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VTech Holdings (FRA:VTCB) Piotroski F-Score : 8 (As of Dec. 14, 2024)


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What is VTech Holdings Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

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

VTech Holdings has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for VTech Holdings's Piotroski F-Score or its related term are showing as below:

FRA:VTCB' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of VTech Holdings was 8. The lowest was 3. And the median was 6.


VTech Holdings Piotroski F-Score Historical Data

The historical data trend for VTech Holdings'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.

VTech Holdings Piotroski F-Score Chart

VTech Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 6.00 3.00 6.00 8.00

VTech Holdings Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
Piotroski F-Score Get a 7-Day Free Trial 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 - 6.00 - 8.00 -

Competitive Comparison of VTech Holdings's Piotroski F-Score

For the Communication Equipment subindustry, VTech Holdings'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.


VTech Holdings's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, VTech Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where VTech Holdings'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was €153 Mil.
Cash Flow from Operations was €327 Mil.
Revenue was €1,974 Mil.
Gross Profit was €584 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (1231.386 + 1161.316) / 2 = €1196.351 Mil.
Total Assets at the begining of this year (Mar23) was €1,231 Mil.
Long-Term Debt & Capital Lease Obligation was €129 Mil.
Total Current Assets was €882 Mil.
Total Current Liabilities was €435 Mil.
Net Income was €139 Mil.

Revenue was €2,094 Mil.
Gross Profit was €592 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (1349.924 + 1231.386) / 2 = €1290.655 Mil.
Total Assets at the begining of last year (Mar22) was €1,350 Mil.
Long-Term Debt & Capital Lease Obligation was €153 Mil.
Total Current Assets was €942 Mil.
Total Current Liabilities was €483 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.

VTech Holdings's current Net Income (TTM) was 153. ==> 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.

VTech Holdings's current Cash Flow from Operations (TTM) was 327. ==> 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 (Mar23)
=153.272/1231.386
=0.12447112

ROA (Last Year)=Net Income/Total Assets (Mar22)
=139.353/1349.924
=0.10323026

VTech Holdings's return on assets of this year was 0.12447112. VTech Holdings's return on assets of last year was 0.10323026. ==> 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.

VTech Holdings's current Net Income (TTM) was 153. VTech Holdings's current Cash Flow from Operations (TTM) was 327. ==> 327 > 153 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=129.076/1196.351
=0.10789141

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=152.522/1290.655
=0.11817411

VTech Holdings's gearing of this year was 0.10789141. VTech Holdings's gearing of last year was 0.11817411. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=882.28/435.344
=2.02662722

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=942.219/483.065
=1.95050149

VTech Holdings's current ratio of this year was 2.02662722. VTech Holdings's current ratio of last year was 1.95050149. ==> 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.

VTech Holdings's number of shares in issue this year was 252.6. VTech Holdings's number of shares in issue last year was 252.4. ==> 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
=584.108/1974.044
=0.29589411

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=591.876/2093.748
=0.28268731

VTech Holdings's gross margin of this year was 0.29589411. VTech Holdings's gross margin of last year was 0.28268731. ==> This year's gross margin is higher. ==> Score 1.

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 (Mar23)
=1974.044/1231.386
=1.60310739

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=2093.748/1349.924
=1.55101176

VTech Holdings's asset turnover of this year was 1.60310739. VTech Holdings's asset turnover of last year was 1.55101176. ==> 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+1+1+1+1+1+0+1+1
=8

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

VTech Holdings has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

VTech Holdings  (FRA:VTCB) 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.


VTech Holdings Piotroski F-Score Related Terms

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VTech Holdings Business Description

Traded in Other Exchanges
Address
Block 1, 57 Ting Kok Road, Tai Po, 23rd Floor, Tai Ping Industrial Centre, New Territories, Hong Kong, HKG
VTech Holdings Ltd is engaged in designing, manufacturing, and distribution of consumer electronic products. It also provides contract manufacturing services. Its diverse collection of products includes Telephone Products, Business Phones, Electronic Learning Toys, Baby Monitors, and Hospitality Products. It offers turnkey services to customers in several product categories. The company operates through four geographical segments, North America including the United States and Canada, Europe, Asia Pacific, and Others, which covers sales of electronic products to the rest of the world. It generates a majority of its revenue from North America and Europe.

VTech Holdings Headlines

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