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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
Starwood Hotels & Resorts Worldwide has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Starwood Hotels & Resorts Worldwide's Piotroski F-Score or its related term are showing as below:
The historical data trend for Starwood Hotels & Resorts Worldwide'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.
Starwood Hotels & Resorts Worldwide Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 7.00 | 9.00 | 6.00 | 7.00 |
Starwood Hotels & Resorts Worldwide Quarterly Data | ||||||||||||||||||||
Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 8.00 | 7.00 | 6.00 | 7.00 |
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 (Jun16) TTM: | Last Year (Jun15) TTM: |
Net Income was 88 + 166 + 90 + -263 = $81 Mil. Cash Flow from Operations was 331 + 199 + 48 + 162 = $740 Mil. Revenue was 1434 + 1433 + 1404 + 1246 = $5,517 Mil. Gross Profit was 380 + 393 + 347 + 1030 = $2,150 Mil. Average Total Assets from the begining of this year (Jun15) to the end of this year (Jun16) was (8053 + 8185 + 8268 + 8444 + 6922) / 5 = $7974.4 Mil. Total Assets at the begining of this year (Jun15) was $8,053 Mil. Long-Term Debt & Capital Lease Obligation was $2,380 Mil. Total Current Assets was $2,353 Mil. Total Current Liabilities was $1,978 Mil. |
Net Income was 109 + 234 + 99 + 136 = $578 Mil. Revenue was 1493 + 1493 + 1415 + 1241 = $5,642 Mil. Gross Profit was 378 + 423 + 344 + 992 = $2,137 Mil. Average Total Assets from the begining of last year (Jun14) to the end of last year (Jun15) was (8746 + 8426 + 8659 + 8129 + 8053) / 5 = $8402.6 Mil. Total Assets at the begining of last year (Jun14) was $8,746 Mil. Long-Term Debt & Capital Lease Obligation was $1,992 Mil. Total Current Assets was $2,095 Mil. Total Current Liabilities was $2,408 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.
Starwood Hotels & Resorts Worldwide's current Net Income (TTM) was 81.
==> 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.
Starwood Hotels & Resorts Worldwide's current Cash Flow from Operations (TTM) was 740.
==> 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 (Jun15) |
= | 81 | / | 8053 | |
= | 0.01005836 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun14) |
= | 578 | / | 8746 | |
= | 0.06608735 |
Starwood Hotels & Resorts Worldwide's return on assets of this year was 0.01005836. Starwood Hotels & Resorts Worldwide's return on assets of last year was 0.06608735.
==> 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.
Starwood Hotels & Resorts Worldwide's current Net Income (TTM) was 81. Starwood Hotels & Resorts Worldwide's current Cash Flow from Operations (TTM) was 740.
==> 740 > 81 ==> 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: Jun16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun15 to Jun16 |
= | 2380 | / | 7974.4 | |
= | 0.29845506 |
Gearing (Last Year: Jun15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun14 to Jun15 |
= | 1992 | / | 8402.6 | |
= | 0.23706948 |
Starwood Hotels & Resorts Worldwide's gearing of this year was 0.29845506. Starwood Hotels & Resorts Worldwide's gearing of last year was 0.23706948.
==> 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: Jun16) | = | Total Current Assets | / | Total Current Liabilities |
= | 2353 | / | 1978 | |
= | 1.18958544 |
Current Ratio (Last Year: Jun15) | = | Total Current Assets | / | Total Current Liabilities |
= | 2095 | / | 2408 | |
= | 0.87001661 |
Starwood Hotels & Resorts Worldwide's current ratio of this year was 1.18958544. Starwood Hotels & Resorts Worldwide's current ratio of last year was 0.87001661.
==> 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.
Starwood Hotels & Resorts Worldwide's number of shares in issue this year was 168. Starwood Hotels & Resorts Worldwide's number of shares in issue last year was 170.
==> 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 |
= | 2150 | / | 5517 | |
= | 0.38970455 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 2137 | / | 5642 | |
= | 0.37876639 |
Starwood Hotels & Resorts Worldwide's gross margin of this year was 0.38970455. Starwood Hotels & Resorts Worldwide's gross margin of last year was 0.37876639.
==> 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 (Jun15) |
= | 5517 | / | 8053 | |
= | 0.6850863 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun14) |
= | 5642 | / | 8746 | |
= | 0.6450949 |
Starwood Hotels & Resorts Worldwide's asset turnover of this year was 0.6850863. Starwood Hotels & Resorts Worldwide's asset turnover of last year was 0.6450949.
==> 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 | + | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Starwood Hotels & Resorts Worldwide has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Starwood Hotels & Resorts Worldwide (NYSE:HOT) 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.
Thank you for viewing the detailed overview of Starwood Hotels & Resorts Worldwide's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Charlene Barshefsky | director | |
Lizanne Galbreath | director | LASALLE PARTNERS INC, 200 RANDOLPH DR, CHICAGO IL 60601 |
Kenneth S Siegel | officer: CAO & General Counsel | 40 STARWOOD HOTELS & RESORTS, 111 WESTCHESTER AVE, WHITE PLAINS NY 10604 |
Thomas B Mangas | director, officer: Chief Executive Officer | C/O ARMSTRONG WORLD INDUSTRIES, INC., 2500 COLUMBIA AVENUE, LANCASTER PA 17603 |
Sergio Rivera | officer: President, The Americas | C/O STARWOOD HOTELS & RESORTS WORLDWIDE,, ONE STARPOINT, STAMFORD CT 06902 |
Stephen R Quazzo | director | C/O STARWOOD HOTELS & RESORTS WORLDWIDE, 44 SOUTH BROADWAY, WHITE PLAINS NY 10601 |
Daley Clayton C Jr | director | C/O THE PROCTER & GAMBLE COMPANY,, ONE PROCTER & GAMBLE PLAZA, CINCINNATI OH 45202 |
Thomas E Clarke | director | C/O NEWELL RUBBERMAID INC, THREE GLENLAKE PKWY., ATLANTA 2Q 30328 |
Thomas O Ryder | director | C/O READERS DIGEST ASSOCITATION INC, READERS DIGEST RD., PLEASANTVILLE NY 10570 |
Aylwin B Lewis | director | 111 N. CANAL, SUITE 850, CHICAGO IL 60606 |
Eric Hippeau | director | STARWOOD HOTELS & RESORTS WORLDWIDE, 44 SOUTH BROADWAY, WHITE PLAINS NY 10601 |
Bruce W Duncan | director | ONE NORTH WACKER DRIVE, SUITE 4200, CHICAGO IL 60606 |
Adam M Aron | director, officer: CEO on an interim basis | AMC ENTERTAINMENT HOLDINGS, INC, 11500 ASH STREET, LEAWOOD KS 66211 |
Van Paasschen Frits D | director, officer: President and CEO | C/O STARWOOD HOTELS & RESORTS WORLDWIDE, 1111 WESTCHESTER AVENUE, WHITE PLAINS NY 10604 |
Vasant M Prabhu | officer: Vice Chairman & CFO | C/O SAFEWAY INC, 5918 STONERIDGE MALL ROAD, PLEASANTON CA 94588 |
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