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World Acceptance 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

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

NAS:WRLD' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 7

4
9

During the past 13 years, the highest Piotroski F-Score of World Acceptance was 9. The lowest was 4. And the median was 6.


World Acceptance Piotroski F-Score Historical Data

The historical data trend for World Acceptance'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.

World Acceptance Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 6.00 5.00 8.00

World Acceptance Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 8.00 8.00 7.00

Competitive Comparison

For the Credit Services subindustry, World Acceptance'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.

   

World Acceptance Piotroski F-Score Distribution

For the Credit Services industry and Financial Services sector, World Acceptance's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where World Acceptance'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 (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was 13.399 + 14.491 + 44.884 + 15.771 = $88.5 Mil.
Cash Flow from Operations was 28.075 + 51.053 + 68.592 + 49.527 = $197.2 Mil.
Revenue was 118.548 + 123.641 + 139.34 + 124.158 = $505.7 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(902.645 + 932.291 + 1034.029 + 954.269 + 1023.677) / 5 = $969.3822 Mil.
Total Assets at the begining of this year (Jun20) was $902.6 Mil.
Long-Term Debt & Capital Lease Obligation was $557.6 Mil.
Total Assets was $1,023.7 Mil.
Total Liabilities was $618.2 Mil.
Net Income was 2.513 + -6.268 + 23.303 + 15.51 = $35.1 Mil.

Revenue was 135.245 + 139.866 + 154.983 + 118.305 = $548.4 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(1040.693 + 1077.816 + 1143.012 + 1030.086 + 902.645) / 5 = $1038.8504 Mil.
Total Assets at the begining of last year (Jun19) was $1,040.7 Mil.
Long-Term Debt & Capital Lease Obligation was $449.8 Mil.
Total Assets was $902.6 Mil.
Total Liabilities was $511.4 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.

World Acceptance's current Net Income (TTM) was 88.5. ==> 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.

World Acceptance's current Cash Flow from Operations (TTM) was 197.2. ==> 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 (Jun20)
=88.545/902.645
=0.09809504

ROA (Last Year)=Net Income/Total Assets (Jun19)
=35.058/1040.693
=0.03368717

World Acceptance's return on assets of this year was 0.09809504. World Acceptance's return on assets of last year was 0.03368717. ==> 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.

World Acceptance's current Net Income (TTM) was 88.5. World Acceptance's current Cash Flow from Operations (TTM) was 197.2. ==> 197.2 > 88.5 ==> 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: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=557.571/969.3822
=0.5751818

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=449.821/1038.8504
=0.43299882

World Acceptance's gearing of this year was 0.5751818. World Acceptance's gearing of last year was 0.43299882. ==> 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

* 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: Jun21)=Total Assets/Total Liabilities
=1023.677/618.206
=1.65588331

Current Ratio (Last Year: Jun20)=Total Assets/Total Liabilities
=902.645/511.402
=1.76504003

World Acceptance's current ratio of this year was 1.65588331. World Acceptance's current ratio of last year was 1.76504003. ==> 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.

World Acceptance's number of shares in issue this year was 6.456. World Acceptance's number of shares in issue last year was 6.928. ==> 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
=88.545/505.687
=0.17509843

Net Margin (Last Year: TTM)=Net Income/Revenue
=35.058/548.399
=0.06392791

World Acceptance's net margin of this year was 0.17509843. World Acceptance's net margin of last year was 0.06392791. ==> 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 (Jun20)
=505.687/902.645
=0.560228

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=548.399/1040.693
=0.5269556

World Acceptance's asset turnover of this year was 0.560228. World Acceptance's asset turnover of last year was 0.5269556. ==> 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+1+1+0+0+1+1+1
=7

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

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

World Acceptance  (NAS:WRLD) 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.


World Acceptance Piotroski F-Score Related Terms

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


World Acceptance Business Description

World Acceptance logo
Industry
Financial Services » Credit Services NAICS : 522291 SIC : 6141
Traded in Other Exchanges
Address
104 S. Main Street, Greenville, SC, USA, 29601
World Acceptance Corp operates a small-loan consumer finance business. The company offers short-term small installment loans, medium-term larger installment loans, related credit insurance and ancillary products and services to individuals. It also offers income tax return preparation services to its loan customers and other individuals.
Executives
Caulder Alice Lindsay officer: SVP, Human Resources 108 FREDERICK STREET GREENVILLE SC 29607
Mcintyre Scott officer: SVP, Accounting 108 FREDERICK STREET GREENVILLE SC 29607
Childers Jason E. officer: SVP, IT Strategic Solutions 108 FREDERICK STREET GREENVILLE SC 29607
Umstetter Luke J. officer: SVP, General Counsel 108 FREDERICK STREET GREENVILLE SC 29607
Prashad R Chad director, officer: President and CEO 108 FREDERICK STREET GREENVILLE SC 29607
Calmes John L Jr officer: See remarks C/O WORLD ACCEPTANCE CORPORATION 108 FREDERICK STREET GREENVILLE SC 29607
Whitaker Darrell E director 14 BATSON ORCHARD CT. TAYLORS SC 29687
Dyer Daniel Clinton officer: Chief Branch Operation Officer 230 4TH AVENUE NORTH SUITE 500 NASHVILLE TN 37219
Bramlett Ken R Jr director 2709 WATER RIDGE PARKWAY 2ND FLOOR CHARLOTTE NC 28217
Way Charles D director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: WAY CHARLES D a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Tinney Jeff L officer: SVP, Western Division 550 HIGHWAY 377 NORTH STE A WHITESBORO TX 76273
Brown Erik T. officer: SVP Central Division P.O. BOX 548 JACKSON MO 63755
Willyard Jackie C officer: SVP, Southeastern Division 108 FREDERICK STREET GREENVILLE SC 29607
Labruyere Alison N officer: SVP and General Counsel 108 FREDERICK STREET GREENVILLE SC 29607
Wanserski James H officer: Interim President & CEO C/O 22 CANTEY PLACE, NW ATLANTA 2Q 30327

World Acceptance Headlines

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