Market Cap : 37.27 B | Enterprise Value : 46.63 B | PE Ratio : 25.27 | PB Ratio : 4.55 |
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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
Dollar Tree has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Dollar Tree's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Dollar Tree was 9. The lowest was 3. And the median was 6.
The historical data trend for Dollar Tree'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.
For the Discount Stores subindustry, Dollar Tree'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.
For the Retail - Defensive industry and Consumer Defensive sector, Dollar Tree's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Dollar Tree'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 (Apr22) TTM: | Last Year (Apr21) TTM: |
Net Income was 282.4 + 216.8 + 454.2 + 536.4 = $1,490 Mil. Cash Flow from Operations was 179.9 + 282.6 + 412.8 + 538.5 = $1,414 Mil. Revenue was 6343.2 + 6417.7 + 7080.6 + 6902.6 = $26,744 Mil. Gross Profit was 1864 + 1766 + 2140.3 + 2343 = $8,113 Mil. Average Total Assets from the begining of this year (Apr21) to the end of this year (Apr22) was (21050.7 + 20445.2 + 21390 + 21721.8 + 22372.3) / 5 = $21396 Mil. Total Assets at the begining of this year (Apr21) was $21,051 Mil. Long-Term Debt & Capital Lease Obligation was $8,506 Mil. Total Current Assets was $6,282 Mil. Total Current Liabilities was $4,290 Mil. |
Net Income was 261.5 + 330 + 502.8 + 374.5 = $1,469 Mil. Revenue was 6277.6 + 6177 + 6767.9 + 6479.7 = $25,702 Mil. Gross Profit was 1916.2 + 1924.4 + 2152.8 + 1967 = $7,960 Mil. Average Total Assets from the begining of last year (Apr20) to the end of last year (Apr21) was (20471.8 + 20671 + 20652.2 + 20696 + 21050.7) / 5 = $20708.34 Mil. Total Assets at the begining of last year (Apr20) was $20,472 Mil. Long-Term Debt & Capital Lease Obligation was $8,327 Mil. Total Current Assets was $5,305 Mil. Total Current Liabilities was $3,902 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.
Dollar Tree's current Net Income (TTM) was 1,490.
==> 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.
Dollar Tree's current Cash Flow from Operations (TTM) was 1,414.
==> 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 (Apr21) |
= | 1489.8 | / | 21050.7 | |
= | 0.07077199 |
ROA (Last Year) | = | Net Income | / | Total Assets (Apr20) |
= | 1468.8 | / | 20471.8 | |
= | 0.07174748 |
Dollar Tree's return on assets of this year was 0.07077199. Dollar Tree's return on assets of last year was 0.07174748.
==> 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.
Dollar Tree's current Net Income (TTM) was 1,490. Dollar Tree's current Cash Flow from Operations (TTM) was 1,414.
==> 1,414 <= 1,490 ==> 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: Apr22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Apr21 to Apr22 |
= | 8506 | / | 21396 | |
= | 0.39755094 |
Gearing (Last Year: Apr21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Apr20 to Apr21 |
= | 8327 | / | 20708.34 | |
= | 0.40210852 |
Dollar Tree's gearing of this year was 0.39755094. Dollar Tree's gearing of last year was 0.40210852.
==> 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: Apr22) | = | Total Current Assets | / | Total Current Liabilities |
= | 6282.3 | / | 4289.9 | |
= | 1.46443973 |
Current Ratio (Last Year: Apr21) | = | Total Current Assets | / | Total Current Liabilities |
= | 5304.9 | / | 3902.2 | |
= | 1.35946389 |
Dollar Tree's current ratio of this year was 1.46443973. Dollar Tree's current ratio of last year was 1.35946389.
==> 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.
Dollar Tree's number of shares in issue this year was 226.4. Dollar Tree's number of shares in issue last year was 234.4.
==> 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 |
= | 8113.3 | / | 26744.1 | |
= | 0.30336785 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 7960.4 | / | 25702.2 | |
= | 0.30971668 |
Dollar Tree's gross margin of this year was 0.30336785. Dollar Tree's gross margin of last year was 0.30971668.
==> 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 (Apr21) |
= | 26744.1 | / | 21050.7 | |
= | 1.27046131 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Apr20) |
= | 25702.2 | / | 20471.8 | |
= | 1.25549292 |
Dollar Tree's asset turnover of this year was 1.27046131. Dollar Tree's asset turnover of last year was 1.25549292.
==> 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 | + | 0 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Dollar Tree 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.
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.
Thank you for viewing the detailed overview of Dollar Tree's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Flanigan John W | officer: Chief Supply Chain Officer | 100 MISSION RIDGE GOODLETTSVILLE TN 37072 |
Gatta Lawrence J. Jr. | officer: Chief Merchandising Officer FD | C/O LONGS DRUG STORES CORPORATION 141 NORTH CIVIC DRIVE WALNUT CREEK CA 94596 |
Mantle Ridge Lp | other: Director by deputization | 712 FIFTH AVENUE, SUITE 17F NEW YORK NY 10019 |
Kelly Edward J Iii | director | CIT GROUP INC ONE CIT DRIVE LIVINGSTON NJ 07039 |
Hilal Paul C | director | MANTLE RIDGE, L.P. 712 FIFTH AVENUE, SUITE 17F NEW YORK NY 10019 |
Mr Cobalt Advisor Llc | other: Director by deputization | 712 FIFTH AVENUE, 17TH FLOOR NEW YORK NY 10019 |
Scott Bertram L | director | C/O BECTON DICKERSON & CO 1 BECTON DR FRANKLIN LAKES NJ 07417 |
Heinrich Daniel J | director | CLOROX CO 1221 BROADWAY OAKLAND CA 94612 |
Laschinger Mary A | director | 400 ATLANTIC STREET STAMFORD CT 06921 |
Grise Cheryl W | director | NORTHEAST UTILITIES 107 SELDEN STREET BERLIN CT 06037 |
Dreiling Richard W | director, other: Executive Chairman | C/O SAFEWAY INC 5918 STONERIDGE MALL ROAD PLEASANTON CA 94588 |
Hulett Jennifer | officer: Chief Human Resources Officer | 1500 SOLANA BLVD. SUITE 3400 WESTLAKE TX 76262 |
Alasdair James | officer: EVP Merch and Supply Chain | 100 PIER 1 PLACE FORT WORTH TX 76102 |
Park Winifred | director | 1 EXPRESS DRIVE COLUMBUS OH 43230 |
Lech Michael | officer: Chief Logistics Officer | 500 VOLVO PARKWAY CHESAPEAKE VA 23320 |
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