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Cracker Barrel Old Country Store 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

Cracker Barrel Old Country Store has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

4
9

During the past 13 years, the highest Piotroski F-Score of Cracker Barrel Old Country Store was 9. The lowest was 4. And the median was 6.


Cracker Barrel Old Country Store Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Cracker Barrel Old Country Store Annual Data

Jul09 Jul10 Jul11 Jul12 Jul13 Jul14 Jul15 Jul16 Jul17 Jul18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 8.00 6.00 7.00 7.00

Cracker Barrel Old Country Store Quarterly Data

Jul14 Oct14 Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19
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 6.00 7.00 7.00 5.00 5.00

Competitive Comparison
* 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.


Cracker Barrel Old Country Store Piotroski F-Score Distribution

* The bar in red indicates where Cracker Barrel Old Country Store's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Apr19) TTM:Last Year (Apr18) TTM:
Net Income was 61.354 + 47.207 + 60.755 + 50.414 = $220 Mil.
Cash Flow from Operations was 109.645 + 59.627 + 131.236 + 61.723 = $362 Mil.
Revenue was 810.893 + 733.543 + 811.707 + 739.603 = $3,096 Mil.
Gross Profit was 118.213 + 100.613 + 112.935 + 102.21 = $434 Mil.
Average Total Assets from the begining of this year (Apr18)
to the end of this year (Apr19) was
(1568.331 + 1527.355 + 1559.597 + 1587.803 + 1595.07) / 5 = $1567.6312 Mil.
Total Assets at the begining of this year (Apr18) was $1,568 Mil.
Long-Term Debt & Capital Lease Obligation was $400 Mil.
Total Current Assets was $361 Mil.
Total Current Liabilities was $364 Mil.
Net Income was 53.893 + 46.38 + 91.139 + 48.747 = $240 Mil.

Revenue was 743.226 + 710.368 + 787.771 + 721.413 = $2,963 Mil.
Gross Profit was 119.749 + 107.731 + 112.686 + 98.718 = $439 Mil.
Average Net Income from the begining of last year (Apr17)
to the end of last year (Apr18) was
(1535.028 + 1521.942 + 1521.932 + 1556.943 + 1568.331) / 5 = $1540.8352 Mil.
Total Assets at the begining of last year (Apr17) was $1,535 Mil.
Long-Term Debt & Capital Lease Obligation was $400 Mil.
Total Current Assets was $370 Mil.
Total Current Liabilities was $352 Mil.

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.

Cracker Barrel Old Country Store's current Net Income (TTM) was 220. ==> 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.

Cracker Barrel Old Country Store's current Cash Flow from Operations (TTM) was 362. ==> 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(Apr18)
=219.73/1568.331
=0.14010435

ROA (Last Year)=Net Income/Total Assets(Apr17)
=240.159/1535.028
=0.15645252

Cracker Barrel Old Country Store's return on assets of this year was 0.14010435. Cracker Barrel Old Country Store's return on assets of last year was 0.15645252. ==> 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.

Cracker Barrel Old Country Store's current Net Income (TTM) was 220. Cracker Barrel Old Country Store's current Cash Flow from Operations (TTM) was 362. ==> 362 > 220 ==> 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: Apr19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Apr18 to Apr19
=400/1567.6312
=0.25516206

Gearing (Last Year: Apr18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Apr17 to Apr18
=400/1540.8352
=0.25959947

Cracker Barrel Old Country Store's gearing of this year was 0.25516206. Cracker Barrel Old Country Store's gearing of last year was 0.25959947. ==> 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: Apr19)=Total Current Assets/Total Current Liabilities
=361.168/363.756
=0.99288534

Current Ratio (Last Year: Apr18)=Total Current Assets/Total Current Liabilities
=370.075/351.564
=1.05265329

Cracker Barrel Old Country Store's current ratio of this year was 0.99288534. Cracker Barrel Old Country Store's current ratio of last year was 1.05265329. ==> 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.

Cracker Barrel Old Country Store's number of shares in issue this year was 24.1. Cracker Barrel Old Country Store's number of shares in issue last year was 24.1. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=433.971/3095.746
=0.14018301

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=438.884/2962.778
=0.1481326

Cracker Barrel Old Country Store's gross margin of this year was 0.14018301. Cracker Barrel Old Country Store's gross margin of last year was 0.1481326. ==> 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 (Apr18)
=3095.746/1568.331
=1.97391112

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr17)
=2962.778/1535.028
=1.93011333

Cracker Barrel Old Country Store's asset turnover of this year was 1.97391112. Cracker Barrel Old Country Store's asset turnover of last year was 1.93011333. ==> 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+0+1+1+0+1+0+1
=6

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

Cracker Barrel Old Country Store has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Cracker Barrel Old Country Store  (NAS:CBRL) 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.


Cracker Barrel Old Country Store Piotroski F-Score Explanation


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