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Cheesecake Factory 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

Cheesecake Factory 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 Cheesecake Factory's Piotroski F-Score or its related term are showing as below:

NAS:CAKE' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 5

4
9

During the past 13 years, the highest Piotroski F-Score of Cheesecake Factory was 9. The lowest was 4. And the median was 6.


Cheesecake Factory Piotroski F-Score Historical Data

The historical data trend for Cheesecake Factory'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.

Cheesecake Factory Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 5.00 6.00 6.00 5.00

Cheesecake Factory Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 4.00 4.00 5.00 4.00 5.00

Competitive Comparison

For the Restaurants subindustry, Cheesecake Factory'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.

   

Cheesecake Factory Piotroski F-Score Distribution

For the Restaurants industry and Consumer Cyclical sector, Cheesecake Factory's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Cheesecake Factory'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 (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was -28.346 + -32.317 + 3.868 + 33.715 = $-23 Mil.
Cash Flow from Operations was 2.948 + 35.644 + 21.642 + 108.796 = $169 Mil.
Revenue was 517.716 + 554.552 + 627.417 + 768.956 = $2,469 Mil.
Gross Profit was 198.957 + 209.231 + 261.81 + 325.2 = $995 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(2867.281 + 2828.063 + 2747.054 + 2735.439 + 2722.29) / 5 = $2780.0254 Mil.
Total Assets at the begining of this year (Jun20) was $2,867 Mil.
Long-Term Debt & Capital Lease Obligation was $1,677 Mil.
Total Current Assets was $328 Mil.
Total Current Liabilities was $597 Mil.
Net Income was 16.09 + 48.709 + -136.163 + -56.539 = $-128 Mil.

Revenue was 586.536 + 694.03 + 615.106 + 295.851 = $2,192 Mil.
Gross Profit was 239.995 + 284.977 + 237.219 + 100.9 = $863 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(2073.79 + 2381.77 + 2840.593 + 2675.782 + 2867.281) / 5 = $2567.8432 Mil.
Total Assets at the begining of last year (Jun19) was $2,074 Mil.
Long-Term Debt & Capital Lease Obligation was $1,618 Mil.
Total Current Assets was $455 Mil.
Total Current Liabilities was $533 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.

Cheesecake Factory's current Net Income (TTM) was -23. ==> 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.

Cheesecake Factory's current Cash Flow from Operations (TTM) was 169. ==> 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 (Jun20)
=-23.08/2867.281
=-0.00804944

ROA (Last Year)=Net Income/Total Assets (Jun19)
=-127.903/2073.79
=-0.06167597

Cheesecake Factory's return on assets of this year was -0.00804944. Cheesecake Factory's return on assets of last year was -0.06167597. ==> 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.

Cheesecake Factory's current Net Income (TTM) was -23. Cheesecake Factory's current Cash Flow from Operations (TTM) was 169. ==> 169 > -23 ==> 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: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=1676.888/2780.0254
=0.60319161

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=1618.035/2567.8432
=0.63011441

Cheesecake Factory's gearing of this year was 0.60319161. Cheesecake Factory's gearing of last year was 0.63011441. ==> 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: Jun21)=Total Current Assets/Total Current Liabilities
=328.264/597.152
=0.54971599

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=454.605/532.672
=0.85344264

Cheesecake Factory's current ratio of this year was 0.54971599. Cheesecake Factory's current ratio of last year was 0.85344264. ==> 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.

Cheesecake Factory's number of shares in issue this year was 46.777. Cheesecake Factory's number of shares in issue last year was 43.874. ==> 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
=995.198/2468.641
=0.40313598

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=863.091/2191.523
=0.3938316

Cheesecake Factory's gross margin of this year was 0.40313598. Cheesecake Factory's gross margin of last year was 0.3938316. ==> 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 (Jun20)
=2468.641/2867.281
=0.86096933

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=2191.523/2073.79
=1.0567719

Cheesecake Factory's asset turnover of this year was 0.86096933. Cheesecake Factory's asset turnover of last year was 1.0567719. ==> 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+1+1+1+0+0+1+0
=5

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

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

Cheesecake Factory  (NAS:CAKE) 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.


Cheesecake Factory Piotroski F-Score Related Terms

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Cheesecake Factory Business Description

Cheesecake Factory logo
Industry
Consumer Cyclical » Restaurants NAICS : 722511 SIC : 5812
Traded in Other Exchanges
Address
26901 Malibu Hills Road, Calabasas Hills, CA, USA, 91301
Cheesecake Factory owns and operates restaurants in the United States and Canada under brands that include The Cheesecake Factory, North Italia, and a collection within the Fox Restaurants Concepts subsidiary. The company's international presence, in the Middle East and Mexico, is through licensing agreements with third parties. The company also has a bakery division that produces cheesecakes and other baked products for sale in its restaurants, international licensees, and third-party bakery customers. The company has four operating business segments: The Cheesecake Factory restaurants, North Italia, other FRC, and others. Most of the company's revenue comes from The Cheesecake Factory restaurants segment.
Executives
Meyer Janice L. director 26901 MALIBU HILLS ROAD CALABASAS CA 91301
Ginsberg Paul D. director C/O ROARK CAPITAL 1180 PEACHTREE STREET NE, SUITE 2500 ATLANTA GA 30309
Rc Cake Holdings Llc 10 percent owner 1180 PEACHTREE STREET NE SUITE 2500 ATLANTA GA 30309
Ames Edie A director C/O MORTONS RESTATURANT GROUP, INC. 325 LASALLE STREET, SUITE 500 CHICAGO IL 60610
Overton David director, officer: Chairman and C.E.O. PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: OVERTON DAVID a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Slomann Cheryl officer: Principal Accounting Officer 6450 VIA REAL CURPINTERIA CA 93013
Pittaway David Bruce director 150 E 58TH ST STE 3700 NEW YORK NY 10155
Clark Matthew Eliot officer: Exec VP, CFO 26901 MALIBU HILLS ROAD CALABASAS HILLS CA 91301
Gordon David M officer: President C/O THE CHEESECAKE FACTORY INCORPORATED 26901 MALIBU HILLS DRIVE CALABASAS HILLS CA 91301
Carango Keith officer: President (Subsidiary) 26901 MALIBU HILLS ROAD CALABASAS HILLS CA 91301
May Scarlett officer: EVP, General Counsel 26901 MALIBU HILLS ROAD CALABASAS HILLS CA 91301
Mindel Laurence B director IL FORNAIO AMERICA CORP 770 TAMAPAIS DR STE 400 CORTE MADERA CA 94925
Cappello Alexander L director C/O THE CHEESECAKE FACTORY INC 26901 MALIBU HILLS ROAD CALABASAS HILLS CA 91301
Zurzolo Debby R officer: Exec VP, Gen Counsel & Secy PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: ZURZOLO DEBBY R a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Byfuglin Max S officer: President (Subsidiary) PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: BYFUGLIN MAX S a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}

Cheesecake Factory Headlines

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