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Ultra Clean Holdings Piotroski F-Score

: 4 (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

Ultra Clean Holdings 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 Ultra Clean Holdings's Piotroski F-Score or its related term are showing as below:

UCTT' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Ultra Clean Holdings was 8. The lowest was 2. And the median was 5.


Ultra Clean Holdings Piotroski F-Score Historical Data

The historical data trend for Ultra Clean Holdings'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.

Ultra Clean Holdings 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 6.00 4.00 4.00 8.00 5.00

Ultra Clean Holdings 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 5.00 5.00 5.00 4.00

Competitive Comparison

For the Semiconductor Equipment & Materials subindustry, Ultra Clean Holdings'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.

   

Ultra Clean Holdings Piotroski F-Score Distribution

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

* The bar in red indicates where Ultra Clean Holdings'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 31.9 + 45.5 + 27.9 + -25.1 = $80 Mil.
Cash Flow from Operations was 53.3 + 41.6 + -67.4 + 81.7 = $109 Mil.
Revenue was 553.7 + 615.1 + 564.1 + 608.7 = $2,342 Mil.
Gross Profit was 114.1 + 129.1 + 113.7 + 118.4 = $475 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(1846.7 + 1924 + 2025.4 + 2011.6 + 1945.4) / 5 = $1950.62 Mil.
Total Assets at the begining of this year (Jun21) was $1,847 Mil.
Long-Term Debt & Capital Lease Obligation was $586 Mil.
Total Current Assets was $1,112 Mil.
Total Current Liabilities was $395 Mil.
Net Income was 24.4 + 22.5 + 25 + 17.1 = $89 Mil.

Revenue was 363.3 + 369.6 + 417.6 + 515.2 = $1,666 Mil.
Gross Profit was 74.6 + 77.6 + 86.9 + 99.9 = $339 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(1114.8 + 1060.3 + 1102.5 + 1190.6 + 1846.7) / 5 = $1262.98 Mil.
Total Assets at the begining of last year (Jun20) was $1,115 Mil.
Long-Term Debt & Capital Lease Obligation was $627 Mil.
Total Current Assets was $999 Mil.
Total Current Liabilities was $355 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.

Ultra Clean Holdings's current Net Income (TTM) was 80. ==> 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.

Ultra Clean Holdings's current Cash Flow from Operations (TTM) was 109. ==> 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)
=80.2/1846.7
=0.04342882

ROA (Last Year)=Net Income/Total Assets (Jun20)
=89/1114.8
=0.07983495

Ultra Clean Holdings's return on assets of this year was 0.04342882. Ultra Clean Holdings's return on assets of last year was 0.07983495. ==> 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.

Ultra Clean Holdings's current Net Income (TTM) was 80. Ultra Clean Holdings's current Cash Flow from Operations (TTM) was 109. ==> 109 > 80 ==> 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
=586.1/1950.62
=0.30046857

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=627.4/1262.98
=0.49676163

Ultra Clean Holdings's gearing of this year was 0.30046857. Ultra Clean Holdings's gearing of last year was 0.49676163. ==> 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: Jun22)=Total Current Assets/Total Current Liabilities
=1111.8/395.4
=2.81183612

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=999.3/355
=2.81492958

Ultra Clean Holdings's current ratio of this year was 2.81183612. Ultra Clean Holdings's current ratio of last year was 2.81492958. ==> 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.

Ultra Clean Holdings's number of shares in issue this year was 45.2. Ultra Clean Holdings's number of shares in issue last year was 44.3. ==> 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
=475.3/2341.6
=0.20298087

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=339/1665.7
=0.20351804

Ultra Clean Holdings's gross margin of this year was 0.20298087. Ultra Clean Holdings's gross margin of last year was 0.20351804. ==> 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)
=2341.6/1846.7
=1.26799155

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=1665.7/1114.8
=1.49416936

Ultra Clean Holdings's asset turnover of this year was 1.26799155. Ultra Clean Holdings's asset turnover of last year was 1.49416936. ==> 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+1+0+0+0+0
=4

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

Ultra Clean Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Ultra Clean Holdings  (NAS:UCTT) 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.


Ultra Clean Holdings Piotroski F-Score Related Terms

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


Ultra Clean Holdings Business Description

Ultra Clean Holdings logo
Traded in Other Exchanges
Address
26462 Corporate Avenue, Hayward, CA, USA, 94545
Ultra Clean Holdings Inc, through its subsidiaries, manufactures and supplies production tools, modules, and subsystems for the semiconductor capital equipment industry. The product range includes precision robotic solutions, gas delivery systems, a variety of industrial and automation production equipment products; subsystems that include wafer cleaning subsystems, chemical delivery modules, top-plate assemblies, frame assemblies, and process modules. Its customer base includes firms in semiconductor capital equipment industry, medical, energy, industrial, flat panel and research equipment industries. Its principal markets are North America, Asia, and Europe. Its largest end market by revenue is the United States.
Executives
Cook Christopher S officer: President, Products Div ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD CA 94545
Palfrey Jamie J. officer: SVP, Global Human Resources ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD CA 94545
Mckibben Jeffrey L. officer: Chief Information Officer C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD, CA 94545
Widmann Amir officer: President, Fluid Solutions C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD, CA 94545
Seto Jacqueline A. director C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD CA 94545
Cho Paul Yoonku officer: General Counsel and Secretary C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD CA 94545
Siu Chris officer: Chief Accounting Officer & SVP 3408 GARRETT DRIVE SANTA CLARA CA 95054-2803
Bentinck Bill officer: Pres, Semiconductor Svcs Bus. C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVE HAYWARD CA 94545
Chinnasami Vijayan S. officer: Chief Operating Officer C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD CA 94545
Nicholas Scott H. officer: Please see Remarks C/O ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVENUE HAYWARD CA 94545
Maddock Ernest E director LAM RESEARCH 4650 CUSHING PARKWAY FREMONT CA 94538
Andreson Jeff director 3560 BASSETT STREET SANTA CLARA CA 95054
Speirs David officer: SVP, North America ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVE HAYWARD CA 94545
Williams William Joe officer: SVP, Customer Business Mgmt ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVE HAYWARD CA 94545
Sterling Joan officer: SVP, Human Resources ULTRA CLEAN HOLDINGS, INC. 26462 CORPORATE AVE HAYWARD CA 94545

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