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Photronics Piotroski F-Score

: 9 (As of Today)
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Good Sign:

Piotroski F-Score is 9, indicating 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

Photronics has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

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

PLAB' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 9

During the past 13 years, the highest Piotroski F-Score of Photronics was 9. The lowest was 2. And the median was 6.


Photronics Piotroski F-Score Historical Data

The historical data trend for Photronics'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.

Photronics Annual Data
Trend Oct12 Oct13 Oct14 Oct15 Oct16 Oct17 Oct18 Oct19 Oct20 Oct21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 5.00 8.00 7.00

Photronics Quarterly Data
Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22
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 7.00 7.00 7.00 8.00 9.00

Competitive Comparison

For the Semiconductor Equipment & Materials subindustry, Photronics'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.

   

Photronics Piotroski F-Score Distribution

For the Semiconductors industry and Technology sector, Photronics's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Photronics'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 17.076 + 19.811 + 23.064 + 27.432 = $87.4 Mil.
Cash Flow from Operations was 54.877 + 37.676 + 59.13 + 44.159 = $195.8 Mil.
Revenue was 170.643 + 181.288 + 189.827 + 204.509 = $746.3 Mil.
Gross Profit was 45.325 + 51.941 + 59.863 + 70.22 = $227.3 Mil.
Average Total Assets from the begining of this year (Apr21)
to the end of this year (Apr22) was
(1265.989 + 1281.757 + 1294.202 + 1335.248 + 1331.887) / 5 = $1301.8166 Mil.
Total Assets at the begining of this year (Apr21) was $1,266.0 Mil.
Long-Term Debt & Capital Lease Obligation was $70.1 Mil.
Total Current Assets was $630.3 Mil.
Total Current Liabilities was $186.5 Mil.
Net Income was 10.776 + 6.46 + 8.036 + 10.526 = $35.8 Mil.

Revenue was 157.895 + 149.286 + 152.067 + 159.763 = $619.0 Mil.
Gross Profit was 37.734 + 31.885 + 30.529 + 39.249 = $139.4 Mil.
Average Total Assets from the begining of last year (Apr20)
to the end of last year (Apr21) was
(1133.888 + 1195.842 + 1188.182 + 1232.062 + 1265.989) / 5 = $1203.1926 Mil.
Total Assets at the begining of last year (Apr20) was $1,133.9 Mil.
Long-Term Debt & Capital Lease Obligation was $88.4 Mil.
Total Current Assets was $495.6 Mil.
Total Current Liabilities was $159.3 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.

Photronics's current Net Income (TTM) was 87.4. ==> 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.

Photronics's current Cash Flow from Operations (TTM) was 195.8. ==> 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)
=87.383/1265.989
=0.06902351

ROA (Last Year)=Net Income/Total Assets (Apr20)
=35.798/1133.888
=0.03157102

Photronics's return on assets of this year was 0.06902351. Photronics's return on assets of last year was 0.03157102. ==> 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.

Photronics's current Net Income (TTM) was 87.4. Photronics's current Cash Flow from Operations (TTM) was 195.8. ==> 195.8 > 87.4 ==> 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: Apr22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr21 to Apr22
=70.138/1301.8166
=0.05387702

Gearing (Last Year: Apr21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr20 to Apr21
=88.444/1203.1926
=0.07350777

Photronics's gearing of this year was 0.05387702. Photronics's gearing of last year was 0.07350777. ==> 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
=630.345/186.471
=3.38039159

Current Ratio (Last Year: Apr21)=Total Current Assets/Total Current Liabilities
=495.608/159.287
=3.11141524

Photronics's current ratio of this year was 3.38039159. Photronics's current ratio of last year was 3.11141524. ==> 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.

Photronics's number of shares in issue this year was 61.145. Photronics's number of shares in issue last year was 62.568. ==> 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
=227.349/746.267
=0.30464834

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=139.397/619.011
=0.22519309

Photronics's gross margin of this year was 0.30464834. Photronics's gross margin of last year was 0.22519309. ==> 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 (Apr21)
=746.267/1265.989
=0.58947353

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr20)
=619.011/1133.888
=0.545919

Photronics's asset turnover of this year was 0.58947353. Photronics's asset turnover of last year was 0.545919. ==> 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+1+1
=9

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

Photronics has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

Photronics  (NAS:PLAB) 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.


Photronics Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Photronics's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Photronics Business Description

Photronics logo
Industry
Technology » Semiconductors NAICS : 334413 SIC : 3674
Traded in Other Exchanges
Address
15 Secor Road, Brookfield, CT, USA, 06804
Photronics is a U.S.-based company that is principally engaged in manufacturing photomasks. The photomasks are photographic quartz plates that contain microscopic images of electronic circuits that are used as a component in the manufacture of integrated circuits and flat-panel displays. The revenue from products designed for integrated circuits production accounts for the majority of total revenue, with the rest derived from products for flat-panel display production. The company's assets are located in Taiwan, Korea, and the United States. It generates revenue worldwide, including the United States, Europe, Taiwan, Korea, China, and elsewhere in Asia, with Asia contributing the majority of total revenue.
Executives
Burr Richelle E officer: EVP, CAO,General Counsel & Sec 15 SECOR RD BROOKFIELD CT 06804
Progler Christopher J officer: EVP, Chief Technology Officer 15 SECOR ROAD BROOKFIELD CT 06804
Tyson Mitchell G director 15 SECOR ROAD BROOKFIELD CT 06804
Liao Daniel Jl director 2045 EAST INNOVATION CIRCLE TEMPE AZ 85284
Jordan John P officer: EVP, Chief Financial Officer 600 EAST GREENWICH AVENUE WEST WARWICK RI 02893
Fiorita Joseph A Jr director 15 SECOR ROAD BROOKFIELD CT 06804
Fiederowicz Walter M director 15 SECOR ROAD BROOKFIELD CT 06804
Macricostas George director 15 SECOR ROAD PO BOX 5226 BROOKFIELD CT 06804
Macricostas Constantine S director 15 SECOR ROAD P.O. BOX 5226 BROOKFIELD CT 06804
Kirlin Peter S director, officer: Chief Executive Officer 15 SECOR ROAD BROOKFIELD CT 06804
Hsia Liang Choo director 15 SECOR RD. BROOKFIELD CT 06804
Lee Kang Jyh officer: President, Asia IC Photomask 15 SECOR ROAD BROOKFIELD CT 06804
Paladino Mary director 15 SECOR ROAD BROOKFIELD CT 06804
Smith Sean T other: Former SVP & CFO 15 SECOR ROAD PO BOX 5226 BROOKFIELD CT 06804
Jeong Soo Hong officer: President and COO Asia 15 SECOR ROAD BROOKFIELD CT 06804

Photronics Headlines

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