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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
Drive Shack has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Drive Shack's Piotroski F-Score or its related term are showing as below:
The historical data trend for Drive Shack'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.
Drive Shack Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial |
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3.00 | 4.00 | 5.00 | 3.00 | 5.00 |
Drive Shack Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial |
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3.00 | 3.00 | 4.00 | 4.00 | 5.00 |
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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was -4.933 + 2.426 + -3.075 + -36.396 = $-42.0 Mil. Cash Flow from Operations was 8.411 + 5.856 + -3.298 + 7.024 = $18.0 Mil. Revenue was 77.459 + 98.119 + 100.336 + 93.558 = $369.5 Mil. Gross Profit was 72.701 + 92.259 + 94.623 + 87.756 = $347.3 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (457.981 + 463.726 + 464.753 + 466.118 + 435.873) / 5 = $457.6902 Mil. Total Assets at the begining of this year (Dec22) was $458.0 Mil. Long-Term Debt & Capital Lease Obligation was $257.1 Mil. Total Current Assets was $52.3 Mil. Total Current Liabilities was $105.0 Mil. |
Net Income was -18.966 + -9.433 + -7.152 + -16.351 = $-51.9 Mil. Revenue was 68.982 + 86.689 + 88.674 + 81.399 = $325.7 Mil. Gross Profit was 65.621 + 80.901 + 83.689 + 76.158 = $306.4 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (482.79 + 479.717 + 458.038 + 455.691 + 457.981) / 5 = $466.8434 Mil. Total Assets at the begining of last year (Dec21) was $482.8 Mil. Long-Term Debt & Capital Lease Obligation was $234.9 Mil. Total Current Assets was $51.5 Mil. Total Current Liabilities was $127.1 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.
Drive Shack's current Net Income (TTM) was -42.0.
==> 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.
Score 1 if positive, 0 if negative.
Drive Shack's current Cash Flow from Operations (TTM) was 18.0.
==> 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 (Dec22) |
= | -41.978 | / | 457.981 | |
= | -0.09165882 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | -51.902 | / | 482.79 | |
= | -0.1075043 |
Drive Shack's return on assets of this year was -0.09165882. Drive Shack's return on assets of last year was -0.1075043.
==> 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.
Drive Shack's current Net Income (TTM) was -42.0. Drive Shack's current Cash Flow from Operations (TTM) was 18.0.
==> 18.0 > -42.0 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 257.077 | / | 457.6902 | |
= | 0.56168343 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 234.885 | / | 466.8434 | |
= | 0.50313446 |
Drive Shack's gearing of this year was 0.56168343. Drive Shack's gearing of last year was 0.50313446.
==> 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
Current Ratio (This Year: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 52.271 | / | 104.972 | |
= | 0.49795183 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 51.526 | / | 127.111 | |
= | 0.40536224 |
Drive Shack's current ratio of this year was 0.49795183. Drive Shack's current ratio of last year was 0.40536224.
==> This year's current ratio is higher. ==> Score 1.
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.
Drive Shack's number of shares in issue this year was 159.544. Drive Shack's number of shares in issue last year was 92.385.
==> 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 |
= | 347.339 | / | 369.472 | |
= | 0.9400956 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 306.369 | / | 325.744 | |
= | 0.94052078 |
Drive Shack's gross margin of this year was 0.9400956. Drive Shack's gross margin of last year was 0.94052078.
==> 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 (Dec22) |
= | 369.472 | / | 457.981 | |
= | 0.80674089 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 325.744 | / | 482.79 | |
= | 0.67471157 |
Drive Shack's asset turnover of this year was 0.80674089. Drive Shack's asset turnover of last year was 0.67471157.
==> 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 |
= | 0 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Drive Shack has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Drive Shack (OTCPK:DSHK) 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 Drive Shack's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Wesley R Edens | director | 1345 AVENUE OF THE AMERICAS, 45TH FLOOR, NEW YORK NY 10105 |
Hana Khouri | officer: President | 218 WEST 18TH STREET, 3RD FLOOR, NEW YORK NY 10011 |
Stuart A Mcfarland | director | C/O FORTRESS INVESTMENT GROUP, 1345 AVE OF THE AMERICAS 46TH FL, NEW YORK NY 10105 |
Goodfield Lawrence A. Jr. | officer: CFO, CAO & Treasurer | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
Michael Lee Nichols | officer: Chief Financial Officer | C/O DRIVE SHACK INC., 218 W. 18TH STREET, 3RD FLOOR, NEW YORK NY 10011 |
Acacia Research Corp | director | 767 3RD AVENUE, 6TH FLOOR, NEW YORK NY 10017 |
Virgis Colbert | director | 5725 DELPHI DRIVE, TROY MI 48098 |
Benjamin M Crane | director | 218 WEST 18TH STREET 3RD FLOOR, NEW YORK NY 10011 |
Clifford Press | director | 152 WEST 57TH STREET, NEW YORK NY 10019 |
David Hammarley | officer: Chief Financial Officer | 111 WEST 19TH STREET, 8TH FLOOR, NEW YORK NY 10011 |
Kenneth A May | director, officer: CEO & President | 13155 NOEL ROAD, SUITE 1600, THREE GALLERIA TOWER, DALLAS TX 75240 |
William J Clifford | director | 845 BERKSHIRE BLVD. SUITE 200, WYOMISSING PA 19610 |
Alan L. Tyson | director | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
Sara A. Yakin | officer: Chief Operating Officer | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
Sarah Watterson | officer: CEO & President | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
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