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Warning Sign:
Piotroski F-Score of 2 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
Independence Contract Drilling has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Independence Contract Drilling's Piotroski F-Score or its related term are showing as below:
During the past 12 years, the highest Piotroski F-Score of Independence Contract Drilling was 6. The lowest was 1. And the median was 4.
The historical data trend for Independence Contract Drilling'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.
Independence Contract Drilling Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial |
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4.00 | 3.00 | 4.00 | 6.00 | 6.00 |
Independence Contract Drilling 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 |
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6.00 | 6.00 | 3.00 | 2.00 | 2.00 |
For the Oil & Gas Drilling subindustry, Independence Contract Drilling'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.
For the Oil & Gas industry and Energy sector, Independence Contract Drilling's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Independence Contract Drilling'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 -25.951 + -8.986 + -16.717 + -18.494 = $-70.1 Mil. Cash Flow from Operations was 7.474 + 10.999 + 6.462 + 11.628 = $36.6 Mil. Revenue was 45.83 + 46.636 + 43.327 + 37.992 = $173.8 Mil. Gross Profit was 3.303 + 3.994 + -0.779 + -4.677 = $1.8 Mil. Average Total Assets from the begining of this year (Sep23) to the end of this year (Sep24) was (406.111 + 394.677 + 384.77 + 374.95 + 356.854) / 5 = $383.4724 Mil. Total Assets at the begining of this year (Sep23) was $406.1 Mil. Long-Term Debt & Capital Lease Obligation was $167.7 Mil. Total Current Assets was $30.8 Mil. Total Current Liabilities was $40.3 Mil. |
Net Income was 3.461 + 0.012 + -4.161 + -7.598 = $-8.3 Mil. Revenue was 60.259 + 63.756 + 56.356 + 44.164 = $224.5 Mil. Gross Profit was 13.584 + 15.442 + 11.124 + 6.441 = $46.6 Mil. Average Total Assets from the begining of last year (Sep22) to the end of last year (Sep23) was (413.225 + 429.714 + 435.059 + 420.236 + 406.111) / 5 = $420.869 Mil. Total Assets at the begining of last year (Sep22) was $413.2 Mil. Long-Term Debt & Capital Lease Obligation was $156.3 Mil. Total Current Assets was $36.6 Mil. Total Current Liabilities was $30.8 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.
Independence Contract Drilling's current Net Income (TTM) was -70.1.
==> 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.
Independence Contract Drilling's current Cash Flow from Operations (TTM) was 36.6.
==> 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 (Sep23) |
= | -70.148 | / | 406.111 | |
= | -0.1727311 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep22) |
= | -8.286 | / | 413.225 | |
= | -0.02005203 |
Independence Contract Drilling's return on assets of this year was -0.1727311. Independence Contract Drilling's return on assets of last year was -0.02005203.
==> 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.
Independence Contract Drilling's current Net Income (TTM) was -70.1. Independence Contract Drilling's current Cash Flow from Operations (TTM) was 36.6.
==> 36.6 > -70.1 ==> 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: Sep24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep23 to Sep24 |
= | 167.697 | / | 383.4724 | |
= | 0.43731179 |
Gearing (Last Year: Sep23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep22 to Sep23 |
= | 156.336 | / | 420.869 | |
= | 0.37146 |
Independence Contract Drilling's gearing of this year was 0.43731179. Independence Contract Drilling's gearing of last year was 0.37146.
==> 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: Sep24) | = | Total Current Assets | / | Total Current Liabilities |
= | 30.829 | / | 40.322 | |
= | 0.76457021 |
Current Ratio (Last Year: Sep23) | = | Total Current Assets | / | Total Current Liabilities |
= | 36.649 | / | 30.808 | |
= | 1.18959361 |
Independence Contract Drilling's current ratio of this year was 0.76457021. Independence Contract Drilling's current ratio of last year was 1.18959361.
==> 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.
Independence Contract Drilling's number of shares in issue this year was 14.528. Independence Contract Drilling's number of shares in issue last year was 14.071.
==> 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 |
= | 1.841 | / | 173.785 | |
= | 0.01059355 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 46.591 | / | 224.535 | |
= | 0.20749994 |
Independence Contract Drilling's gross margin of this year was 0.01059355. Independence Contract Drilling's gross margin of last year was 0.20749994.
==> 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 (Sep23) |
= | 173.785 | / | 406.111 | |
= | 0.42792488 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep22) |
= | 224.535 | / | 413.225 | |
= | 0.54337225 |
Independence Contract Drilling's asset turnover of this year was 0.42792488. Independence Contract Drilling's asset turnover of last year was 0.54337225.
==> 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 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 2 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Independence Contract Drilling has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Independence Contract Drilling (OTCPK:ICDI) 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 Independence Contract Drilling's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Brian Berman | director | 20475 STATE HIGHWAY 249, SUITE 300, HOUSTON TX 77070 |
Msd Capital L P | 10 percent owner | 1 VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017-5407 |
Msd Credit Opportunity Master Fund, L.p. | director, 10 percent owner | ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017 |
Msd Pcof Partners Lxxiii, Llc | director, 10 percent owner | ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017 |
Msd Private Credit Opportunity (non-eci) Fund, Llc | director, 10 percent owner | ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017 |
Michael S Dell | 10 percent owner | C/O DELL INC., ONE DELL WAY, ROUND ROCK TX 78682-2244 |
Msd Energy Investments, L.p. | 10 percent owner | ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017 |
Msd Partners, L.p. | director, 10 percent owner | ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017 |
William Monroe | 10 percent owner | C/O HIGIER ALLEN & LAUTIN, P.C., 2711 N. HASKELL AVE., SUITE 2400, DALLAS TX 75204 |
James Minmier | director | 777 N.W. 63RD ST., OKLAHOMA CITY OK 73116 |
Daniel F Mcnease | director | 2800 POST OAK BLVD, STE 5450, HOUSTON TX 77056-6127 |
Barrett Robert J. Iv | director | 20475 STATE HIGHWAY 249, SUITE 300, HOUSTON TX 77070 |
Vincent J Cebula | director | 1301 AVENUE OF THE AMERICAS, 34 TH FLOOR, NEW YORK NY 10019 |
Christopher Gleysteen | director | ONE VANDERBILT AVENUE, 26TH FLOOR, NEW YORK NY 10017 |
Scott A. Keller | officer: SVP - SALES AND MARKETING | 20475 SH 249, SUITE 300, HOUSTON TX 77070 |
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