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CoStar Group Piotroski F-Score

: 6 (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

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

NAS:CSGP' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 6

2
8

During the past 13 years, the highest Piotroski F-Score of CoStar Group was 8. The lowest was 2. And the median was 6.


CoStar Group 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.

CoStar Group Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 8.00 7.00 5.00 6.00

CoStar Group Quarterly Data
Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20
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 5.00 6.00 6.00 6.00 6.00

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.


CoStar Group Piotroski F-Score Distribution

* The bar in red indicates where CoStar Group'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 (Sep20) TTM:Last Year (Sep19) TTM:
Net Income was 87.927 + 72.793 + 60.36 + 58.186 = $279 Mil.
Cash Flow from Operations was 107.763 + 131.464 + 117.182 + 106.692 = $463 Mil.
Revenue was 374.726 + 391.847 + 397.159 + 425.62 = $1,589 Mil.
Gross Profit was 299.73 + 312.938 + 323.119 + 347.755 = $1,284 Mil.
Average Total Assets from the begining of this year (Sep19)
to the end of this year (Sep20) was
(3715.391 + 3853.986 + 4684.597 + 6479.03 + 6797.325) / 5 = $5106.0658 Mil.
Total Assets at the begining of this year (Sep19) was $3,715 Mil.
Long-Term Debt & Capital Lease Obligation was $1,116 Mil.
Total Current Assets was $4,007 Mil.
Total Current Liabilities was $245 Mil.
Net Income was 83.509 + 85.169 + 63.248 + 78.619 = $311 Mil.

Revenue was 315.571 + 328.425 + 343.76 + 352.808 = $1,341 Mil.
Gross Profit was 247.323 + 257.272 + 271.842 + 281.636 = $1,058 Mil.
Average Total Assets from the begining of last year (Sep18)
to the end of last year (Sep19) was
(3207.222 + 3312.957 + 3548.284 + 3620.598 + 3715.391) / 5 = $3480.8904 Mil.
Total Assets at the begining of last year (Sep18) was $3,207 Mil.
Long-Term Debt & Capital Lease Obligation was $118 Mil.
Total Current Assets was $1,505 Mil.
Total Current Liabilities was $198 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.

CoStar Group's current Net Income (TTM) was 279. ==> 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.

CoStar Group's current Cash Flow from Operations (TTM) was 463. ==> 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 (Sep19)
=279.266/3715.391
=0.07516463

ROA (Last Year)=Net Income/Total Assets (Sep18)
=310.545/3207.222
=0.09682679

CoStar Group's return on assets of this year was 0.07516463. CoStar Group's return on assets of last year was 0.09682679. ==> 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.

CoStar Group's current Net Income (TTM) was 279. CoStar Group's current Cash Flow from Operations (TTM) was 463. ==> 463 > 279 ==> 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: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=1116.02/5106.0658
=0.21856749

Gearing (Last Year: Sep19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep18 to Sep19
=117.897/3480.8904
=0.03386978

CoStar Group's gearing of this year was 0.21856749. CoStar Group's gearing of last year was 0.03386978. ==> 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: Sep20)=Total Current Assets/Total Current Liabilities
=4007.233/245.111
=16.34864612

Current Ratio (Last Year: Sep19)=Total Current Assets/Total Current Liabilities
=1504.722/198.036
=7.59822457

CoStar Group's current ratio of this year was 16.34864612. CoStar Group's current ratio of last year was 7.59822457. ==> 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.

CoStar Group's number of shares in issue this year was 39.401. CoStar Group's number of shares in issue last year was 36.652. ==> 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
=1283.542/1589.352
=0.80758825

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1058.073/1340.564
=0.78927451

CoStar Group's gross margin of this year was 0.80758825. CoStar Group's gross margin of last year was 0.78927451. ==> 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 (Sep19)
=1589.352/3715.391
=0.42777517

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep18)
=1340.564/3207.222
=0.41798291

CoStar Group's asset turnover of this year was 0.42777517. CoStar Group's asset turnover of last year was 0.41798291. ==> 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+0+1+0+1+1
=6

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

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

CoStar Group  (NAS:CSGP) 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.


CoStar Group Piotroski F-Score Related Terms


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