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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
Dover Motorsports 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 Dover Motorsports's Piotroski F-Score or its related term are showing as below:
The historical data trend for Dover Motorsports'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.
Dover Motorsports Annual Data | |||||||||||||||||||||
Trend | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 7.00 | 7.00 | 5.00 | 5.00 |
Dover Motorsports Quarterly Data | ||||||||||||||||||||
Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | |
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 5.00 | 4.00 | 5.00 | 3.00 |
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 (Sep21) TTM: | Last Year (Sep20) TTM: |
Net Income was -1.879 + -3.202 + 19.745 + -1.865 = $12.80 Mil. Cash Flow from Operations was -5.247 + 0.98 + 0.123 + 8.286 = $4.14 Mil. Revenue was 0.185 + 0.157 + 49.896 + 1.238 = $51.48 Mil. Gross Profit was 0.185 + 0.157 + 49.896 + 1.238 = $51.48 Mil. Average Total Assets from the begining of this year (Sep20) to the end of this year (Sep21) was (93.032 + 87.546 + 90.6 + 110.359 + 100.126) / 5 = $96.3326 Mil. Total Assets at the begining of this year (Sep20) was $93.03 Mil. Long-Term Debt & Capital Lease Obligation was $0.08 Mil. Total Current Assets was $26.43 Mil. Total Current Liabilities was $5.43 Mil. |
Net Income was 2.903 + -3.14 + -0.689 + 13.19 = $12.26 Mil. Revenue was 20.794 + 0.204 + 0.11 + 38.044 = $59.15 Mil. Gross Profit was 20.794 + 0.204 + 0.11 + 38.044 = $59.15 Mil. Average Total Assets from the begining of last year (Sep19) to the end of last year (Sep20) was (86.36 + 82.466 + 79.281 + 77.111 + 93.032) / 5 = $83.65 Mil. Total Assets at the begining of last year (Sep19) was $86.36 Mil. Long-Term Debt & Capital Lease Obligation was $0.05 Mil. Total Current Assets was $23.57 Mil. Total Current Liabilities was $8.45 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.
Dover Motorsports's current Net Income (TTM) was 12.80.
==> 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.
Dover Motorsports's current Cash Flow from Operations (TTM) was 4.14.
==> 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 (Sep20) |
= | 12.799 | / | 93.032 | |
= | 0.13757632 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep19) |
= | 12.264 | / | 86.36 | |
= | 0.14201019 |
Dover Motorsports's return on assets of this year was 0.13757632. Dover Motorsports's return on assets of last year was 0.14201019.
==> 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.
Dover Motorsports's current Net Income (TTM) was 12.80. Dover Motorsports's current Cash Flow from Operations (TTM) was 4.14.
==> 4.14 <= 12.80 ==> 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: Sep21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep20 to Sep21 |
= | 0.079 | / | 96.3326 | |
= | 0.00082008 |
Gearing (Last Year: Sep20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep19 to Sep20 |
= | 0.053 | / | 83.65 | |
= | 0.00063359 |
Dover Motorsports's gearing of this year was 0.00082008. Dover Motorsports's gearing of last year was 0.00063359.
==> 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: Sep21) | = | Total Current Assets | / | Total Current Liabilities |
= | 26.427 | / | 5.429 | |
= | 4.86774728 |
Current Ratio (Last Year: Sep20) | = | Total Current Assets | / | Total Current Liabilities |
= | 23.571 | / | 8.451 | |
= | 2.78913738 |
Dover Motorsports's current ratio of this year was 4.86774728. Dover Motorsports's current ratio of last year was 2.78913738.
==> 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.
Dover Motorsports's number of shares in issue this year was 35.914. Dover Motorsports's number of shares in issue last year was 35.836.
==> 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 |
= | 51.476 | / | 51.476 | |
= | 1 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 59.152 | / | 59.152 | |
= | 1 |
Dover Motorsports's gross margin of this year was 1. Dover Motorsports's gross margin of last year was 1.
==> 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 (Sep20) |
= | 51.476 | / | 93.032 | |
= | 0.55331499 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep19) |
= | 59.152 | / | 86.36 | |
= | 0.68494673 |
Dover Motorsports's asset turnover of this year was 0.55331499. Dover Motorsports's asset turnover of last year was 0.68494673.
==> 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 | + | 0 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Dover Motorsports has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Dover Motorsports (NYSE:DVD) 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 Dover Motorsports's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Patrick J Bagley | director | |
Jeffrey W Rollins | director | |
Henry B Tippie | director | TONY EVANS, 1131 N DUPONT HWY, DOVER DE 19903 |
Anastasia Thomas Nardangeli | director | 1131 N. DUPONT HIGHWAY DOWER DE 19901 |
Denis Mcglynn | director, officer: President and CEO | POST OFFICE BOX 843, DOVER DE 19903 |
Timothy R Horne | director, officer: Sr. VP - Finance & CFO | |
Thomas G Wintermantel | officer: VP, TREASURER & SECRETARY | |
Michael A. Tatoian | director, officer: Executive Vice President - COO | 1131 N. DUPONT HIGHWAY DOVER DE 19901 |
Richard Radcliffe Hastings | director | 1131 NORTH DUPONT HIGHWAY DOVER DE 19901 |
Gary W Rollins | 10 percent owner | 2170 PIEDMONT ROAD NE, ATLANTA GA 30324 |
R Randall Rollins | director, 10 percent owner | SUNTRUST BANKS INC, PO BOX 4418 MC 643, ATLANTA GA 30302-4418 |
Eugene W Weaver | director, 10 percent owner | P O BOX 843, DOVER DE 19803 |
Richard K Struthers | director | 900 OLD KENNETT ROAD, GREENVILLE DE 19807 |
Mario Cibelli | 10 percent owner | 6 EAST 43RD STREET, 23RD FLOOR NEW YORK NY 10017 |
Kenneth K Chalmers | director |
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