Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
AgroFresh Solutions has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for AgroFresh Solutions's Piotroski F-Score or its related term are showing as below:
AGFS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 5 Max: 7
Current: 3
During the past 10 years, the highest Piotroski F-Score of AgroFresh Solutions was 7. The lowest was 1. And the median was 5.
AgroFresh Solutions Piotroski F-Score Historical Data
The historical data trend for AgroFresh Solutions'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.
AgroFresh Solutions Annual Data
Trend
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Piotroski F-Score
4.00
5.00
5.00
5.00
3.00
AgroFresh Solutions Quarterly Data
Mar18
Jun18
Sep18
Dec18
Mar19
Jun19
Sep19
Dec19
Mar20
Jun20
Sep20
Dec20
Mar21
Jun21
Sep21
Dec21
Mar22
Jun22
Sep22
Dec22
Piotroski F-Score
5.00
6.00
4.00
3.00
3.00
Competitive Comparison
For the Farm Products subindustry, AgroFresh Solutions'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.
AgroFresh Solutions Piotroski F-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, AgroFresh Solutions's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where AgroFresh Solutions's Piotroski F-Score falls in comparison to its industry or sector. The grey bar indicates the Piotroski F-Score's extreme value range as defined by GuruFocus.
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.
*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.
AgroFresh Solutions's current Net Income (TTM) was -33.4.
==> Negative ==> Score 0.
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.
AgroFresh Solutions's return on assets of this year was -0.04553471. AgroFresh Solutions's return on assets of last year was -0.0069014.
==> 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.
AgroFresh Solutions's current Net Income (TTM) was -33.4. AgroFresh Solutions's current Cash Flow from Operations (TTM) was 16.2.
==> 16.2 > -33.4 ==> 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.
AgroFresh Solutions's gearing of this year was 0.36515793. AgroFresh Solutions's gearing of last year was 0.3437761.
==> Last year is lower than this year ==> Score 0.
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
AgroFresh Solutions's current ratio of this year was 2.38925265. AgroFresh Solutions's current ratio of last year was 3.12080793.
==> 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.
AgroFresh Solutions's number of shares in issue this year was 52.537. AgroFresh Solutions's number of shares in issue last year was 51.671.
==> 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.
AgroFresh Solutions's gross margin of this year was 0.66998895. AgroFresh Solutions's gross margin of last year was 0.70506479.
==> 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
AgroFresh Solutions's asset turnover of this year was 0.22105569. AgroFresh Solutions's asset turnover of last year was 0.21124025.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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Que. 2
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Que. 3
+
Que. 4
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0
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3
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
AgroFresh Solutions has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
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.
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.
AgroFresh Solutions Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of AgroFresh Solutions's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
AgroFresh Solutions (NAS:AGFS) Business Description
AgroFresh Solutions Inc creates agricultural technologies that preserve the quality and value of fresh produce and flowers. One such product is SmartFresh, which blocks the effects of ethylene and delays ripening while leaving no visible residue. Geographically, the company operates in North America, Latin America, EMEA, and Asia-Pacific. The majority of sales are recognized in the EMEA region. The firm provides its solutions to growers, packers, and retailers. Its operating segment includes AgroFresh Core and Tecnidex. The company generates maximum revenue from AgroFresh Core segment.
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