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Kelly Services (Kelly Services) Piotroski F-Score : 8 (As of Apr. 25, 2024)


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What is Kelly Services Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, indicates a very healthy situation.

The zones of discrimination were as such:

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

Kelly Services has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Kelly Services's Piotroski F-Score or its related term are showing as below:

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

During the past 13 years, the highest Piotroski F-Score of Kelly Services was 8. The lowest was 3. And the median was 6.


Kelly Services Piotroski F-Score Historical Data

The historical data trend for Kelly Services'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.

Kelly Services Piotroski F-Score Chart

Kelly Services Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 5.00 6.00 4.00 8.00

Kelly Services Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial 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 4.00 6.00 7.00 8.00 8.00

Competitive Comparison of Kelly Services's Piotroski F-Score

For the Staffing & Employment Services subindustry, Kelly Services'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.


Kelly Services's Piotroski F-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Kelly Services's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Kelly Services'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 10.9 + 7.5 + 6.6 + 11.4 = $36 Mil.
Cash Flow from Operations was -13.5 + 36.9 + 10 + 43.3 = $77 Mil.
Revenue was 1268.3 + 1217.2 + 1118 + 1232.2 = $4,836 Mil.
Gross Profit was 254.1 + 240.6 + 228.5 + 238.2 = $961 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(2663.8 + 2588.6 + 2595 + 2550 + 2581.6) / 5 = $2595.8 Mil.
Total Assets at the begining of this year (Dec22) was $2,664 Mil.
Long-Term Debt & Capital Lease Obligation was $43 Mil.
Total Current Assets was $1,627 Mil.
Total Current Liabilities was $1,020 Mil.
Net Income was -47.6 + 2.2 + -16.2 + -0.9 = $-63 Mil.

Revenue was 1296.4 + 1267.3 + 1167.9 + 1233.8 = $4,965 Mil.
Gross Profit was 258.6 + 262.4 + 240.6 + 250.2 = $1,012 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(2894.2 + 2785.6 + 2735.2 + 2681.9 + 2663.8) / 5 = $2752.14 Mil.
Total Assets at the begining of last year (Dec21) was $2,894 Mil.
Long-Term Debt & Capital Lease Obligation was $55 Mil.
Total Current Assets was $1,715 Mil.
Total Current Liabilities was $1,129 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.

Kelly Services'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.

Kelly Services's current Cash Flow from Operations (TTM) was 77. ==> 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 (Dec22)
=36.4/2663.8
=0.01366469

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-62.5/2894.2
=-0.02159491

Kelly Services's return on assets of this year was 0.01366469. Kelly Services's return on assets of last year was -0.02159491. ==> 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.

Kelly Services's current Net Income (TTM) was 36. Kelly Services's current Cash Flow from Operations (TTM) was 77. ==> 77 > 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=42.9/2595.8
=0.0165267

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=55/2752.14
=0.01998445

Kelly Services's gearing of this year was 0.0165267. Kelly Services's gearing of last year was 0.01998445. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=1626.6/1019.9
=1.59486224

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1715.2/1128.8
=1.51948972

Kelly Services's current ratio of this year was 1.59486224. Kelly Services's current ratio of last year was 1.51948972. ==> 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.

Kelly Services's number of shares in issue this year was 35.7. Kelly Services's number of shares in issue last year was 37.8. ==> 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
=961.4/4835.7
=0.198813

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1011.8/4965.4
=0.20377009

Kelly Services's gross margin of this year was 0.198813. Kelly Services's gross margin of last year was 0.20377009. ==> 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 (Dec22)
=4835.7/2663.8
=1.81533899

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=4965.4/2894.2
=1.71563817

Kelly Services's asset turnover of this year was 1.81533899. Kelly Services's asset turnover of last year was 1.71563817. ==> 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+1+1+0+1
=8

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

Kelly Services has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Kelly Services  (NAS:KELYA) 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.


Kelly Services Piotroski F-Score Related Terms

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Kelly Services (Kelly Services) Business Description

Traded in Other Exchanges
Address
999 West Big Beaver Road, Troy, MI, USA, 48084
Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company's operations are divided into five business segments namely Professional & Industrial, Science, Engineering & Technology, Education, Outsourcing & Consulting, and International. Other than OCG, each segment delivers talent through staffing services, permanent placement or outcome-based services. OCG segment delivers talent solutions including managed service provider, payroll process outsourcing, recruitment process outsourcing, and talent advisory services. International also delivers RPO talent solutions within its local markets. Majority of revenue is derived from Professional & Industrial.
Executives
Tammy L Browning officer: Senior Vice President 999 WEST BIG BEAVER RD, TROY MI 48084-4716
Timothy L Dupree officer: Senior Vice President 999 WEST BIG BEAVER RD, TROY MI 48084-4716
Daniel H Malan officer: Senior Vice President 999 WEST BIG BEAVER RD, TROY MI 48084-4716
Olivier Thirot officer: Senior Vice President 999 WEST BIG BEAVER ROAD, TROY MI 48084
Donald R Parfet director C/O 350 E MICHIGAN AVENUE STE 500, APJOHN GROUP LLC, KALAMAZOO MI 49007
Darren Simons officer: SVP and Chief Digital Officer 999 W. BIG BEAVER ROAD, TROY MI 48084-4716
Amala Duggirala director PO BOX 10247, BIRMINGHAM AL 35202-0247
Inamarie Johnson director 1019 MARKET STREET, SAN FRANCISCO CA 94103
Terrence B Larkin director 21557 TELEGRAPH ROAD, SOUTHFIELD MI 48033
Jane E Dutton director 701 TAPPAN STREET, ANN ARBOR MI 49101-1234
James H Bradley officer: Senior Vice President 999 WEST BIG BEAVER RD, TROY MI 48084-4716
Vanessa Peterson Williams officer: General Counsel 999 WEST BIG BEAVER ROAD, TROY MI 48084-4716
Leslie A Murphy director 4811 S CHIPPING GLEN, BLOOMFIELD HILLS MI 48302
George S Corona officer: Executive Vice President 2653 TOWER HILL, ROCHESTER HILLS MI 48306
James Polehna officer: VP and Corporate Secretary 999 WEST BIG BEAVER ROAD, TROY MI 48084