Switch to:
Noble Corp PLC  (NYSE:NE) Piotroski F-Score: 3 (As of Today)

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Noble Corp PLC has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

NYSE:NE' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 9
Current: 3

3
9

During the past 13 years, the highest Piotroski F-Score of Noble Corp PLC was 9. The lowest was 3. And the median was 6.


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Noble Corp PLC Annual Data

Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 7.00 8.00 3.00

Noble Corp PLC Quarterly Data

Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17
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 8.00 7.00 3.00 3.00 3.00

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.

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jun17) TTM:Last Year (Jun16) TTM:
Net Income was -55.081 + -1302.85 + -301.694 + -93.35 = $-1,753 Mil.
Cash Flow from Operations was 103.452 + 165.607 + 141.873 + 112.412 = $523 Mil.
Revenue was 385.153 + 410.156 + 362.976 + 278.142 = $1,436 Mil.
Gross Profit was 168.807 + 227.293 + 197.445 + 111.377 = $705 Mil.
Average Total Assets from the begining of this year (Jun16)
to the end of this year (Jun17) was
(12739.444 + 12584.138 + 11440.117 + 11005.966 + 11025.097) / 5 = $11758.9524 Mil.
Total Assets at the begining of this year ({FiscalYear0}) was $12,739 Mil.
Long-Term Debt & Capital Lease Obligation was $3,794 Mil.
Total Current Assets was $938 Mil.
Total Current Liabilities was $648 Mil.
Total Assets was 325.807 + -152.241 + 105.485 + 322.866 = $602 Mil.

Revenue was 896.671 + 857.684 + 611.973 + 894.783 = $3,261 Mil.
Gross Profit was 585.821 + 544.495 + 344.719 + 636.309 = $2,111 Mil.
Average Total Assets from the begining of last year (Jun15)
to the end of last year (Jun16) was
(13204.716 + 13058.018 + 12865.645 + 12454.912 + 12739.444) / 5 = $12864.547 Mil.
Total Assets at the begining of last year (Jun15) was $13,205 Mil.
Long-Term Debt & Capital Lease Obligation was $3,829 Mil.
Total Current Assets was $1,331 Mil.
Total Current Liabilities was $796 Mil.

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.

Noble Corp PLC's current Net Income (TTM) was {NetIncome0_f}. ==> 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.

Noble Corp PLC's current Cash Flow from Operations (TTM) was 523. ==> 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(Jun16)
=-1752.975/12739.444
=-0.13760216

ROA (Last Year)=Net Income/Total Assets(Jun15)
=601.917/13204.716
=0.04558349

Noble Corp PLC's return on assets of this year was -0.13760216. Noble Corp PLC's return on assets of last year was 0.04558349. ==> 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.

Noble Corp PLC's current Net Income (TTM) was -1,753. Noble Corp PLC's current Cash Flow from Operations (TTM) was 523. ==> 523 > -1,753 ==> 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: Jun17)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun16 to Jun17
=3793.894/11758.9524
=0.32263878

Gearing (Last Year: Jun16)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun15 to Jun16
=3829.416/12864.547
=0.29767204

Noble Corp PLC's gearing of this year was 0.32263878. Noble Corp PLC's gearing of last year was 0.29767204. ==> 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

Current Ratio (This Year: Jun17)=Total Current Assets/Total Current Liabilities
=938.093/648.454
=1.44666083

Current Ratio (Last Year: Jun16)=Total Current Assets/Total Current Liabilities
=1330.576/795.56
=1.67250239

Noble Corp PLC's current ratio of this year was 1.44666083. Noble Corp PLC's current ratio of last year was 1.67250239. ==> 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.

Noble Corp PLC's number of shares in issue this year was 244.8. Noble Corp PLC's number of shares in issue last year was 252.3. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=704.922/1436.427
=0.49074683

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2111.344/3261.111
=0.64743089

Noble Corp PLC's gross margin of this year was 0.49074683. Noble Corp PLC's gross margin of last year was 0.64743089. ==> 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 (Jun16)
=1436.427/12739.444
=0.11275429

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun15)
=3261.111/13204.716
=0.24696563

Noble Corp PLC's asset turnover of this year was 0.11275429. Noble Corp PLC's asset turnover of last year was 0.24696563. ==> 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
=0+1+0+1+0+0+1+0+0
=3

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

Noble Corp PLC has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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.


Related Terms


Headlines

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat

{{numOfNotice}}
FEEDBACK