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Spire Healthcare Group (LSE:SPI) Piotroski F-Score : 6 (As of Dec. 11, 2024)


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What is Spire Healthcare Group Piotroski F-Score?

The zones of discrimination were as such:

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

Spire Healthcare Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

LSE:SPI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Spire Healthcare Group was 7. The lowest was 4. And the median was 6.


Spire Healthcare Group Piotroski F-Score Historical Data

The historical data trend for Spire Healthcare Group'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.

Spire Healthcare Group Piotroski F-Score Chart

Spire Healthcare Group 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 6.00 4.00 5.00 7.00 6.00

Spire Healthcare Group Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
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 - 7.00 - 6.00 -

Competitive Comparison of Spire Healthcare Group's Piotroski F-Score

For the Medical Care Facilities subindustry, Spire Healthcare Group'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.


Spire Healthcare Group's Piotroski F-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Spire Healthcare Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Spire Healthcare Group'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 £27 Mil.
Cash Flow from Operations was £216 Mil.
Revenue was £1,359 Mil.
Gross Profit was £624 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (2159.8 + 2288.1) / 2 = £2223.95 Mil.
Total Assets at the begining of this year (Dec22) was £2,160 Mil.
Long-Term Debt & Capital Lease Obligation was £1,155 Mil.
Total Current Assets was £221 Mil.
Total Current Liabilities was £318 Mil.
Net Income was £9 Mil.

Revenue was £1,199 Mil.
Gross Profit was £538 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (2237.4 + 2159.8) / 2 = £2198.6 Mil.
Total Assets at the begining of last year (Dec21) was £2,237 Mil.
Long-Term Debt & Capital Lease Obligation was £1,095 Mil.
Total Current Assets was £220 Mil.
Total Current Liabilities was £283 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.

Spire Healthcare Group's current Net Income (TTM) was 27. ==> 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.

Spire Healthcare Group's current Cash Flow from Operations (TTM) was 216. ==> 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 (Dec22)
=27.3/2159.8
=0.01264006

ROA (Last Year)=Net Income/Total Assets (Dec21)
=8.6/2237.4
=0.00384375

Spire Healthcare Group's return on assets of this year was 0.01264006. Spire Healthcare Group's return on assets of last year was 0.00384375. ==> 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.

Spire Healthcare Group's current Net Income (TTM) was 27. Spire Healthcare Group's current Cash Flow from Operations (TTM) was 216. ==> 216 > 27 ==> 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
=1155.2/2223.95
=0.51943614

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1095.1/2198.6
=0.49808969

Spire Healthcare Group's gearing of this year was 0.51943614. Spire Healthcare Group's gearing of last year was 0.49808969. ==> 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
=220.6/317.6
=0.69458438

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=220/283.4
=0.77628793

Spire Healthcare Group's current ratio of this year was 0.69458438. Spire Healthcare Group's current ratio of last year was 0.77628793. ==> 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.

Spire Healthcare Group's number of shares in issue this year was 413.144. Spire Healthcare Group's number of shares in issue last year was 412.043. ==> 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
=624.2/1359
=0.45930831

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=538.4/1198.5
=0.4492282

Spire Healthcare Group's gross margin of this year was 0.45930831. Spire Healthcare Group's gross margin of last year was 0.4492282. ==> 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 (Dec22)
=1359/2159.8
=0.62922493

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1198.5/2237.4
=0.5356664

Spire Healthcare Group's asset turnover of this year was 0.62922493. Spire Healthcare Group's asset turnover of last year was 0.5356664. ==> 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+1+1+0+0+0+1+1
=6

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

Spire Healthcare Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Spire Healthcare Group  (LSE:SPI) 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.


Spire Healthcare Group Piotroski F-Score Related Terms

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Spire Healthcare Group Business Description

Traded in Other Exchanges
Address
3 Dorset Rise, London, GBR, EC4Y 8EN
Spire Healthcare Group PLC is an independent hospital group in the United Kingdom, with 40 private hospitals and eight clinics. It is a private provider, by volume, of knee and hip operations in the United Kingdom. The Group is a well-located and scalable hospital that has delivered successful and award-winning clinical outcomes, positioning the Group well with patients, Consultants, the NHS, GPs, and Private Medical Insurance providers. It treats patients through a variety of routes including PMI, Self-pay and the NHS, providing the Group with diversified access to the expected growth opportunities in the UK healthcare market, which faces significant supply challenges as a result of NHS budget constraints and increasing demand from a growing population with longer life expectancy.