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Activision Blizzard Piotroski F-Score

: 5 (As of Today)
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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

Activision Blizzard has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

ATVI' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 5

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


Activision Blizzard Piotroski F-Score Historical Data

The historical data trend for Activision Blizzard'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.

Activision Blizzard Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 7.00 6.00

Activision Blizzard Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 6.00 6.00 5.00

Competitive Comparison

For the Electronic Gaming & Multimedia subindustry, Activision Blizzard'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.

   

Activision Blizzard Piotroski F-Score Distribution

For the Interactive Media industry and Communication Services sector, Activision Blizzard's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Activision Blizzard'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 (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 876 + 639 + 564 + 395 = $2,474 Mil.
Cash Flow from Operations was 388 + 521 + 661 + 642 = $2,212 Mil.
Revenue was 2296 + 2070 + 2163 + 1768 = $8,297 Mil.
Gross Profit was 1741 + 1543 + 1505 + 1289 = $6,078 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(23425 + 23572 + 23977 + 25056 + 25012) / 5 = $24208.4 Mil.
Total Assets at the begining of this year (Mar21) was $23,425 Mil.
Long-Term Debt & Capital Lease Obligation was $3,608 Mil.
Total Current Assets was $12,486 Mil.
Total Current Liabilities was $2,291 Mil.
Net Income was 580 + 604 + 509 + 619 = $2,312 Mil.

Revenue was 1932 + 1954 + 2412 + 2275 = $8,573 Mil.
Gross Profit was 1463 + 1485 + 1595 + 1697 = $6,240 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(19604 + 20220 + 21577 + 23109 + 23425) / 5 = $21587 Mil.
Total Assets at the begining of last year (Mar20) was $19,604 Mil.
Long-Term Debt & Capital Lease Obligation was $3,606 Mil.
Total Current Assets was $10,922 Mil.
Total Current Liabilities was $3,181 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.

Activision Blizzard's current Net Income (TTM) was 2,474. ==> 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.

Activision Blizzard's current Cash Flow from Operations (TTM) was 2,212. ==> 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 (Mar21)
=2474/23425
=0.10561366

ROA (Last Year)=Net Income/Total Assets (Mar20)
=2312/19604
=0.11793512

Activision Blizzard's return on assets of this year was 0.10561366. Activision Blizzard's return on assets of last year was 0.11793512. ==> 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.

Activision Blizzard's current Net Income (TTM) was 2,474. Activision Blizzard's current Cash Flow from Operations (TTM) was 2,212. ==> 2,212 <= 2,474 ==> CFROA <= ROA ==> Score 0.

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: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=3608/24208.4
=0.14903918

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=3606/21587
=0.16704498

Activision Blizzard's gearing of this year was 0.14903918. Activision Blizzard's gearing of last year was 0.16704498. ==> 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: Mar22)=Total Current Assets/Total Current Liabilities
=12486/2291
=5.45002182

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=10922/3181
=3.43351147

Activision Blizzard's current ratio of this year was 5.45002182. Activision Blizzard's current ratio of last year was 3.43351147. ==> 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.

Activision Blizzard's number of shares in issue this year was 786. Activision Blizzard's number of shares in issue last year was 783. ==> 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
=6078/8297
=0.73255394

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6240/8573
=0.72786656

Activision Blizzard's gross margin of this year was 0.73255394. Activision Blizzard's gross margin of last year was 0.72786656. ==> 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 (Mar21)
=8297/23425
=0.35419424

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=8573/19604
=0.43730871

Activision Blizzard's asset turnover of this year was 0.35419424. Activision Blizzard's asset turnover of last year was 0.43730871. ==> 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
=1+1+0+0+1+1+0+1+0
=5

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

Activision Blizzard has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Activision Blizzard  (NAS:ATVI) 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.


Activision Blizzard Piotroski F-Score Related Terms

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


Activision Blizzard Business Description

Activision Blizzard logo
Industry
Address
2701 Olympic Boulevard, Building B, Santa Monica, CA, USA, 90404
Activision Blizzard was formed in 2008 by the merger of Activision, one of the largest console video game publishers, and Blizzard, one of largest PC video game publishers. The combined firm remains one of the world's largest video game publishers. Activision's impressive franchise portfolio includes World of Warcraft, which boasts more than $8 billion of lifetime sales, and Call of Duty, which has sold over 175 million copies across 14 titles over 12 years.
Executives
Kotick Robert A director, officer: Chief Executive Officer 3100 OCEAN PARK BLVD SANTA MONICA CA 90405
Wasserman Casey director C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BLVD. SANTA MONICA CA 90405
Durkin Dennis M officer: Chief Financial Officer C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BLVD SANTA MONICA CA 90405
Yang Jesse officer: Chief Accounting Officer C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BOULEVARD SANTA MONICA CA 90405
Macartney Claudine officer: Chief People Officer AMERICAN INTERNATIONAL GROUP, INC. 175 WATER ST. NEW YORK NY 10038
Johnson Collister officer: Special Advisor; Former Pres. C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BOULEVARD SANTA MONICA CA 90405
Corti Robert J director C/O AVON PRODUCTS INC 1345 AVENUE OF THE AMERICAS NEW YORK NY 10105-0196
Morgado Robert J director 3100 OCAN PARK BLVD SANTA MONICA CA 90405
Kelly Brian G director 3100 OCEAN PARK BLVD SANTA MONICA CA 90405
Bowers Reveta F director C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BOULEVARD SANTA MONICA CA 90405
Nolan Peter J director 11111SANTA MONICA BLVD STE 2000 LOS ANGELES CA 90025
Meyer Barry director C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BLVD. SANTA MONICA CA 90405
Hartong Hendrik Iii director C/O ACTIVISION BLIZZARD, INC. 3100 OCEAN PARK BLVD. SANTA MONICA CA 90405
Ostroff Dawn director 3100 OCEAN PARK BOULEVARD SANTA MONICA CA 91405
Alegre Daniel officer: President and COO 9800 59TH AVENUE NORTH MINNEAPOLIS MN 55317

Activision Blizzard Headlines

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