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Orbotech (Orbotech) Piotroski F-Score : 0 (As of Apr. 26, 2024)


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What is Orbotech Piotroski F-Score?

The zones of discrimination were as such:

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

Orbotech has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

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


Orbotech Piotroski F-Score Historical Data

The historical data trend for Orbotech'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.

Orbotech Piotroski F-Score Chart

Orbotech Annual Data
Trend Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 9.00 4.00 5.00 7.00 7.00

Orbotech Quarterly Data
Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18
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 7.00 7.00 7.00 8.00 7.00

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 (Sep18) TTM:Last Year (Sep17) TTM:
Net Income was 55.881 + 30.267 + 36.119 + 29.224 = $151 Mil.
Cash Flow from Operations was 84.344 + -20.446 + 80.198 + 52.935 = $197 Mil.
Revenue was 256.88 + 250.551 + 267.515 + 261.226 = $1,036 Mil.
Gross Profit was 121.566 + 117.909 + 125.922 + 120.841 = $486 Mil.
Average Total Assets from the begining of this year (Sep17)
to the end of this year (Sep18) was
(1205.409 + 1303.904 + 1326.967 + 1363.751 + 1381.437) / 5 = $1316.2936 Mil.
Total Assets at the begining of this year (Sep17) was $1,205 Mil.
Long-Term Debt & Capital Lease Obligation was $40 Mil.
Total Current Assets was $1,017 Mil.
Total Current Liabilities was $262 Mil.
Net Income was 25.631 + 14.92 + 25.03 + 36.554 = $102 Mil.

Revenue was 215.042 + 187.649 + 210.663 + 245.664 = $859 Mil.
Gross Profit was 100.681 + 87.125 + 98.615 + 118.012 = $404 Mil.
Average Total Assets from the begining of last year (Sep16)
to the end of last year (Sep17) was
(1075.439 + 1102.903 + 1116.561 + 1147.224 + 1205.409) / 5 = $1129.5072 Mil.
Total Assets at the begining of last year (Sep16) was $1,075 Mil.
Long-Term Debt & Capital Lease Obligation was $56 Mil.
Total Current Assets was $841 Mil.
Total Current Liabilities was $250 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.

Orbotech's current Net Income (TTM) was 151. ==> 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.

Orbotech's current Cash Flow from Operations (TTM) was 197. ==> 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 (Sep17)
=151.491/1205.409
=0.12567602

ROA (Last Year)=Net Income/Total Assets (Sep16)
=102.135/1075.439
=0.09497052

Orbotech's return on assets of this year was 0.12567602. Orbotech's return on assets of last year was 0.09497052. ==> 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.

Orbotech's current Net Income (TTM) was 151. Orbotech's current Cash Flow from Operations (TTM) was 197. ==> 197 > 151 ==> 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: Sep18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep17 to Sep18
=40.1/1316.2936
=0.03046433

Gearing (Last Year: Sep17)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep16 to Sep17
=56.001/1129.5072
=0.04958003

Orbotech's gearing of this year was 0.03046433. Orbotech's gearing of last year was 0.04958003. ==> 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: Sep18)=Total Current Assets/Total Current Liabilities
=1016.652/261.986
=3.8805585

Current Ratio (Last Year: Sep17)=Total Current Assets/Total Current Liabilities
=841.208/249.791
=3.36764735

Orbotech's current ratio of this year was 3.8805585. Orbotech's current ratio of last year was 3.36764735. ==> 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.

Orbotech's number of shares in issue this year was 49.502. Orbotech's number of shares in issue last year was 48.903. ==> 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
=486.238/1036.172
=0.46926379

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=404.433/859.018
=0.47080853

Orbotech's gross margin of this year was 0.46926379. Orbotech's gross margin of last year was 0.47080853. ==> 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 (Sep17)
=1036.172/1205.409
=0.85960201

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep16)
=859.018/1075.439
=0.79876032

Orbotech's asset turnover of this year was 0.85960201. Orbotech's asset turnover of last year was 0.79876032. ==> 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+0+0+1
=7

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

Orbotech has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Orbotech  (NAS:ORBK) 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.


Orbotech Piotroski F-Score Related Terms

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Orbotech (Orbotech) Business Description

Traded in Other Exchanges
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Address
Orbotech Ltd is an Israel-based manufacturer of scientific instruments, although China is its biggest market. It manufactures products which can be used to test other products in development in terms of efficiency. Orbotech functions within three operating segments Production Solutions for the Electronics Industry, Solar Energy and Recognition Software. The company secures a major share of its revenue from the sale of products to suit the needs of the electronics industry. It develops capital equipment for inspection and deposition for manufacturers of printed circuit boards and semiconductors devices. The Solar Energy segment manufactures photovoltaic energy systems and the recognition software segment develops check processing and healthcare payments automation solutions to banks.