GURUFOCUS.COM » STOCK LIST » Technology » Software » Issuer Direct Corp (AMEX:ISDR) » Definitions » Piotroski F-Score

ISDR (Issuer Direct) Piotroski F-Score : 3 (As of Dec. 13, 2024)


View and export this data going back to 1994. Start your Free Trial

What is Issuer Direct Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 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

Issuer Direct has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

ISDR' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 3

During the past 13 years, the highest Piotroski F-Score of Issuer Direct was 9. The lowest was 3. And the median was 6.


Issuer Direct Piotroski F-Score Historical Data

The historical data trend for Issuer Direct'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.

Issuer Direct Piotroski F-Score Chart

Issuer Direct Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 9.00 7.00 6.00 5.00

Issuer Direct 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 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 3.00 3.00

Competitive Comparison of Issuer Direct's Piotroski F-Score

For the Software - Application subindustry, Issuer Direct'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.


Issuer Direct's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, Issuer Direct's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Issuer Direct'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 -0.726 + -0.139 + 0.007 + -0.466 = $-1.32 Mil.
Cash Flow from Operations was 0.77 + 0.986 + -0.19 + 1.498 = $3.06 Mil.
Revenue was 7.539 + 6.962 + 7.687 + 6.953 = $29.14 Mil.
Gross Profit was 5.572 + 5.241 + 5.902 + 5.172 = $21.89 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(65.514 + 65.152 + 64.371 + 62.821 + 61.723) / 5 = $63.9162 Mil.
Total Assets at the begining of this year (Sep23) was $65.51 Mil.
Long-Term Debt & Capital Lease Obligation was $13.68 Mil.
Total Current Assets was $10.03 Mil.
Total Current Liabilities was $12.59 Mil.
Net Income was -0.109 + -0.144 + 1.363 + 0.273 = $1.38 Mil.

Revenue was 7.139 + 8.619 + 9.651 + 7.569 = $32.98 Mil.
Gross Profit was 5.263 + 6.79 + 7.315 + 5.772 = $25.14 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(36.718 + 66.325 + 64.599 + 66.614 + 65.514) / 5 = $59.954 Mil.
Total Assets at the begining of last year (Sep22) was $36.72 Mil.
Long-Term Debt & Capital Lease Obligation was $18.00 Mil.
Total Current Assets was $10.79 Mil.
Total Current Liabilities was $11.66 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.

Issuer Direct's current Net Income (TTM) was -1.32. ==> 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.

Issuer Direct's current Cash Flow from Operations (TTM) was 3.06. ==> 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)
=-1.324/65.514
=-0.02020942

ROA (Last Year)=Net Income/Total Assets (Sep22)
=1.383/36.718
=0.03766545

Issuer Direct's return on assets of this year was -0.02020942. Issuer Direct's return on assets of last year was 0.03766545. ==> 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.

Issuer Direct's current Net Income (TTM) was -1.32. Issuer Direct's current Cash Flow from Operations (TTM) was 3.06. ==> 3.06 > -1.32 ==> 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
=13.681/63.9162
=0.21404589

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=18.001/59.954
=0.30024686

Issuer Direct's gearing of this year was 0.21404589. Issuer Direct's gearing of last year was 0.30024686. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=10.033/12.593
=0.79671246

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=10.792/11.658
=0.92571625

Issuer Direct's current ratio of this year was 0.79671246. Issuer Direct's current ratio of last year was 0.92571625. ==> 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.

Issuer Direct's number of shares in issue this year was 3.835. Issuer Direct's number of shares in issue last year was 3.823. ==> 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
=21.887/29.141
=0.75107237

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=25.14/32.978
=0.7623264

Issuer Direct's gross margin of this year was 0.75107237. Issuer Direct's gross margin of last year was 0.7623264. ==> 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)
=29.141/65.514
=0.44480569

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=32.978/36.718
=0.8981426

Issuer Direct's asset turnover of this year was 0.44480569. Issuer Direct's asset turnover of last year was 0.8981426. ==> 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+1+0+0+0+0
=3

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

Issuer Direct has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Issuer Direct  (AMEX:ISDR) 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.


Issuer Direct Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Issuer Direct's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Issuer Direct Business Description

Traded in Other Exchanges
N/A
Address
One Glenwood Avenue, Suite 1001, Raleigh, NC, USA, 27603
Issuer Direct Corp is a communications and compliance company. It focuses on the needs of corporate issuers. It provides disclosure management solutions, shareholder communications tools, and cloud-based compliance technologies. Its customers include public and private companies, mutual funds, law firms, brokerage firms, investment banks, individuals, and other institutions. Its products include PR solutions, IR solutions, Compliance, and Event management software.
Executives
Brian R Balbirnie director, 10 percent owner, officer: Chairman & CEO C/O ISSUER DIRECT CORP., 500 PERIMETER PARK DRIVE, SUITE D, MORRISVILLE NC 27560
Graeme P. Rein director 221 WILCOX ST, SUITE A, CASTLE ROCK CO 80104
J. Patrick Galleher director 11 S. 12TH STREET, RICHMOND VA 23219
William H Everett director 6 ARROWWOOD LANE, ANDOVER MA 01810
Steven Winfield Knerr officer: Chief Financial Officer 500 PERIMETER PARK DRIVE, SUITE D, MORRISVILLE NC 27560
Timothy Pitoniak officer: Chief Financial Officer 8651 10TH ST N, APT 132, ST. PETERSBURG FL 33702
Marti Beller Lazear director 1000 CENTRAL AVENUE, ST. PETERSBURG FL 33705
Eric Alan Frank director 23 WASHINGTON AVENUE, IRVINGTON NY 10533
Michael Joseph Nowlan director 336 GLENGARRY AVE., NORTH YORK A6 M5M1E6
Red Oak Partners, Llc 10 percent owner 95 S. FEDERAL HWY, SUITE 201, BOCA RATON FL 33432
Wesley T Pollard officer: Chief Financial Officer 10109 SPORTING CLUB DR, RALEIGH NC 27617
James Michael 10 percent owner 5321 RIDGELOCH PLACE, RALEIGH NC 27612
David Sandberg director 40 SE 5TH STREET, SUITE 502, BOCA RATON FL 33432
Andre Boisvert director 46939 BAYSIDE PKWY, FREMONT CA 94538
Lori A Jones officer: Chief Executive Officer 8310 N. NEW BRAUNFELS, SUITE 205, SAN ANTONIO TX 78217