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Harbor Custom Development (Harbor Custom Development) Piotroski F-Score : 1 (As of May. 03, 2024)


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What is Harbor Custom Development Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 1 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Harbor Custom Development has an F-score of 1. It is a bad or low score, which usually implies poor business operation.

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

HCDIQ' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 3   Max: 6
Current: 1

During the past 6 years, the highest Piotroski F-Score of Harbor Custom Development was 6. The lowest was 1. And the median was 3.


Harbor Custom Development Piotroski F-Score Historical Data

The historical data trend for Harbor Custom Development'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.

Harbor Custom Development Piotroski F-Score Chart

Harbor Custom Development Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial N/A 5.00 6.00 1.00 1.00

Harbor Custom Development Quarterly Data
Mar19 Jun19 Sep19 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 Premium Member Only Premium Member Only Premium Member Only 1.00 - 1.00 2.00 1.00

Competitive Comparison of Harbor Custom Development's Piotroski F-Score

For the Real Estate - Development subindustry, Harbor Custom Development'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.


Harbor Custom Development's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Harbor Custom Development's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Harbor Custom Development'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 -4.862 + -4.376 + -18.275 + -41.107 = $-68.62 Mil.
Cash Flow from Operations was -11.634 + -3.66 + -5.457 + 12.596 = $-8.16 Mil.
Revenue was 9.181 + 19.845 + 5.536 + 24.695 = $59.26 Mil.
Gross Profit was -2.044 + -2.92 + -8.25 + -38.221 = $-51.44 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(236.166 + 241.969 + 236.899 + 223.981 + 166.751) / 5 = $221.1532 Mil.
Total Assets at the begining of this year (Dec22) was $236.17 Mil.
Long-Term Debt & Capital Lease Obligation was $128.21 Mil.
Total Current Assets was $34.52 Mil.
Total Current Liabilities was $29.90 Mil.
Net Income was 1.646 + -4.509 + -3.415 + -10.644 = $-16.92 Mil.

Revenue was 28.581 + 10.286 + 11.749 + 4.798 = $55.41 Mil.
Gross Profit was 6.055 + -1.932 + 0.438 + -5.013 = $-0.45 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(169.7 + 184.519 + 208.305 + 227.388 + 236.166) / 5 = $205.2156 Mil.
Total Assets at the begining of last year (Dec21) was $169.70 Mil.
Long-Term Debt & Capital Lease Obligation was $118.54 Mil.
Total Current Assets was $50.88 Mil.
Total Current Liabilities was $41.19 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.

Harbor Custom Development's current Net Income (TTM) was -68.62. ==> Negative ==> Score 0.

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.

Harbor Custom Development's current Cash Flow from Operations (TTM) was -8.16. ==> 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 (Dec22)
=-68.62/236.166
=-0.29055834

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-16.922/169.7
=-0.09971715

Harbor Custom Development's return on assets of this year was -0.29055834. Harbor Custom Development's return on assets of last year was -0.09971715. ==> 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.

Harbor Custom Development's current Net Income (TTM) was -68.62. Harbor Custom Development's current Cash Flow from Operations (TTM) was -8.16. ==> -8.16 > -68.62 ==> 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
=128.206/221.1532
=0.57971578

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=118.54/205.2156
=0.5776364

Harbor Custom Development's gearing of this year was 0.57971578. Harbor Custom Development's gearing of last year was 0.5776364. ==> 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
=34.524/29.898
=1.15472607

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=50.879/41.188
=1.23528698

Harbor Custom Development's current ratio of this year was 1.15472607. Harbor Custom Development's current ratio of last year was 1.23528698. ==> 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.

Harbor Custom Development's number of shares in issue this year was 2.695. Harbor Custom Development's number of shares in issue last year was 0.719. ==> 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
=-51.435/59.257
=-0.86799872

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-0.452/55.414
=-0.00815678

Harbor Custom Development's gross margin of this year was -0.86799872. Harbor Custom Development's gross margin of last year was -0.00815678. ==> 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 (Dec22)
=59.257/236.166
=0.25091249

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=55.414/169.7
=0.32654095

Harbor Custom Development's asset turnover of this year was 0.25091249. Harbor Custom Development's asset turnover of last year was 0.32654095. ==> 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
=0+0+0+1+0+0+0+0+0
=1

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

Harbor Custom Development has an F-score of 1. It is a bad or low score, which usually implies poor business operation.

Harbor Custom Development  (OTCPK:HCDIQ) 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.


Harbor Custom Development Piotroski F-Score Related Terms

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Harbor Custom Development (Harbor Custom Development) Business Description

Traded in Other Exchanges
N/A
Address
1201 Pacific Avenue, Suite 1200, Tacoma, WA, USA, 98402
Harbor Custom Development Inc is a real estate development company. The company's segment includes Homes; Developed lots; Entitled land; Multi-family; Fee Build and other. It generates maximum revenue froem the Homes segment.
Executives
D. David Chandler director C/O VIEWRAY INCORPORATED, 2 THERMO FISHER WAY, OAKWOOD VILLAGE OH 44146
Yoshi Niino officer: Chief Accounting Officer 1201 PACIFIC AVE., SUITE 1200, TACOMA WA 98402
James Charles Burton officer: Secretary 1201 PACIFIC AVE., SUITE 1200, TACOMA WA 98402
Walter Frederick Walker director 14419 GREENWOOD AVE. N, STE A 418, SEATTLE WA 98133
Richard Schmidtke director, officer: Chief Financial Officer 11505 BURNHAM DRIVE., SUITE 301, GIG HARBOR WA 98332
Dennis Andrew Wong director 1511 NORTH WESTSHORE BOULEVARD, SUITE 870, TAMPA FL 33607
Chris John Corr director 11505 BURNHAM DRIVE, SUITE 301, GIG HARBOR WA 98332
Jeffrey Habersetzer officer: Secretary 11505 BURNHAM DRIVE., SUITE 301, GIG HARBOR WA 98332
Lance Brown officer: Chief Financial Officer 400 GALLERIA PKWY SE,, SUITE 1760, ATLANTA GA 30339
Timothy J. O'sullivan officer: Interim CFO 11505 BURNHAM DRIVE, SUITE 301, GIG HARBOR WA 98332
Karen Bryant director 11505 BURNHAM DRIVE, SUITE 301, GIG HARBOR WA 98332
Swets Larry G Jr director 105 S. MAPLE ST., ITASCA IL 60143
Sterling Griffin director, 10 percent owner, officer: Chief Executive Officer 11505 BURNHAM DRIVE., SUITE 301, GIG HARBOR WA 98332
Lynda Meadows officer: Chief Financial Officer 11505 BURNHAM DRIVE., SUITE 301, GIG HARBOR WA 98332
Anita Fritz officer: Vice President 11505 BURNHAM DRIVE., SUITE 301, GIG HARBOR WA 98332