* 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.
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Cherry Hill Mortgage Investment Piotroski F-Score Chart
Competitive Comparison of Cherry Hill Mortgage Investment's Piotroski F-Score
For the REIT - Mortgage subindustry, Cherry Hill Mortgage Investment'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.
Cherry Hill Mortgage Investment's Piotroski F-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Cherry Hill Mortgage Investment's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Cherry Hill Mortgage Investment'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 11.821 + 0.765 + -12.198 + 11.582 = $11.97 Mil. Cash Flow from Operations was -19.051 + 4.063 + 4.366 + 5.931 = $-4.69 Mil. Revenue was 16.348 + 6.579 + -7.077 + 18.725 = $34.58 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(1392.992 + 1405.923 + 1416.545 + 1551.389 + 1491.175) / 5 = $1451.6048 Mil. Total Assets at the begining of this year (Dec23) was $1,392.99 Mil. Long-Term Debt & Capital Lease Obligation was $151.23 Mil. Total Assets was $1,491.18 Mil. Total Liabilities was $1,257.55 Mil.
Net Income was -18.945 + 1.589 + 15.579 + -33.017 = $-34.79 Mil.
Revenue was -16.738 + 5.902 + 20.527 + -30.893 = $-21.20 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(1408.825 + 1478.893 + 1441.513 + 1427.52 + 1392.992) / 5 = $1429.9486 Mil. Total Assets at the begining of last year (Dec22) was $1,408.83 Mil. Long-Term Debt & Capital Lease Obligation was $169.31 Mil. Total Assets was $1,392.99 Mil. Total Liabilities was $1,134.62 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.
Cherry Hill Mortgage Investment's current Net Income (TTM) was 11.97.
==> 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.
Cherry Hill Mortgage Investment's current Cash Flow from Operations (TTM) was -4.69.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Cherry Hill Mortgage Investment's return on assets of this year was 0.00859301. Cherry Hill Mortgage Investment's return on assets of last year was -0.02469718.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Cherry Hill Mortgage Investment's gearing of this year was 0.10417849. Cherry Hill Mortgage Investment's gearing of last year was 0.11840565.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Cherry Hill Mortgage Investment's current ratio of this year was 1.18577507. Cherry Hill Mortgage Investment's current ratio of last year was 1.22772001.
==> 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.
Cherry Hill Mortgage Investment's number of shares in issue this year was 31.586. Cherry Hill Mortgage Investment's number of shares in issue last year was 27.453.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Cherry Hill Mortgage Investment's net margin of this year was 0.3462039. Cherry Hill Mortgage Investment's net margin of last year was 1.6410716.
==> Last year's net 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
Cherry Hill Mortgage Investment's asset turnover of this year was 0.02482067. Cherry Hill Mortgage Investment's asset turnover of last year was -0.01504942.
==> 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
+
0
+
1
+
0
+
1
+
0
+
0
+
0
+
1
=
4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Cherry Hill Mortgage Investment has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Cherry Hill Mortgage Investment (NYSE:CHMI) 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.
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.
Cherry Hill Mortgage Investment Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Cherry Hill Mortgage Investment's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Cherry Hill Mortgage Investment Business Description
Cherry Hill Mortgage Investment Corp operates as a real estate investment trust in the United States. It invests in residential mortgage assets to generate current yields and risk-adjusted total returns for its stockholders over the long term, primarily through dividend distributions and secondarily through capital appreciation. The company's reportable segments include investments in Residential mortgage-backed securities (RMBS), Investments in Servicing Related Assets, and All Others. It generates maximum revenue from the RMBS segment in the form of Interest income earned for servicing mortgage loans.
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