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eXp World Holdings 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

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

NAS:EXPI' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 6

3
8

During the past 11 years, the highest Piotroski F-Score of eXp World Holdings was 8. The lowest was 3. And the median was 5.


eXp World Holdings 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.

eXp World Holdings Annual Data
Jun11 Jun12 Jun13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 5.00 6.00 8.00

eXp World Holdings 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 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 7.00 7.00 8.00 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.


eXp World Holdings Piotroski F-Score Distribution

* The bar in red indicates where eXp World Holdings'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 8.275 + 14.97 + 7.721 + 4.846 = $36 Mil.
Cash Flow from Operations was 28.547 + 43.17 + 30.453 + 78.919 = $181 Mil.
Revenue was 353.525 + 564.017 + 609.322 + 583.833 = $2,111 Mil.
Gross Profit was 34.361 + 46.848 + 50.387 + 53.486 = $185 Mil.
Average Total Assets from the begining of this year (Mar20)
to the end of this year (Mar21) was
(110.665 + 154.875 + 232.2 + 242.187 + 297.602) / 5 = $207.5058 Mil.
Total Assets at the begining of this year (Mar20) was $111 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $267 Mil.
Total Current Liabilities was $152 Mil.
Net Income was -2.195 + -1.847 + 0.811 + 0.165 = $-3 Mil.

Revenue was 266.705 + 282.179 + 274.019 + 271.421 = $1,094 Mil.
Gross Profit was 22.118 + 23.038 + 24.407 + 28.015 = $98 Mil.
Average Total Assets from the begining of last year (Mar19)
to the end of last year (Mar20) was
(70.604 + 105.425 + 98.191 + 96.452 + 110.665) / 5 = $96.2674 Mil.
Total Assets at the begining of last year (Mar19) was $71 Mil.
Long-Term Debt & Capital Lease Obligation was $1 Mil.
Total Current Assets was $93 Mil.
Total Current Liabilities was $52 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.

eXp World Holdings's current Net Income (TTM) was 36. ==> 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.

eXp World Holdings's current Cash Flow from Operations (TTM) was 181. ==> 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 (Mar20)
=35.812/110.665
=0.32360728

ROA (Last Year)=Net Income/Total Assets (Mar19)
=-3.066/70.604
=-0.0434253

eXp World Holdings's return on assets of this year was 0.32360728. eXp World Holdings's return on assets of last year was -0.0434253. ==> 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.

eXp World Holdings's current Net Income (TTM) was 36. eXp World Holdings's current Cash Flow from Operations (TTM) was 181. ==> 181 > 36 ==> 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: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=0.37/207.5058
=0.00178308

Gearing (Last Year: Mar20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar19 to Mar20
=0.694/96.2674
=0.00720909

eXp World Holdings's gearing of this year was 0.00178308. eXp World Holdings's gearing of last year was 0.00720909. ==> 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: Mar21)=Total Current Assets/Total Current Liabilities
=266.763/151.893
=1.75625605

Current Ratio (Last Year: Mar20)=Total Current Assets/Total Current Liabilities
=92.685/52.411
=1.76842648

eXp World Holdings's current ratio of this year was 1.75625605. eXp World Holdings's current ratio of last year was 1.76842648. ==> 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.

eXp World Holdings's number of shares in issue this year was 158.722. eXp World Holdings's number of shares in issue last year was 144.648. ==> 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
=185.082/2110.697
=0.08768762

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=97.578/1094.324
=0.08916738

eXp World Holdings's gross margin of this year was 0.08768762. eXp World Holdings's gross margin of last year was 0.08916738. ==> 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 (Mar20)
=2110.697/110.665
=19.07285049

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar19)
=1094.324/70.604
=15.49946179

eXp World Holdings's asset turnover of this year was 19.07285049. eXp World Holdings's asset turnover of last year was 15.49946179. ==> 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+1+1+1+0+0+0+1
=6

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

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

eXp World Holdings  (NAS:EXPI) 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.


eXp World Holdings Piotroski F-Score Related Terms


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