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Krispy Kreme Piotroski F-Score

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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

Krispy Kreme 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 Krispy Kreme's Piotroski F-Score or its related term are showing as below:

During the past 4 years, the highest Piotroski F-Score of Krispy Kreme was 6. The lowest was 6. And the median was 6.


Krispy Kreme Piotroski F-Score Historical Data

The historical data trend for Krispy Kreme'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.

Krispy Kreme Annual Data
Trend Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
N/A N/A N/A 6.00

Krispy Kreme Quarterly Data
Dec18 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A N/A N/A 6.00 N/A

Competitive Comparison

For the Grocery Stores subindustry, Krispy Kreme'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.

   

Krispy Kreme Piotroski F-Score Distribution

For the Retail - Defensive industry and Consumer Defensive sector, Krispy Kreme's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Krispy Kreme'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 (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was -17.142 + -5.659 + 1.356 + 4.002 = $-17 Mil.
Cash Flow from Operations was 16.204 + 41.943 + 42.436 + 28.391 = $129 Mil.
Revenue was 349.186 + 342.799 + 370.597 + 372.532 = $1,435 Mil.
Gross Profit was 264.169 + 250.647 + 273.67 + 276.421 = $1,065 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(3116.731 + 3093.58 + 3102.658 + 3145.254 + 3133.254) / 5 = $3118.2954 Mil.
Total Assets at the begining of this year (Mar21) was $3,117 Mil.
Long-Term Debt & Capital Lease Obligation was $1,094 Mil.
Total Current Assets was $150 Mil.
Total Current Liabilities was $495 Mil.
Net Income was -12.63 + -14.852 + -25.304 + -3.061 = $-56 Mil.

Revenue was 244.972 + 290.233 + 325.615 + 321.809 = $1,183 Mil.
Gross Profit was 176.014 + 204.93 + 237.115 + 241.812 = $860 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(0 + 0 + 0 + 3060.995 + 3116.731) / 5 = $3088.863 Mil.
Total Assets at the begining of last year (Mar20) was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,552 Mil.
Total Current Assets was $171 Mil.
Total Current Liabilities was $500 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.

Krispy Kreme's current Net Income (TTM) was -17. ==> 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.

Krispy Kreme's current Cash Flow from Operations (TTM) was 129. ==> 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 (Mar21)
=-17.443/3116.731
=-0.00559657

ROA (Last Year)=Net Income/Total Assets (Mar20)
=-55.847/0
=

Krispy Kreme's return on assets of this year was -0.00559657. Krispy Kreme's return on assets of last year was . ==> 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.

Krispy Kreme's current Net Income (TTM) was -17. Krispy Kreme's current Cash Flow from Operations (TTM) was 129. ==> 129 > -17 ==> 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: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=1094.458/3118.2954
=0.35097958

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=1552.23/3088.863
=0.50252472

Krispy Kreme's gearing of this year was 0.35097958. Krispy Kreme's gearing of last year was 0.50252472. ==> 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: Mar22)=Total Current Assets/Total Current Liabilities
=149.658/495.247
=0.3021886

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=171.017/499.919
=0.34208942

Krispy Kreme's current ratio of this year was 0.3021886. Krispy Kreme's current ratio of last year was 0.34208942. ==> 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.

Krispy Kreme's number of shares in issue this year was 169.485. Krispy Kreme's number of shares in issue last year was 160.89. ==> 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
=1064.907/1435.114
=0.74203652

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=859.871/1182.629
=0.72708432

Krispy Kreme's gross margin of this year was 0.74203652. Krispy Kreme's gross margin of last year was 0.72708432. ==> 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 (Mar21)
=1435.114/3116.731
=0.46045488

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=1182.629/0
=

Krispy Kreme's asset turnover of this year was 0.46045488. Krispy Kreme's asset turnover of last year was . ==> 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
=0+1+1+1+1+0+0+1+1
=6

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

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

Krispy Kreme  (NAS:DNUT) 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.


Krispy Kreme Piotroski F-Score Related Terms

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Krispy Kreme Business Description

Krispy Kreme logo
Traded in Other Exchanges
Address
2116 Hawkins Street, Charlotte, NC, USA, 28203
Krispy Kreme Inc is a sweet treat brands company. The company's Original Glazed doughnut is recognized for its hot-off-the-line, melt-in- your-mouth experience. It operates in 30 countries through its network of fresh Doughnut Shops, partnerships with retailers, and a growing ecommerce and delivery business. The company conducts its business through the following three reported segments namely U.S. and Canada, includes all operations in the U.S. and Canada, Insomnia Cookies shops, and the Branded Sweet Treat Line; International includes operations in the U.K., Ireland, Australia, New Zealand, and Mexico; and Market Development includes franchise operations across the globe, as well as operations in Japan.
Executives
Andrada Marissa director C/O KATE SPADE & COMPANY 2 PARK AVENUE NEW YORK NY 10016
Goudet Olivier director, other: Chairman of the Board 350 FIFTH AVENUE NEW YORK NY 10118
Weese Michelle director BRISTOL MYERS SQUIBB ROUTE 206 & PROVINCE LINE ROAD PRINCETON NJ 08543
Bell David Charles director C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Jab Indulgence B.v. 10 percent owner 14TH FLOOR, 20 EASTBOURNE TERRACE LONDON X0 W2 6LG
Zandhuis Terri officer: Chief People Officer C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Pruitt Joey officer: Chief Accounting Officer C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Yeagley Henry director C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Capel Patricia director C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Kk G.p. 10 percent owner 14TH FLOOR, 20 EASTBOURNE TERRACE LONDON X0 W2 6LG
Tang Catherine officer: CLO and Corporate Secretary C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Charlesworth Josh officer: COO and CFO C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Spanjers Matthew officer: Chief Growth Officer C/O KRISPY KREME, INC. 2116 HAWKINS STREET CHARLOTTE NC 28203
Skena David officer: Chief Marketing Officer 150 WEST CHURCH AVENUE MARYVILLE TN 37801
Lee Carl E Jr director 13515 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277

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