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Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
BLACKROCK MUNIYIELD QUALITY FUND III, has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for BLACKROCK MUNIYIELD QUALITY FUND III,'s Piotroski F-Score or its related term are showing as below:
During the past 8 years, the highest Piotroski F-Score of BLACKROCK MUNIYIELD QUALITY FUND III, was 8. The lowest was 4. And the median was 8.
The historical data trend for BLACKROCK MUNIYIELD QUALITY FUND III,'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.
BLACKROCK MUNIYIELD QUALITY FUND III, Annual Data | |||||||||||||||||
Trend | Jul17 | Jul18 | Jul19 | Jul20 | Jul21 | Jul22 | Jul23 | Jul24 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 8.00 | 5.00 | 7.00 | 8.00 |
BLACKROCK MUNIYIELD QUALITY FUND III, Semi-Annual Data | |||||||||||||||
Jul17 | Jan18 | Jul18 | Jan19 | Jul19 | Jan20 | Jul20 | Jan21 | Jul21 | Jan22 | Jul22 | Jan23 | Jul23 | Jan24 | Jul24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | - | 7.00 | - | 8.00 |
For the Asset Management subindustry, BLACKROCK MUNIYIELD QUALITY FUND III,'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 Asset Management industry and Financial Services sector, BLACKROCK MUNIYIELD QUALITY FUND III,'s Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where BLACKROCK MUNIYIELD QUALITY FUND III,'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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Net Income was $38.37 Mil. Cash Flow from Operations was $81.20 Mil. Revenue was $38.59 Mil. Average Total Assets from the begining of this year (Jul23) to the end of this year (Jul24) was (1375.489 + 1332.973) / 2 = $1354.231 Mil. Total Assets at the begining of this year (Jul23) was $1,375.49 Mil. Long-Term Debt & Capital Lease Obligation was $0.02 Mil. Total Assets was $1,332.97 Mil. Total Liabilities was $500.88 Mil. |
Net Income was $-2.56 Mil. Revenue was $-2.05 Mil. Average Total Assets from the begining of last year (Jul22) to the end of last year (Jul23) was (1493.035 + 1375.489) / 2 = $1434.262 Mil. Total Assets at the begining of last year (Jul22) was $1,493.04 Mil. Long-Term Debt & Capital Lease Obligation was $0.17 Mil. Total Assets was $1,375.49 Mil. Total Liabilities was $530.89 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.
BLACKROCK MUNIYIELD QUALITY FUND III,'s current Net Income (TTM) was 38.37.
==> 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.
BLACKROCK MUNIYIELD QUALITY FUND III,'s current Cash Flow from Operations (TTM) was 81.20.
==> 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 (Jul23) |
= | 38.373 | / | 1375.489 | |
= | 0.02789771 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jul22) |
= | -2.557 | / | 1493.035 | |
= | -0.00171262 |
BLACKROCK MUNIYIELD QUALITY FUND III,'s return on assets of this year was 0.02789771. BLACKROCK MUNIYIELD QUALITY FUND III,'s return on assets of last year was -0.00171262.
==> 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.
BLACKROCK MUNIYIELD QUALITY FUND III,'s current Net Income (TTM) was 38.37. BLACKROCK MUNIYIELD QUALITY FUND III,'s current Cash Flow from Operations (TTM) was 81.20.
==> 81.20 > 38.37 ==> 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: Jul24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jul23 to Jul24 |
= | 0.015 | / | 1354.231 | |
= | 1.108E-5 |
Gearing (Last Year: Jul23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jul22 to Jul23 |
= | 0.171 | / | 1434.262 | |
= | 0.00011923 |
BLACKROCK MUNIYIELD QUALITY FUND III,'s gearing of this year was 1.108E-5. BLACKROCK MUNIYIELD QUALITY FUND III,'s gearing of last year was 0.00011923.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Jul24) | = | Total Assets | / | Total Liabilities |
= | 1332.973 | / | 500.879 | |
= | 2.66126749 |
Current Ratio (Last Year: Jul23) | = | Total Assets | / | Total Liabilities |
= | 1375.489 | / | 530.885 | |
= | 2.59093589 |
BLACKROCK MUNIYIELD QUALITY FUND III,'s current ratio of this year was 2.66126749. BLACKROCK MUNIYIELD QUALITY FUND III,'s current ratio of last year was 2.59093589.
==> 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.
BLACKROCK MUNIYIELD QUALITY FUND III,'s number of shares in issue this year was 61.891. BLACKROCK MUNIYIELD QUALITY FUND III,'s number of shares in issue last year was 67.506.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 38.373 | / | 38.59 | |
= | 0.99437678 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -2.557 | / | -2.045 | |
= | 1.25036675 |
BLACKROCK MUNIYIELD QUALITY FUND III,'s net margin of this year was 0.99437678. BLACKROCK MUNIYIELD QUALITY FUND III,'s net margin of last year was 1.25036675.
==> Last year's net 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 (Jul23) |
= | 38.59 | / | 1375.489 | |
= | 0.02805548 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jul22) |
= | -2.045 | / | 1493.035 | |
= | -0.00136969 |
BLACKROCK MUNIYIELD QUALITY FUND III,'s asset turnover of this year was 0.02805548. BLACKROCK MUNIYIELD QUALITY FUND III,'s asset turnover of last year was -0.00136969.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
BLACKROCK MUNIYIELD QUALITY FUND III, has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
BLACKROCK MUNIYIELD QUALITY FUND III, (NYSE:MYI) 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 BLACKROCK MUNIYIELD QUALITY FUND III,'s Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Stayce D. Harris | director | 1999 S. BASCOM AVE., SUITE 700, CAMPBELL CA 95008 |
Arthur Philip Steinmetz | director | 50 HUDSON YARDS, NEW YORK NY 10001 |
Aaron David Wasserman | officer: Chief Compliance Officer | 50 HUDSON YARDS, NEW YORK NY 10001 |
Kristi Manidis Santiago | other: Portfolio Manager | 1 UNIVERSITY SQUARE DRIVE, PRINCETON NJ 08540 |
Phillip Soccio | other: Portfolio Manager | 100 BELLEVUE PARKWAY, WILMINGTON DE 19809 |
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Td Securities (usa) Llc | 10 percent owner | ONE VANDERBILT AVENUE, NEW YORK NY 10017 |
Td Group Us Holdings Llc | 10 percent owner | 251 LITTLE FALLS DRIVE, WILMINGTON DE 19808 |
Dominion Bank Toronto | 10 percent owner | 66 WELLINGTON STREET WEST, 12TH FLOOR, TD TOWER, TORONTO, ONTARIO A6 M5K 1A2 |
Toronto Dominion Holdings Usa Inc | 10 percent owner | 40 WALL STREET, NEW YORK NY 10003 |
Michael Kalinoski | other: Portfolio Manager | 800 SCUDDERS MILL ROAD, PLAINSBORO NJ 08536 |
Lorenzo Flores | director | 2100 LOGIC DRIVE, SAN JOSE CA 95124 |
James Phillip Holloman | director | P.O. BOX 625737, 6800 CINTAS BOULEVARD, CINCINNATI OH 45262 |
Trent Walker | officer: Chief Financial Officer | C/O PIMCO, 650 NEWPORT CENTER DRIVE, NEWPORT BEACH CA 92660 |
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