Market Cap : 11.24 B | Enterprise Value : 12.65 B | PE Ratio : 14.74 | PB Ratio : 2.64 |
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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
Qorvo has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Qorvo's Piotroski F-Score or its related term are showing as below:
During the past 10 years, the highest Piotroski F-Score of Qorvo was 9. The lowest was 3. And the median was 7.
The historical data trend for Qorvo'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.
For the Semiconductors subindustry, Qorvo'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.
For the Semiconductors industry and Technology sector, Qorvo's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Qorvo'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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 319.189 + 216.263 + 212.275 + 68.884 = $817 Mil. Cash Flow from Operations was 244.828 + 116.965 + 345.88 + 273.006 = $981 Mil. Revenue was 1255.248 + 1113.957 + 1166.158 + 1035.358 = $4,571 Mil. Gross Profit was 621.553 + 548.093 + 570.339 + 375.25 = $2,115 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (7271.859 + 7576.456 + 7626.585 + 7509.072 + 7330.521) / 5 = $7462.8986 Mil. Total Assets at the begining of this year (Jun21) was $7,272 Mil. Long-Term Debt & Capital Lease Obligation was $2,047 Mil. Total Current Assets was $2,372 Mil. Total Current Liabilities was $718 Mil. |
Net Income was 136.917 + 201.035 + 298.737 + 285.626 = $922 Mil. Revenue was 1060.292 + 1094.834 + 1072.73 + 1110.351 = $4,338 Mil. Gross Profit was 491.55 + 537.752 + 528.475 + 546.183 = $2,104 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (6882.686 + 7824.422 + 7041.378 + 7221.47 + 7271.859) / 5 = $7248.363 Mil. Total Assets at the begining of last year (Jun20) was $6,883 Mil. Long-Term Debt & Capital Lease Obligation was $1,742 Mil. Total Current Assets was $2,374 Mil. Total Current Liabilities was $704 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.
Qorvo's current Net Income (TTM) was 817.
==> 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.
Qorvo's current Cash Flow from Operations (TTM) was 981.
==> 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 (Jun21) |
= | 816.611 | / | 7271.859 | |
= | 0.11229742 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 922.315 | / | 6882.686 | |
= | 0.1340051 |
Qorvo's return on assets of this year was 0.11229742. Qorvo's return on assets of last year was 0.1340051.
==> 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.
Qorvo's current Net Income (TTM) was 817. Qorvo's current Cash Flow from Operations (TTM) was 981.
==> 981 > 817 ==> 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: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 2047.183 | / | 7462.8986 | |
= | 0.27431473 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 1741.548 | / | 7248.363 | |
= | 0.24026777 |
Qorvo's gearing of this year was 0.27431473. Qorvo's gearing of last year was 0.24026777.
==> 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: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 2372.489 | / | 718.45 | |
= | 3.30223258 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 2374.085 | / | 703.708 | |
= | 3.37367914 |
Qorvo's current ratio of this year was 3.30223258. Qorvo's current ratio of last year was 3.37367914.
==> 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.
Qorvo's number of shares in issue this year was 106.08. Qorvo's number of shares in issue last year was 113.872.
==> 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 |
= | 2115.235 | / | 4570.721 | |
= | 0.46277929 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 2103.96 | / | 4338.207 | |
= | 0.48498377 |
Qorvo's gross margin of this year was 0.46277929. Qorvo's gross margin of last year was 0.48498377.
==> 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 (Jun21) |
= | 4570.721 | / | 7271.859 | |
= | 0.62854918 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 4338.207 | / | 6882.686 | |
= | 0.63030727 |
Qorvo's asset turnover of this year was 0.62854918. Qorvo's asset turnover of last year was 0.63030727.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Qorvo has an F-score of 4 indicating the company's financial situation is typical for a stable company.
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.
Thank you for viewing the detailed overview of Qorvo's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Brown Grant | officer: VP of Treasury & Interim CFO | 7628 THORNDIKE ROAD GREENSBORO NC 27409 |
Chesley Philip | officer: Pres. Infra & Defense | 7628 THORNDIKE ROAD GREENSBORO NC 27409 |
Bruner Judy | director | C/O SANDISK CORPORATION 601 MCCARTHY BLVD. MILPITAS CA 95035 |
Fego Paul J | officer: VP, Global Operations | 15 SECOR ROAD PO BOX 5226 BROOKFIELD CT 06804 |
Spradley Susan Louise | director | C/O NORTEL NETWORKS 8200 DIXIE ROAD STE 100 BRAMPTON ONTARIO A6 L6T 5PT |
Murphy Mark J. | officer: Chief Financial Officer | DELPHI AUTOMOTIVE PLC 5725 DELPHI DRIVE TROY MI 48098 |
Harrison Gina | officer: VP and Corporate Controller | 7628 THORNDIKE ROAD GREENSBORO NC 27409 |
Quinsey Ralph | director | C/O TRIQUINT SEMICONDUCTOR INC 2300 NE BROOKWOOD PKWY HILLSBORO OR 97124 |
Laber Michael J. | officer: VP and Corporate Controller | 2300 NE BROOKWOOD PARKWAY HILLSBORO OR 97124 |
Buhaly Steven J | officer: CFO and Secretary | 1195 NW LOMPTON DRIVE BEAVESTON OR 97006 |
Dileo Daniel A | director | C/O RF MICRO DEVICES 7628 THORNDIKE ROAD GREENSBORO NC 27409 |
Gibson C Scott | director | PMB 316, PO BOX 30,000 JACKSON WY 83002 |
Nelson Roderick | director | 2300 NE BROOKWOOD PARKWAY HILLSBORO OR 97124 |
Ho David H Y | director | 5500 WAYZATA BOULEVARD SUITE 600 GOLDEN VALLEY MN 55416 |
Wilkinson Walter H | director | C/O RF MICRO DEVICES, INC. 7628 THORNDIKE ROAD GREENSBORO NC 27409 |
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