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Euroseas (NAS:ESEA) Piotroski F-Score

: 5 (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

Euroseas 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 Euroseas's Piotroski F-Score or its related term are showing as below:

ESEA' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Euroseas was 9. The lowest was 1. And the median was 4.


Euroseas Piotroski F-Score Historical Data

The historical data trend for Euroseas'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.

Euroseas Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 3.00 6.00 7.00 7.00

Euroseas Quarterly Data
Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 9.00 7.00 5.00

Competitive Comparison

For the Marine Shipping subindustry, Euroseas'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.

   

Euroseas Piotroski F-Score Distribution

For the Transportation industry and Industrials sector, Euroseas's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Euroseas'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.

This Year (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was 30.75 + 25.223 + 20.336 + 28.755 = $105.1 Mil.
Cash Flow from Operations was 33.815 + 31.31 + 18.735 + 24.751 = $108.6 Mil.
Revenue was 48.48 + 45.955 + 42.886 + 41.937 = $179.3 Mil.
Gross Profit was 34.029 + 26.933 + 22.448 + 25.823 = $109.2 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was
(241.756 + 288.53 + 321.696 + 328.59 + 361.053) / 5 = $308.325 Mil.
Total Assets at the begining of this year (Mar22) was $241.8 Mil.
Long-Term Debt & Capital Lease Obligation was $69.6 Mil.
Total Current Assets was $45.0 Mil.
Total Current Liabilities was $68.5 Mil.
Net Income was 7.946 + 8.464 + 22.763 + 29.936 = $69.1 Mil.

Revenue was 18.291 + 23.04 + 38.252 + 45.374 = $125.0 Mil.
Gross Profit was 9.459 + 10.833 + 26.299 + 31.112 = $77.7 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was
(109.257 + 112.908 + 120.024 + 221.421 + 241.756) / 5 = $161.0732 Mil.
Total Assets at the begining of last year (Mar21) was $109.3 Mil.
Long-Term Debt & Capital Lease Obligation was $77.2 Mil.
Total Current Assets was $54.4 Mil.
Total Current Liabilities was $41.3 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.

Euroseas's current Net Income (TTM) was 105.1. ==> 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.

Euroseas's current Cash Flow from Operations (TTM) was 108.6. ==> 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 (Mar22)
=105.064/241.756
=0.43458694

ROA (Last Year)=Net Income/Total Assets (Mar21)
=69.109/109.257
=0.63253613

Euroseas's return on assets of this year was 0.43458694. Euroseas's return on assets of last year was 0.63253613. ==> 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.

Euroseas's current Net Income (TTM) was 105.1. Euroseas's current Cash Flow from Operations (TTM) was 108.6. ==> 108.6 > 105.1 ==> 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: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=69.593/308.325
=0.22571313

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=77.182/161.0732
=0.47917344

Euroseas's gearing of this year was 0.22571313. Euroseas's gearing of last year was 0.47917344. ==> 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: Mar23)=Total Current Assets/Total Current Liabilities
=44.995/68.521
=0.65666

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=54.433/41.323
=1.31725673

Euroseas's current ratio of this year was 0.65666. Euroseas's current ratio of last year was 1.31725673. ==> 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.

Euroseas's number of shares in issue this year was 7.014. Euroseas's number of shares in issue last year was 7.255. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=109.233/179.258
=0.60936193

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=77.703/124.957
=0.62183791

Euroseas's gross margin of this year was 0.60936193. Euroseas's gross margin of last year was 0.62183791. ==> 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 (Mar22)
=179.258/241.756
=0.74148315

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=124.957/109.257
=1.14369789

Euroseas's asset turnover of this year was 0.74148315. Euroseas's asset turnover of last year was 1.14369789. ==> 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+1+1+0+1+0+0
=5

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

Euroseas has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Euroseas  (NAS:ESEA) 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.


Euroseas Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Euroseas's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Euroseas (NAS:ESEA) Business Description

Euroseas logo
Traded in Other Exchanges
Address
4 Messogiou and Evropis Street, Maroussi, GRC, 151 24
Euroseas Ltd is a shipping company. Its fleet consists of containerships that transport container boxes providing scheduled service between ports. Its operations are managed by an affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. The company employs its vessels on spot and period charters and through pool arrangements.

Euroseas (NAS:ESEA) Headlines

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