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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
State Auto Financial 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 State Auto Financial's Piotroski F-Score or its related term are showing as below:
The historical data trend for State Auto Financial'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.
State Auto Financial Annual Data | |||||||||||||||||||||
Trend | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 4.00 | 4.00 | 5.00 | 6.00 |
State Auto Financial Quarterly Data | ||||||||||||||||||||
Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 6.00 | 7.00 | 7.00 | 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 (Sep21) TTM: | Last Year (Sep20) TTM: |
Net Income was 81.8 + 3.6 + 0.6 + -14.3 = $72 Mil. Cash Flow from Operations was 27.2 + -18.9 + -6.8 + -28.9 = $-27 Mil. Revenue was 440.7 + 411.7 + 414.3 + 390.7 = $1,657 Mil. Average Total Assets from the begining of this year (Sep20) to the end of this year (Sep21) was (3068.5 + 3102.5 + 3065.5 + 3094 + 3087.3) / 5 = $3083.56 Mil. Total Assets at the begining of this year (Sep20) was $3,069 Mil. Long-Term Debt & Capital Lease Obligation was $122 Mil. Total Assets was $3,087 Mil. Total Liabilities was $2,132 Mil. |
Net Income was 31.1 + -114.6 + 34.3 + 11.6 = $-38 Mil. Revenue was 364.2 + 214.2 + 434.3 + 391.1 = $1,404 Mil. Average Total Assets from the begining of last year (Sep19) to the end of last year (Sep20) was (2979.8 + 2979.6 + 2960.1 + 3080.2 + 3068.5) / 5 = $3013.64 Mil. Total Assets at the begining of last year (Sep19) was $2,980 Mil. Long-Term Debt & Capital Lease Obligation was $122 Mil. Total Assets was $3,069 Mil. Total Liabilities was $2,124 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.
State Auto Financial's current Net Income (TTM) was 72.
==> 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.
State Auto Financial's current Cash Flow from Operations (TTM) was -27.
==> Negative ==> Score 0.
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 (Sep20) |
= | 71.7 | / | 3068.5 | |
= | 0.02336647 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep19) |
= | -37.6 | / | 2979.8 | |
= | -0.0126183 |
State Auto Financial's return on assets of this year was 0.02336647. State Auto Financial's return on assets of last year was -0.0126183.
==> 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.
State Auto Financial's current Net Income (TTM) was 72. State Auto Financial's current Cash Flow from Operations (TTM) was -27.
==> -27 <= 72 ==> 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: Sep21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep20 to Sep21 |
= | 122.1 | / | 3083.56 | |
= | 0.03959709 |
Gearing (Last Year: Sep20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep19 to Sep20 |
= | 122 | / | 3013.64 | |
= | 0.04048261 |
State Auto Financial's gearing of this year was 0.03959709. State Auto Financial's gearing of last year was 0.04048261.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Sep21) | = | Total Assets | / | Total Liabilities |
= | 3087.3 | / | 2132.4 | |
= | 1.44780529 |
Current Ratio (Last Year: Sep20) | = | Total Assets | / | Total Liabilities |
= | 3068.5 | / | 2124.4 | |
= | 1.44440783 |
State Auto Financial's current ratio of this year was 1.44780529. State Auto Financial's current ratio of last year was 1.44440783.
==> 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.
State Auto Financial's number of shares in issue this year was 44.3. State Auto Financial's number of shares in issue last year was 44.3.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 71.7 | / | 1657.4 | |
= | 0.04326053 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | -37.6 | / | 1403.8 | |
= | -0.02678444 |
State Auto Financial's net margin of this year was 0.04326053. State Auto Financial's net margin of last year was -0.02678444.
==> This year's net 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 (Sep20) |
= | 1657.4 | / | 3068.5 | |
= | 0.54013362 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep19) |
= | 1403.8 | / | 2979.8 | |
= | 0.47110544 |
State Auto Financial's asset turnover of this year was 0.54013362. State Auto Financial's asset turnover of last year was 0.47110544.
==> 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 | + | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
State Auto Financial has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
State Auto Financial (NAS:STFC) 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.
Thank you for viewing the detailed overview of State Auto Financial's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kim Burton Garland | officer: Senior Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
Steven Eugene English | officer: Vice President | MERIDIAN CENTER P.O. BOX 1980 INDIANAPOLIS IN 46206 |
Elise Marie Spriggs | officer: Senior Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
Paul M Stachura | officer: Senior Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
Michael Larocco | officer: President and CEO | C/O SAFECO 4333 BROOKLYN AVENUE NE SEATTLE WA 98185 |
Jason Earl Berkey | officer: Senior Vice President | 518 EAST BROAD ST. COLUMBUS OH 43215 |
Matthew Stanley Mrozek | officer: Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
Matthew Robert Pollak | officer: Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
Scott Alan Jones | officer: Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
Peter B. Migliorato | director, of parent | 3401 NORTH OCEAN, NORTH 301, PALM BEACH FL 33480 |
Melissa A Centers | officer: Senior Vice President | 518 EAST BROAD STREET COLUMBUS OH 43215 |
James R Sappington | director, of parent | STATE AUTO FINANCIAL CORPORATION, 518 EAST BROAD STREET, COLUMBUS OH 43215 |
Michelle Lantow | director | 720 SW WASHINGTON STREET, SUITE 550, PORTLAND OR 97205 |
Kym Marie Hubbard | director | 2131 N. LAKEWOOD AVE. CHICAGO IL 60614 |
John M Petrucci | officer: Vice President |
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