 INNOVATION WAY, SUNNYVALE CA 94089 |
Ronald C Foster | director | 8000 S FEDERAL WAY, MS 1-557, BOISE ID 83716 |
Paul R Oldham | officer: EVP, CFO | 1625 SHARP POINT DRIVE, FORT COLLINS CO 80525 |
John Donaghey | officer: EVP, Global Sales | 1595 WYNKOOP STREET, SUITE 800, DENVER CO 80202 |
Brian Shirley | director | 8000 S FEDERAL WAY, MS 1-557, BOISE ID 83716 |
Elizabeth Karpinski Vonne | officer: EVP, General Counsel | 1595 WYNKOOP STREET, SUITE 800, DENVER CO 80202 |
Eduardo Bernal Acebedo | officer: EVP and COO | 1595 WYNKOOP STREET, SUITE 800, DENVER CO 80202 |
Reed David | director | 6501 WILLIAM CANNON DRIVE WEST, AUSTIN TX 78735 |
Stephen Douglas Kelley | officer: President and CEO | 1900 S. PRICE ROAD, CHANDLER AZ 85286 |
Yuval Wasserman | officer: EVP, Sales, Service & Mktg | 1625 SHARP POINT DRIVE, FORT COLLINS CO 80525 |
Dana Edward Huth | officer: CHIEF REVENUE OFFICER | 1595 WYNKOOP STREET, SUITE 800, DENVER CO 80202 |
Thomas O Mcgimpsey | officer: EVP Gen Counsel & Corp Sec | 380 INTERLOCKEN CRESCENT, BROOMFIELD CO 80021 |
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