Cornerstone Building Brands (NYSE:CNR) Piotroski F-Score

: 0 (As of Today)

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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

Cornerstone Building Brands 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 Cornerstone Building Brands's Piotroski F-Score or its related term are showing as below:

Cornerstone Building Brands Piotroski F-Score Historical Data

The historical data trend for Cornerstone Building Brands'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.

Cornerstone Building Brands Annual Data

Trend

Oct12

Oct13

Oct14

Oct15

Oct16

Oct17

Oct18

Dec19

Dec20

Dec21

Piotroski F-Score

8.00

7.00

4.00

6.00

4.00

Cornerstone Building Brands Quarterly Data
	Apr17	Jul17	Oct17	Jan18	Apr18	Jul18	Oct18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22
Piotroski F-Score																7.00	6.00	5.00	4.00	4.00

How is the Piotroski F-Score calculated?

This Year (Mar22) TTM:

Last Year (Mar21) TTM:

Net Income was 8.927 + 620.535 + 38.052 + 102.283 = $770 Mil.
Cash Flow from Operations was -31.752 + -171.919 + -32.247 + 190.106 = $-46 Mil.
Revenue was 1400.121 + 1444.405 + 1471.579 + 1566.838 = $5,883 Mil.
Gross Profit was 311.728 + 309.496 + 318.122 + 333.907 = $1,273 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(5528.306 + 5254.063 + 5731.095 + 5827.46 + 6031.656) / 5 = $5674.516 Mil.
Total Assets at the begining of this year (Mar21) was $5,528 Mil.
Long-Term Debt & Capital Lease Obligation was $3,244 Mil.
Total Current Assets was $2,179 Mil.
Total Current Liabilities was $895 Mil.

Net Income was 26.899 + 30.516 + 1.88 + -1.655 = $58 Mil.

Revenue was 1084.936 + 1227.253 + 1191.369 + 1267.032 = $4,771 Mil.
Gross Profit was 254.731 + 297.502 + 267.2 + 259.729 = $1,079 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(5392.429 + 5337.845 + 5474.981 + 5478.49 + 5528.306) / 5 = $5442.4102 Mil.
Total Assets at the begining of last year (Mar20) was $5,392 Mil.
Long-Term Debt & Capital Lease Obligation was $3,754 Mil.
Total Current Assets was $1,890 Mil.
Total Current Liabilities was $729 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.

Cornerstone Building Brands's current Net Income (TTM) was 770. ==> 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.

Cornerstone Building Brands's current Cash Flow from Operations (TTM) was -46. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Mar21)
	=	769.797	/	5528.306
	=	0.13924645

ROA (Last Year)	=	Net Income	/	Total Assets (Mar20)
	=	57.64	/	5392.429
	=	0.01068906

Cornerstone Building Brands's return on assets of this year was 0.13924645. Cornerstone Building Brands's return on assets of last year was 0.01068906. ==> 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.

Cornerstone Building Brands's current Net Income (TTM) was 770. Cornerstone Building Brands's current Cash Flow from Operations (TTM) was -46. ==> -46 <= 770 ==> CFROA <= ROA ==> Score 0.

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
	=	3244.007	/	5674.516
	=	0.57167995

Gearing (Last Year: Mar21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Mar20 to Mar21
	=	3754.011	/	5442.4102
	=	0.68976995

Cornerstone Building Brands's gearing of this year was 0.57167995. Cornerstone Building Brands's gearing of last year was 0.68976995. ==> 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
	=	2179.281	/	895.331
	=	2.43405065

Current Ratio (Last Year: Mar21)	=	Total Current Assets	/	Total Current Liabilities
	=	1890.474	/	728.987
	=	2.59328904

Cornerstone Building Brands's current ratio of this year was 2.43405065. Cornerstone Building Brands's current ratio of last year was 2.59328904. ==> 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.

Cornerstone Building Brands's number of shares in issue this year was 128.466. Cornerstone Building Brands's number of shares in issue last year was 125.506. ==> 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
	=	1273.253	/	5882.943
	=	0.2164313

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	1079.162	/	4770.59
	=	0.22621143

Cornerstone Building Brands's gross margin of this year was 0.2164313. Cornerstone Building Brands's gross margin of last year was 0.22621143. ==> 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 (Mar21)
	=	5882.943	/	5528.306
	=	1.06414931

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Mar20)
	=	4770.59	/	5392.429
	=	0.88468295

Cornerstone Building Brands's asset turnover of this year was 1.06414931. Cornerstone Building Brands's asset turnover of last year was 0.88468295. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

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

Cornerstone Building Brands has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Cornerstone Building Brands (NYSE:CNR) 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.

Cornerstone Building Brands Piotroski F-Score Related Terms

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Cornerstone Building Brands (NYSE:CNR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Cornerstone Building Brands Inc (NYSE:CNR) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

5020 Weston Parkway, Suite 400, Cary, NC, USA, 27513

Website

https://www.cornerstonebuildingbrands.com

Cornerstone Building Brands Inc constructs and sells building materials for the commercial, residential, and repair industries in North America. The company operates in three segments: commercial, which provides metal products and coil coating services for commercial construction; siding, which offers vinyl and steel siding, aluminum coil and gutters, roofing accessories, moldings, window and door trim, rain removal systems, vents, fences, and railings; and windows, which includes vinyl, aluminum, and wooden windows as well as steel, wood, and fiberglass doors. All three segments contribute sizably to total revenue.

Executives

Rose Lee	director, officer: PRESIDENT & CEO	C/O CROWN HOLDINGS, INC., 770 TOWNSHIP LINE ROAD, YARDLEY PA 19067
Judith A Reinsdorf	director	C. R. BARD, INC., 730 CENTRAL AVENUE, MURRAY HILL NJ 07974
Alena Brenner	officer: EVP, GC and Corp. Sec.	5020 WESTON PARKWAY, SUITE 400 CARY NC 27513
Jeffrey S. Lee	officer: EVP, CFO	5020 WESTON PARKWAY, SUITE 400 CARY NC 27513
Katy Theroux	officer: Executive VP, Chief HR Officer	10943 N. SAM HOUSTON PARKWAY W. HOUSTON TX 77056
Daniel C. Janki	director	5020 WESTON PARKWAY, SUITE 400, CARY NC 27513
Timothy J. Obrien	director	C/O NCI BUILDING SYSTEMS, INC. 10943 NORTH SAM HOUSTON PARKWAY WEST HOUSTON TX 77064
George L. Ball	director	10943 N. SAM HOUSTON PARKWAY W., HOUSTON TX 77064
William E Jackson	director	ONE NEENAH CENTER, 4TH FLOOR P.O. BOX 669 NEENAH WI 54957
Kathleen J Affeldt	director
John J Holland	director	26602 W. GREENTREE, OLATHE KS 66061
James Keppler	officer: EVP, OPERATIONS	5020 WESTON PARKWAY SUITE 400 CARY NC 27513
James Wilbert W Jr	director	16100 SOUTH LATHROP AVENUE, HARVEY IL 60426
Wayne Irmiter	officer: SVP, CAO	5020 WESTON PARKWAY CAY NC 27513
Atrium Window Holdings, Llc	10 percent owner	C/O GOLDEN GATE PRIVATE EQUITY, INC. 1 EMBARCADERO CENTER SAN FRANCISCO CA 94111