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Hortonworks Piotroski F-Score

: 0 (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

Hortonworks has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.


Hortonworks Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Hortonworks Annual Data
Apr12 Apr13 Dec14 Dec15 Dec16 Dec17
Piotroski F-Score Premium Member Only N/A N/A 4.00 4.00 5.00

Hortonworks Quarterly Data
Apr12 Apr13 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18
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 5.00 5.00 5.00 6.00 7.00

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Sep18) TTM:Last Year (Sep17) TTM:
Net Income was -48.228 + -42.055 + -41.197 + -31.574 = $-163.1 Mil.
Cash Flow from Operations was 6.353 + 7.955 + -1.975 + 10.45 = $22.8 Mil.
Revenue was 75.006 + 79.061 + 86.343 + 87.174 = $327.6 Mil.
Gross Profit was 53.576 + 56.801 + 62.426 + 63.385 = $236.2 Mil.
Average Total Assets from the begining of this year (Sep17)
to the end of this year (Sep18) was
(211.427 + 250.733 + 285.203 + 291.377 + 296.609) / 5 = $267.0698 Mil.
Total Assets at the begining of this year (Sep17) was $211.4 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Total Current Assets was $215.1 Mil.
Total Current Liabilities was $210.6 Mil.
Net Income was -57.053 + -54.835 + -56.076 + -45.368 = $-213.3 Mil.

Revenue was 51.959 + 55.971 + 61.832 + 69.001 = $238.8 Mil.
Gross Profit was 33.981 + 38.116 + 41.365 + 47.658 = $161.1 Mil.
Average Total Assets from the begining of last year (Sep16)
to the end of last year (Sep17) was
(240.371 + 235.836 + 220.636 + 213.311 + 211.427) / 5 = $224.3162 Mil.
Total Assets at the begining of last year (Sep16) was $240.4 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Total Current Assets was $151.8 Mil.
Total Current Liabilities was $182.7 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.

Hortonworks's current Net Income (TTM) was -163.1. ==> 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.

Hortonworks's current Cash Flow from Operations (TTM) was 22.8. ==> 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 (Sep17)
=-163.054/211.427
=-0.77120708

ROA (Last Year)=Net Income/Total Assets (Sep16)
=-213.332/240.371
=-0.88751139

Hortonworks's return on assets of this year was -0.77120708. Hortonworks's return on assets of last year was -0.88751139. ==> 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.

Hortonworks's current Net Income (TTM) was -163.1. Hortonworks's current Cash Flow from Operations (TTM) was 22.8. ==> 22.8 > -163.1 ==> 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: Sep18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep17 to Sep18
=0/267.0698
=0

Gearing (Last Year: Sep17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep16 to Sep17
=0/224.3162
=0

Hortonworks's gearing of this year was 0. Hortonworks's gearing of last year was 0. ==> 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: Sep18)=Total Current Assets/Total Current Liabilities
=215.092/210.643
=1.02112104

Current Ratio (Last Year: Sep17)=Total Current Assets/Total Current Liabilities
=151.768/182.726
=0.83057693

Hortonworks's current ratio of this year was 1.02112104. Hortonworks's current ratio of last year was 0.83057693. ==> 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.

Hortonworks's number of shares in issue this year was 81.798. Hortonworks's number of shares in issue last year was 67.921. ==> 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
=236.188/327.584
=0.7209998

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=161.12/238.763
=0.67481142

Hortonworks's gross margin of this year was 0.7209998. Hortonworks's gross margin of last year was 0.67481142. ==> 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 (Sep17)
=327.584/211.427
=1.5493953

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep16)
=238.763/240.371
=0.99331034

Hortonworks's asset turnover of this year was 1.5493953. Hortonworks's asset turnover of last year was 0.99331034. ==> 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
=0+1+1+1+1+1+0+1+1
=7

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

Hortonworks has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Hortonworks  (NAS:HDP) 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.


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