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The Shyft Group Piotroski F-Score

: 5 (As of Today)
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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

The Shyft Group has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

SHYF' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of The Shyft Group was 8. The lowest was 1. And the median was 5.


The Shyft Group Piotroski F-Score Historical Data

The historical data trend for The Shyft Group'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.

The Shyft Group Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 3.00 4.00 7.00 8.00

The Shyft Group Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
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 6.00 8.00 6.00 5.00

Competitive Comparison

For the Farm & Heavy Construction Machinery subindustry, The Shyft Group'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.

   

The Shyft Group Piotroski F-Score Distribution

For the Farm & Heavy Construction Machinery industry and Industrials sector, The Shyft Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where The Shyft Group'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 20.922 + 20.464 + -3.852 + 5.283 = $42.8 Mil.
Cash Flow from Operations was 39.095 + 31.686 + -27.784 + -8.885 = $34.1 Mil.
Revenue was 272.622 + 277.3 + 206.883 + 232.195 = $989.0 Mil.
Gross Profit was 56.058 + 51.315 + 25.931 + 42.118 = $175.4 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(419.077 + 430.275 + 447.867 + 459.14 + 495.013) / 5 = $450.2744 Mil.
Total Assets at the begining of this year (Jun21) was $419.1 Mil.
Long-Term Debt & Capital Lease Obligation was $101.5 Mil.
Total Current Assets was $267.6 Mil.
Total Current Liabilities was $153.5 Mil.
Net Income was 18.408 + 7.961 + 11.576 + 15.963 = $53.9 Mil.

Revenue was 203.473 + 171.582 + 197.888 + 243.982 = $816.9 Mil.
Gross Profit was 50.75 + 35.221 + 39.986 + 51.906 = $177.9 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(351.793 + 395.119 + 359.049 + 411.533 + 419.077) / 5 = $387.3142 Mil.
Total Assets at the begining of last year (Jun20) was $351.8 Mil.
Long-Term Debt & Capital Lease Obligation was $58.4 Mil.
Total Current Assets was $212.7 Mil.
Total Current Liabilities was $131.1 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.

The Shyft Group's current Net Income (TTM) was 42.8. ==> 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.

The Shyft Group's current Cash Flow from Operations (TTM) was 34.1. ==> 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)
=42.817/419.077
=0.10216977

ROA (Last Year)=Net Income/Total Assets (Jun20)
=53.908/351.793
=0.15323784

The Shyft Group's return on assets of this year was 0.10216977. The Shyft Group's return on assets of last year was 0.15323784. ==> 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.

The Shyft Group's current Net Income (TTM) was 42.8. The Shyft Group's current Cash Flow from Operations (TTM) was 34.1. ==> 34.1 <= 42.8 ==> CFROA <= ROA ==> Score 0.

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
=101.451/450.2744
=0.22530928

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=58.38/387.3142
=0.15073034

The Shyft Group's gearing of this year was 0.22530928. The Shyft Group's gearing of last year was 0.15073034. ==> 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
=267.56/153.522
=1.74281211

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=212.689/131.053
=1.62292355

The Shyft Group's current ratio of this year was 1.74281211. The Shyft Group's current ratio of last year was 1.62292355. ==> 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.

The Shyft Group's number of shares in issue this year was 35.243. The Shyft Group's number of shares in issue last year was 36.19. ==> 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
=175.422/989
=0.1773731

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=177.863/816.925
=0.21772256

The Shyft Group's gross margin of this year was 0.1773731. The Shyft Group's gross margin of last year was 0.21772256. ==> 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)
=989/419.077
=2.35994817

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=816.925/351.793
=2.32217526

The Shyft Group's asset turnover of this year was 2.35994817. The Shyft Group's asset turnover of last year was 2.32217526. ==> 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+0+0+0+1+1+0+1
=5

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

The Shyft Group has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The Shyft Group  (NAS:SHYF) 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.


The Shyft Group Piotroski F-Score Related Terms

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The Shyft Group Business Description

The Shyft Group logo
Traded in Other Exchanges
Address
41280 Bridge Street, Novi, MI, USA, 48375
The Shyft Group Inc is a North American specialty vehicle manufacturer, engaged in assembling and upfitting for the commercial, retail, and service specialty vehicle markets. Its customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Group is organized into two core business units Fleet Vehicles and Services and Specialty Vehicles. Its brands include Utilimaster, Royal Truck Body, Strobes-R- Us, Spartan RV Chassis, Builtmore Contract Manufacturing, and corresponding aftermarket provisions. It operates facilities in Michigan, Indiana, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico.
Executives
Esposito Carl A. director 21557 TELEGRAPH ROAD SOUTHFIELD MI 48033
Sherbin Joshua A officer: Chief Legal Officer 38505 WOODWARD AVENUE SUITE 200 BLOOMFIELD HILLS MI 48304
Rourke Mark B. director 3101 PACKERLAND DRIVE GREEN BAY WI 54313
Pizzuto Terri director 3050 HIGHLAND PARKWAY STE 100 DOWNERS GROVA IL 60515
Dinkins Michael director 6166 NW 85TH WAY PARKLAND FL 33067
Douyard Jonathan C officer: Chief Financial Officer C/O SPARTAN MOTORS, INC. 41280 BRIDGE STREET NOVI MI 48375
Freeman Angela K. director 14701 CHARLSON ROAD EDEN PRAIRIE MN 55437
Heavin Todd A officer: Chief Operating Officer 1950 OAK POINTE DR ROCHESTER HILLS MI 48306
Heminover Chad M officer: President, Fleet Vehicles and C/O SPARTAN MOTORS, INC. 1541 REYNOLDS ROAD CHARLOTTE MI 48813
Isbell Jeri L director ONE LEXMARK CENTRE DR 740 WEST NEW CIRCLE RD LEXINGTON KY 40550
Roney Ryan L officer: Chief Legal Officer & Secretar 1541 REYNOLDS ROAD CHARLOTTE MI 48813
Long Matthew W officer: Interim CFO 2581 E KERCHER ROAD GOSHEN IN 46528
Mascarenas Paul Anthony director 3850 HAMLIN ROAD AUBURN HILLS MI 48326
Ninneman Thomas C officer: Chief Operating Officer C/O SPARTAN MOTORS, INC. 1541 REYNOLDS ROAD CHARLOTTE MI 48813
Clevinger Thomas R director C/O SPARTAN MOTORS, INC. 1541 REYNOLDS ROAD CHARLOTTE MI 48813

The Shyft Group Headlines

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