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Transphorm 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

Transphorm 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 Transphorm's Piotroski F-Score or its related term are showing as below:

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

During the past 3 years, the highest Piotroski F-Score of Transphorm was 5. The lowest was 5. And the median was 5.


Transphorm Piotroski F-Score Historical Data

The historical data trend for Transphorm'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.

Transphorm Annual Data
Trend Dec19 Dec20 Mar22
Piotroski F-Score
N/A N/A 5.00

Transphorm Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
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 N/A N/A N/A 4.00 5.00

Competitive Comparison

For the Semiconductor Equipment & Materials subindustry, Transphorm'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.

   

Transphorm Piotroski F-Score Distribution

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

* The bar in red indicates where Transphorm'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 (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was -7.052 + 5.98 + -4.164 + -4.999 = $-10.24 Mil.
Cash Flow from Operations was -4.783 + -3.829 + -5.298 + -5.826 = $-19.74 Mil.
Revenue was 3.216 + 11.303 + 4.604 + 4.927 = $24.05 Mil.
Gross Profit was 0.649 + 9.064 + 0.669 + 1.138 = $11.52 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(18.144 + 14.034 + 14.336 + 54.842 + 48.646) / 5 = $30.0004 Mil.
Total Assets at the begining of this year (Mar21) was $18.14 Mil.
Long-Term Debt & Capital Lease Obligation was $12.00 Mil.
Total Current Assets was $44.79 Mil.
Total Current Liabilities was $5.29 Mil.
Net Income was -2.27 + -6.74 + -4.712 + -6.579 = $-20.30 Mil.

Revenue was 6.329 + 1.929 + 2.013 + 2.425 = $12.70 Mil.
Gross Profit was 5.081 + -0.114 + 0.077 + 0.637 = $5.68 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(23.152 + 17.743 + 12.866 + 22.226 + 18.144) / 5 = $18.8262 Mil.
Total Assets at the begining of last year (Mar20) was $23.15 Mil.
Long-Term Debt & Capital Lease Obligation was $16.13 Mil.
Total Current Assets was $14.29 Mil.
Total Current Liabilities was $27.07 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.

Transphorm's current Net Income (TTM) was -10.24. ==> 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.

Transphorm's current Cash Flow from Operations (TTM) was -19.74. ==> 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 (Mar21)
=-10.235/18.144
=-0.56409832

ROA (Last Year)=Net Income/Total Assets (Mar20)
=-20.301/23.152
=-0.87685729

Transphorm's return on assets of this year was -0.56409832. Transphorm's return on assets of last year was -0.87685729. ==> 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.

Transphorm's current Net Income (TTM) was -10.24. Transphorm's current Cash Flow from Operations (TTM) was -19.74. ==> -19.74 <= -10.24 ==> 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: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=12/30.0004
=0.39999467

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=16.128/18.8262
=0.85667846

Transphorm's gearing of this year was 0.39999467. Transphorm's gearing of last year was 0.85667846. ==> 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: Mar22)=Total Current Assets/Total Current Liabilities
=44.794/5.285
=8.4756859

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=14.294/27.071
=0.52801891

Transphorm's current ratio of this year was 8.4756859. Transphorm's current ratio of last year was 0.52801891. ==> 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.

Transphorm's number of shares in issue this year was 53.211. Transphorm's number of shares in issue last year was 40.275. ==> 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
=11.52/24.05
=0.47900208

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5.681/12.696
=0.44746377

Transphorm's gross margin of this year was 0.47900208. Transphorm's gross margin of last year was 0.44746377. ==> 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 (Mar21)
=24.05/18.144
=1.32550705

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=12.696/23.152
=0.54837595

Transphorm's asset turnover of this year was 1.32550705. Transphorm's asset turnover of last year was 0.54837595. ==> 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+0+1+0+1+1+0+1+1
=5

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

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

Transphorm  (NAS:TGAN) 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.


Transphorm Piotroski F-Score Related Terms

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


Transphorm Business Description

Transphorm logo
Traded in Other Exchanges
N/A
Address
75 Castilian Drive, Goleta, CA, USA, 93117
Transphorm Inc is a semiconductor company. It designs and manufactures GaN semiconductors for high-voltage power conversion applications. It produces JEDEC and AEC-Q101 qualified GaN FETs. Its vertically integrated device business model allows for innovation at every development stage: design, fabrication, device, and application support.
Executives
Kkr Group Co. Inc. 10 percent owner C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 30 HUDSON YARDS NEW YORK NY 10001
Moreland Cynthia J director 215 MOFFETT PARK DRIVE SUNNYVALE CA 94089
Smales Kelly director 75 CASTILIAN DRIVE GOLETA CA 93117
Mcfarland Katharina G. director 4803 STONECROFT BOULEVARD CHANTILLY VA 20151
Humphreys Michael Julian director 75 CASTILIAN DRIVE GOLETA CA 93117
Parikh Primit officer: Chief Operating Officer 75 CASTILIAN DRIVE GOLETA CA 93117
Kravis Henry R 10 percent owner C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 30 HUDSON YARDS NEW YORK NY 10001
Roberts George R 10 percent owner C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 2800 SAND HILL ROAD MENLO PARK CA 94025
Kkr & Co. Inc. 10 percent owner 30 HUDSON YARDS NEW YORK NY 10001
Kkr Phorm Investors Gp Llc 10 percent owner C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 30 HUDSON YARDS NEW YORK NY 10001
Kkr Phorm Investors L.p. 10 percent owner C/O KOHLBERG KRAVIS ROBERTS & CO. L.P. 30 HUDSON YARDS NEW YORK NY 10001
Wingtech Technology Co. Ltd. 10 percent owner 4F-6F, BUILDING 4 OF JUXIN YUAN, NO. 188 PINGFU ROAD, XUHUI DISTRICT SHANGHAI F4 200231
Nexperia B.v. 10 percent owner JONKERBOSPLEIN 52 AB NIJMEGEN P7 6534
Yatagawa Eiji director 75 CASTILIAN DRIVE GOLETA CA 93117
Mcaulay Cameron officer: Chief Financial Officer 75 CASTILIAN DRIVE GOLETA CA 93117

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