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GSPD.PFD (The Goldmanchs Group) Piotroski F-Score : 5 (As of Dec. 15, 2024)


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What is The Goldmanchs Group Piotroski F-Score?

The zones of discrimination were as such:

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

The Goldmanchs Group 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 The Goldmanchs Group's Piotroski F-Score or its related term are showing as below:

GSpD.PFD' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of The Goldmanchs Group was 9. The lowest was 3. And the median was 5.


The Goldmanchs Group Piotroski F-Score Historical Data

The historical data trend for The Goldmanchs Group'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.

The Goldmanchs Group Piotroski F-Score Chart

The Goldmanchs Group Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 7.00 4.00 3.00

The Goldmanchs Group Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 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 3.00 3.00 4.00 6.00 5.00

Competitive Comparison of The Goldmanchs Group's Piotroski F-Score

For the Capital Markets subindustry, The Goldmanchs Group'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.


The Goldmanchs Group's Piotroski F-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, The Goldmanchs Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where The Goldmanchs Group'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 2008 + 4132 + 3043 + 2990 = $12,173.00 Mil.
Cash Flow from Operations was -28358 + -28038 + 6120 + -38060 = $-88,336.00 Mil.
Revenue was 11318 + 14213 + 12731 + 12699 = $50,961.00 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(1577153 + 1641594 + 1698440 + 1653313 + 1728080) / 5 = $1659716 Mil.
Total Assets at the begining of this year (Sep23) was $1,577,153.00 Mil.
Long-Term Debt & Capital Lease Obligation was $260,499.00 Mil.
Total Assets was $1,728,080.00 Mil.
Total Liabilities was $1,606,880.00 Mil.
Net Income was 1326 + 3234 + 1216 + 2058 = $7,834.00 Mil.

Revenue was 10593 + 12224 + 10895 + 11817 = $45,529.00 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(1555994 + 1441799 + 1538349 + 1571386 + 1577153) / 5 = $1536936.2 Mil.
Total Assets at the begining of last year (Sep22) was $1,555,994.00 Mil.
Long-Term Debt & Capital Lease Obligation was $232,292.00 Mil.
Total Assets was $1,577,153.00 Mil.
Total Liabilities was $1,459,876.00 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.

The Goldmanchs Group's current Net Income (TTM) was 12,173.00. ==> 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.

The Goldmanchs Group's current Cash Flow from Operations (TTM) was -88,336.00. ==> 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 (Sep23)
=12173/1577153
=0.00771834

ROA (Last Year)=Net Income/Total Assets (Sep22)
=7834/1555994
=0.00503472

The Goldmanchs Group's return on assets of this year was 0.00771834. The Goldmanchs Group's return on assets of last year was 0.00503472. ==> 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.

The Goldmanchs Group's current Net Income (TTM) was 12,173.00. The Goldmanchs Group's current Cash Flow from Operations (TTM) was -88,336.00. ==> -88,336.00 <= 12,173.00 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=260499/1659716
=0.15695396

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=232292/1536936.2
=0.15113965

The Goldmanchs Group's gearing of this year was 0.15695396. The Goldmanchs Group's gearing of last year was 0.15113965. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Sep24)=Total Assets/Total Liabilities
=1728080/1606880
=1.07542567

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=1577153/1459876
=1.08033354

The Goldmanchs Group's current ratio of this year was 1.07542567. The Goldmanchs Group's current ratio of last year was 1.08033354. ==> 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.

The Goldmanchs Group's number of shares in issue this year was 0. The Goldmanchs Group's number of shares in issue last year was 0. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=12173/50961
=0.23886894

Net Margin (Last Year: TTM)=Net Income/Revenue
=7834/45529
=0.17206616

The Goldmanchs Group's net margin of this year was 0.23886894. The Goldmanchs Group's net margin of last year was 0.17206616. ==> This year's net 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 (Sep23)
=50961/1577153
=0.03231202

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=45529/1555994
=0.0292604

The Goldmanchs Group's asset turnover of this year was 0.03231202. The Goldmanchs Group's asset turnover of last year was 0.0292604. ==> 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+0+1+0+0+0+1+1+1
=5

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

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

The Goldmanchs Group  (NYSE:GSpD.PFD) 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.


The Goldmanchs Group Piotroski F-Score Related Terms

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The Goldmanchs Group Business Description

Address
200 West Street, New York, NY, USA, 10282
Goldman Sachs is a leading global investment banking and asset management firm. Approximately 20% of its revenue comes from investment banking, 45% from trading, 20% from asset management and 15% from wealth management and retail financial services. Around 60% of the company's net revenue is generated in the Americas, 15% in Asia, and 25% in Europe, the Middle East, and Africa.