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Pactiv Evergreen Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Pactiv Evergreen has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

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

3
8

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


Pactiv Evergreen Piotroski F-Score Historical Data

The historical data trend for Pactiv Evergreen'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.

Pactiv Evergreen Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only N/A 7.00 6.00 6.00 4.00

Pactiv Evergreen Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 8.00 7.00 4.00 4.00 3.00

Competitive Comparison

For the Packaging & Containers subindustry, Pactiv Evergreen'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.

   

Pactiv Evergreen Piotroski F-Score Distribution

For the Packaging & Containers industry and Consumer Cyclical sector, Pactiv Evergreen's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Pactiv Evergreen'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 (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was -359 + 236 + -15 + 7 = $-131 Mil.
Cash Flow from Operations was 103 + -17 + 9 + 113 = $208 Mil.
Revenue was 1195 + 1175 + 1164 + 1352 = $4,886 Mil.
Gross Profit was 184 + 188 + 108 + 150 = $630 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(12251 + 8217 + 6843 + 6751 + 6781) / 5 = $8168.6 Mil.
Total Assets at the begining of this year (Jun20) was $12,251 Mil.
Long-Term Debt & Capital Lease Obligation was $4,144 Mil.
Total Current Assets was $1,794 Mil.
Total Current Liabilities was $823 Mil.
Net Income was 56 + -78 + 136 + -40 = $74 Mil.

Revenue was 1306 + 1303 + 1212 + 1107 = $4,928 Mil.
Gross Profit was 206 + 208 + 174 + 174 = $762 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(16754 + 16729 + 16175 + 12221 + 12251) / 5 = $14826 Mil.
Total Assets at the begining of last year (Jun19) was $16,754 Mil.
Long-Term Debt & Capital Lease Obligation was $7,336 Mil.
Total Current Assets was $3,435 Mil.
Total Current Liabilities was $1,403 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.

Pactiv Evergreen's current Net Income (TTM) was -131. ==> 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.

Pactiv Evergreen's current Cash Flow from Operations (TTM) was 208. ==> 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 (Jun20)
=-131/12251
=-0.010693

ROA (Last Year)=Net Income/Total Assets (Jun19)
=74/16754
=0.00441686

Pactiv Evergreen's return on assets of this year was -0.010693. Pactiv Evergreen's return on assets of last year was 0.00441686. ==> Last year is higher ==> Score 0.

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.

Pactiv Evergreen's current Net Income (TTM) was -131. Pactiv Evergreen's current Cash Flow from Operations (TTM) was 208. ==> 208 > -131 ==> 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: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=4144/8168.6
=0.50730847

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=7336/14826
=0.49480642

Pactiv Evergreen's gearing of this year was 0.50730847. Pactiv Evergreen's gearing of last year was 0.49480642. ==> Last year is lower than this year ==> Score 0.

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: Jun21)=Total Current Assets/Total Current Liabilities
=1794/823
=2.17982989

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=3435/1403
=2.44832502

Pactiv Evergreen's current ratio of this year was 2.17982989. Pactiv Evergreen's current ratio of last year was 2.44832502. ==> 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.

Pactiv Evergreen's number of shares in issue this year was 177.7. Pactiv Evergreen's number of shares in issue last year was 175.434. ==> 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
=630/4886
=0.12893983

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=762/4928
=0.15462662

Pactiv Evergreen's gross margin of this year was 0.12893983. Pactiv Evergreen's gross margin of last year was 0.15462662. ==> 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 (Jun20)
=4886/12251
=0.39882459

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=4928/16754
=0.29413871

Pactiv Evergreen's asset turnover of this year was 0.39882459. Pactiv Evergreen's asset turnover of last year was 0.29413871. ==> 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+0+1+0+0+0+0+1
=3

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

Pactiv Evergreen has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Pactiv Evergreen  (NAS:PTVE) 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.


Pactiv Evergreen Piotroski F-Score Related Terms

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


Pactiv Evergreen Business Description

Pactiv Evergreen logo
Industry
Comparable Companies
Traded in Other Exchanges
Address
1900 W. Field Court, Lake Forest, IL, USA, 60045
Pactiv Evergreen Inc is engaged in the business of manufacturing and distributing fresh food service and food merchandising products and fresh beverage cartons. The products are supplied to food service distributors, supermarkets, grocery and healthy eating retailers, other food stores, food and beverage producers, food packers, and food processors. Its operating segment includes Foodservice; Food Merchandising and Beverage Merchandising. The company derives a majority of revenue from the Food Merchandising segment. Geographically, it derives a majority of revenue from the United States.
Executives
Rich Jonathan D director 1144 EAST MARKET STREET AKRON OH 44316-0001
Baker Leighanne G director 225 BRAE BOULEVARD PARK RIDGE NJ 07656
Thornton Felicia D director 250 PARKCENTER BLVD PO BOX 20 BOISE ID 83726
Mcgrath John T. director, officer: Chief Executive Officer 1900 W. FIELD COURT LAKE FOREST IL 60045
Hugli Allen director C/O RANK GROUP LEVEL II, 148 QUAY ST AUCKLAND Q2 00000
Rooney John P. officer: Pres, Beverage Merchandising 1900 W. FIELD COURT LAKE FOREST IL 60045
Ragen Michael officer: COO and CFO 1900 W. FIELD COURT LAKE FOREST IL 60045
Stangl Rolf director 1900 W. FIELD COURT LAKE FOREST IL 60045
Wulf Eric officer: President, Food Merchandising 1900 W. FIELD COURT LAKE FOREST IL 60045
Levenda Tim A. officer: President, Foodservice 1900 W. FIELD COURT LAKE FOREST IL 60045
Packaging Finance Ltd 10 percent owner C/O RANK GROUP LIMITED FLOOR 9, 148 QUAY STREET AUCKLAND Q2 1010
King Michael Jack director 1900 W. FIELD COURT LAKE FOREST IL 60045

Pactiv Evergreen Headlines

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