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Hayward Holdings (Hayward Holdings) Piotroski F-Score : 6 (As of Apr. 28, 2024)


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What is Hayward Holdings 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

Hayward Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

HAYW' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 6

During the past 5 years, the highest Piotroski F-Score of Hayward Holdings was 7. The lowest was 4. And the median was 6.


Hayward Holdings Piotroski F-Score Historical Data

The historical data trend for Hayward 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.

Hayward Holdings Piotroski F-Score Chart

Hayward Holdings Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A 7.00 4.00 6.00

Hayward Holdings Quarterly Data
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 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 4.00 4.00 6.00 5.00 6.00

Competitive Comparison of Hayward Holdings's Piotroski F-Score

For the Electrical Equipment & Parts subindustry, Hayward 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.


Hayward Holdings's Piotroski F-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Hayward Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Hayward 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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 8.41 + 29.453 + 11.788 + 31.036 = $80.7 Mil.
Cash Flow from Operations was -90.882 + 257.398 + 50.421 + -32.397 = $184.5 Mil.
Revenue was 210.136 + 283.543 + 220.304 + 278.469 = $992.5 Mil.
Gross Profit was 97.891 + 136.51 + 105.411 + 137.138 = $477.0 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(2875.013 + 2925.693 + 2883.654 + 2883.082 + 2946.284) / 5 = $2902.7452 Mil.
Total Assets at the begining of this year (Dec22) was $2,875.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,079.3 Mil.
Total Current Assets was $724.7 Mil.
Total Current Liabilities was $239.7 Mil.
Net Income was 74.032 + 66.26 + 23.087 + 15.968 = $179.3 Mil.

Revenue was 410.46 + 399.442 + 245.267 + 258.967 = $1,314.1 Mil.
Gross Profit was 190.394 + 189.365 + 107.784 + 109.492 = $597.0 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(2978.47 + 2999.507 + 2981.355 + 2830.398 + 2875.013) / 5 = $2932.9486 Mil.
Total Assets at the begining of last year (Dec21) was $2,978.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,085.1 Mil.
Total Current Assets was $612.3 Mil.
Total Current Liabilities was $232.4 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.

Hayward Holdings's current Net Income (TTM) was 80.7. ==> 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.

Hayward Holdings's current Cash Flow from Operations (TTM) was 184.5. ==> 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)
=80.687/2875.013
=0.02806492

ROA (Last Year)=Net Income/Total Assets (Dec21)
=179.347/2978.47
=0.06021447

Hayward Holdings's return on assets of this year was 0.02806492. Hayward Holdings's return on assets of last year was 0.06021447. ==> 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.

Hayward Holdings's current Net Income (TTM) was 80.7. Hayward Holdings's current Cash Flow from Operations (TTM) was 184.5. ==> 184.5 > 80.7 ==> 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
=1079.28/2902.7452
=0.37181355

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1085.055/2932.9486
=0.36995364

Hayward Holdings's gearing of this year was 0.37181355. Hayward Holdings's gearing of last year was 0.36995364. ==> 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
=724.741/239.683
=3.02374803

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=612.284/232.41
=2.63449938

Hayward Holdings's current ratio of this year was 3.02374803. Hayward Holdings's current ratio of last year was 2.63449938. ==> 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.

Hayward Holdings's number of shares in issue this year was 220.852. Hayward Holdings's number of shares in issue last year was 222.512. ==> 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
=476.95/992.452
=0.4805774

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=597.035/1314.136
=0.45431751

Hayward Holdings's gross margin of this year was 0.4805774. Hayward Holdings's gross margin of last year was 0.45431751. ==> 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 (Dec22)
=992.452/2875.013
=0.34519913

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1314.136/2978.47
=0.44121176

Hayward Holdings's asset turnover of this year was 0.34519913. Hayward Holdings's asset turnover of last year was 0.44121176. ==> 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+0+1+1+1+0
=6

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

Hayward Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Hayward Holdings  (NYSE:HAYW) 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.


Hayward Holdings Piotroski F-Score Related Terms

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Hayward Holdings (Hayward Holdings) Business Description

Traded in Other Exchanges
N/A
Address
1415 Vantage Park Drive, Suite 400, Charlotte, NC, USA, 28203
Hayward Holdings is a leading manufacturer of energy-efficient swimming pool equipment and pool automation systems. The company offers a wide range of pool equipment, including pumps, filters, heaters, LED lights, and sanitization. Headquartered in Charlotte, North Carolina, the company has around 2,000 full-time employees. Hayward generated approximately $1.3 billion in revenue in 2022.
Executives
Fernando Blasco officer: VP&GM, Europe & Rest of World 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Eifion Jones officer: Senior VP and CFO 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Kevin Holleran officer: President and CEO 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Arthur L Soucy director 2929 ALLEN PARKWAY, SUITE 2100, HOUSTON TX 77019
Ccmp Capital, Lp 10 percent owner 245 PARK AVENUE, 16TH FLOOR, NEW YORK NY 10167
Alberta Investment Management Corp 10 percent owner 1600-10250 101 STREET NW, EDMONTON A0 T5J 3P4
John Alec Collins officer: SVP Chief Supply Chain Officer 1415 VANTAGE PARK DRIVE, SUITE 400, CHARLOTTE NC 28203
Lesley Billow officer: SVP, Chief HR Officer 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Edward D Ward director 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Billy Emory officer: VP, Chief Accounting Officer 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Susan M. Canning officer: SVP, CLO, Corporate Secretary C/O GNC HOLDINGS, INC., 300 SIXTH AVENUE, PITTSBURGH PA 15222
Rick Roetken officer: President, North America 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Donald Matthew Smith officer: SVP & Chief Supply Chain Offi. 400 CONNELL DRIVE, SUITE 6100, BERKELEY HEIGHTS NJ 07922
Msd Partners, L.p. director, 10 percent owner ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017
Lori A Walker director

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