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Werner Enterprises Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

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

Werner Enterprises has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

NAS:WERN' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 8
Current: 7

1
8

During the past 13 years, the highest Piotroski F-Score of Werner Enterprises was 8. The lowest was 1. And the median was 6.


Werner Enterprises Piotroski F-Score Historical Data

* 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.

Werner Enterprises Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 6.00 7.00 6.00 7.00

Werner Enterprises Quarterly Data
Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21
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 5.00 6.00 7.00 7.00 -

Competitive Comparison
* 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.


Werner Enterprises Piotroski F-Score Distribution

* The bar in red indicates where Werner Enterprises'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 (Dec20) TTM:Last Year (Dec19) TTM:
Net Income was 23.058 + 39.132 + 46.332 + 60.556 = $169 Mil.
Cash Flow from Operations was 133.376 + 153.966 + 59.054 + 99.513 = $446 Mil.
Revenue was 592.703 + 568.959 + 590.214 + 620.302 = $2,372 Mil.
Gross Profit was 96.935 + 111.584 + 116.292 + 136.084 = $461 Mil.
Average Total Assets from the begining of this year (Dec19)
to the end of this year (Dec20) was
(2143.864 + 2088.898 + 2079.713 + 2140.136 + 2156.676) / 5 = $2121.8574 Mil.
Total Assets at the begining of this year (Dec19) was $2,144 Mil.
Long-Term Debt & Capital Lease Obligation was $175 Mil.
Total Current Assets was $457 Mil.
Total Current Liabilities was $274 Mil.
Net Income was 36.086 + 43.318 + 39.044 + 48.496 = $167 Mil.

Revenue was 596.117 + 627.533 + 618.264 + 621.787 = $2,464 Mil.
Gross Profit was 97.9 + 108.484 + 104.836 + 116.192 = $427 Mil.
Average Total Assets from the begining of last year (Dec18)
to the end of last year (Dec19) was
(2083.504 + 2118.832 + 2128.617 + 2163.539 + 2143.864) / 5 = $2127.6712 Mil.
Total Assets at the begining of last year (Dec18) was $2,084 Mil.
Long-Term Debt & Capital Lease Obligation was $225 Mil.
Total Current Assets was $466 Mil.
Total Current Liabilities was $309 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.

Werner Enterprises's current Net Income (TTM) was 169. ==> 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.

Werner Enterprises's current Cash Flow from Operations (TTM) was 446. ==> 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 (Dec19)
=169.078/2143.864
=0.07886601

ROA (Last Year)=Net Income/Total Assets (Dec18)
=166.944/2083.504
=0.08012656

Werner Enterprises's return on assets of this year was 0.07886601. Werner Enterprises's return on assets of last year was 0.08012656. ==> 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.

Werner Enterprises's current Net Income (TTM) was 169. Werner Enterprises's current Cash Flow from Operations (TTM) was 446. ==> 446 > 169 ==> 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: Dec20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Dec20
=175/2121.8574
=0.08247491

Gearing (Last Year: Dec19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec18 to Dec19
=225/2127.6712
=0.10574942

Werner Enterprises's gearing of this year was 0.08247491. Werner Enterprises's gearing of last year was 0.10574942. ==> 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: Dec20)=Total Current Assets/Total Current Liabilities
=456.916/274.014
=1.66749144

Current Ratio (Last Year: Dec19)=Total Current Assets/Total Current Liabilities
=466.334/308.84
=1.50995337

Werner Enterprises's current ratio of this year was 1.66749144. Werner Enterprises's current ratio of last year was 1.50995337. ==> 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.

Werner Enterprises's number of shares in issue this year was 69.208. Werner Enterprises's number of shares in issue last year was 69.945. ==> 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
=460.895/2372.178
=0.19429191

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=427.412/2463.701
=0.17348371

Werner Enterprises's gross margin of this year was 0.19429191. Werner Enterprises's gross margin of last year was 0.17348371. ==> 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 (Dec19)
=2372.178/2143.864
=1.10649649

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec18)
=2463.701/2083.504
=1.18247961

Werner Enterprises's asset turnover of this year was 1.10649649. Werner Enterprises's asset turnover of last year was 1.18247961. ==> 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+1+1+1+0
=7

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

Werner Enterprises has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Werner Enterprises  (NAS:WERN) 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.


Werner Enterprises Piotroski F-Score Related Terms


Werner Enterprises Piotroski F-Score Headlines

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