Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CVB Financial has an F-score of 6 indicating the company's financial situation is typical for a stable company.
NAS:CVBF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 6
3
-
9
During the past 13 years, the highest Piotroski F-Score of CVB Financial was 9. The lowest was 3. And the median was 6.
CVB Financial Piotroski F-Score Historical Data
* 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.
CVB Financial Annual Data
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Piotroski F-Score
6.00
6.00
8.00
7.00
5.00
CVB Financial Quarterly Data
Jun16
Sep16
Dec16
Mar17
Jun17
Sep17
Dec17
Mar18
Jun18
Sep18
Dec18
Mar19
Jun19
Sep19
Dec19
Mar20
Jun20
Sep20
Dec20
Mar21
Piotroski F-Score
6.00
4.00
4.00
5.00
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.
CVB Financial Piotroski F-Score Distribution
* The bar in red indicates where CVB Financial'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 (Mar21) TTM:
Last Year (Mar20) TTM:
Net Income was 41.631 + 47.492 + 50.056 + 63.893 = $203.1 Mil. Cash Flow from Operations was 21.554 + 40.938 + 47.077 + 46.938 = $156.5 Mil. Revenue was 116.721 + 114.798 + 118.778 + 117.149 = $467.4 Mil.
Average Total Assets from the begining of this year (Mar20)
to the end of this year (Mar21) was
(11606.888 + 13751.297 + 13818.711 + 14419.314 + 14840.438) / 5 = $13687.3296 Mil. Total Assets at the begining of this year (Mar20) was $11,606.9 Mil. Long-Term Debt & Capital Lease Obligation was $25.8 Mil. Total Assets was $14,840.4 Mil. Total Liabilities was $12,819.8 Mil.
Net Income was 54.481 + 50.423 + 51.281 + 37.98 = $194.2 Mil.
Revenue was 123.577 + 120.053 + 119.429 + 113.946 = $477.0 Mil.
Average Total Assets from the begining of last year (Mar19)
to the end of last year (Mar20) was
(11304.957 + 11171.583 + 11332.762 + 11282.45 + 11606.888) / 5 = $11339.728 Mil. Total Assets at the begining of last year (Mar19) was $11,305.0 Mil. Long-Term Debt & Capital Lease Obligation was $25.8 Mil. Total Assets was $11,606.9 Mil. Total Liabilities was $9,665.5 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.
CVB Financial's current Net Income (TTM) was 203.1.
==> 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.
CVB Financial's return on assets of this year was 0.01749582. CVB Financial's return on assets of last year was 0.01717521.
==> 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.
CVB Financial's current Net Income (TTM) was 203.1. CVB Financial's current Cash Flow from Operations (TTM) was 156.5.
==> 156.5 <= 203.1 ==> 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.
CVB Financial's gearing of this year was 0.00188306. CVB Financial's gearing of last year was 0.00227289.
==> 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.
CVB Financial's current ratio of this year was 1.15762106. CVB Financial's current ratio of last year was 1.20085723.
==> 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.
CVB Financial's number of shares in issue this year was 135.428. CVB Financial's number of shares in issue last year was 139.316.
==> 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.
CVB Financial's net margin of this year was 0.43442879. CVB Financial's net margin of last year was 0.40705024.
==> This year's net 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
CVB Financial's asset turnover of this year was 0.04027316. CVB Financial's asset turnover of last year was 0.04219432.
==> 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
+
1
+
0
+
1
+
0
+
1
+
1
+
0
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
CVB Financial has an F-score of 6 indicating the company's financial situation is typical for a stable company.
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.
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.
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