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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
National Energy Services Reunited has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for National Energy Services Reunited's Piotroski F-Score or its related term are showing as below:
The historical data trend for National Energy Services Reunited'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.
National Energy Services Reunited Annual Data | |||||||||||||||
Trend | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | N/A | 6.00 | 6.00 | - | - |
National Energy Services Reunited Quarterly Data | ||||||||||||||||||||
Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Dec22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 4.00 | - | - |
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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Net Income was 11.472 + 7.821 + 1.931 + -85.792 = $-64.6 Mil. Cash Flow from Operations was 46.482 + 32.989 + 35.301 + 12.971 = $127.7 Mil. Revenue was 212.426 + 234.927 + 217.992 + 211.384 = $876.7 Mil. Gross Profit was 34.107 + 36.497 + 27.169 + -113.034 = $-15.3 Mil. Average Total Assets from the begining of this year (Dec20) to the end of this year (Dec21) was (1687.054 + 1653.482 + 1706.897 + 1766.384 + 1831.292) / 5 = $1729.0218 Mil. Total Assets at the begining of this year (Dec20) was $1,687.1 Mil. Long-Term Debt & Capital Lease Obligation was $508.8 Mil. Total Current Assets was $627.4 Mil. Total Current Liabilities was $431.9 Mil. |
Net Income was 11.947 + 10.514 + 11.666 + -17.572 = $16.6 Mil. Revenue was 199.299 + 203.249 + 218.423 + 213.181 = $834.2 Mil. Gross Profit was 37.142 + 34.972 + 36.436 + -46.46 = $62.1 Mil. Average Total Assets from the begining of last year (Dec19) to the end of last year (Dec20) was (1522.364 + 1536.652 + 1664.89 + 1663.444 + 1687.054) / 5 = $1614.8808 Mil. Total Assets at the begining of last year (Dec19) was $1,522.4 Mil. Long-Term Debt & Capital Lease Obligation was $308.6 Mil. Total Current Assets was $515.2 Mil. Total Current Liabilities was $359.4 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.
National Energy Services Reunited's current Net Income (TTM) was -64.6.
==> 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.
National Energy Services Reunited's current Cash Flow from Operations (TTM) was 127.7.
==> 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 (Dec20) |
= | -64.568 | / | 1687.054 | |
= | -0.03827263 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec19) |
= | 16.555 | / | 1522.364 | |
= | 0.01087453 |
National Energy Services Reunited's return on assets of this year was -0.03827263. National Energy Services Reunited's return on assets of last year was 0.01087453.
==> 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.
National Energy Services Reunited's current Net Income (TTM) was -64.6. National Energy Services Reunited's current Cash Flow from Operations (TTM) was 127.7.
==> 127.7 > -64.6 ==> 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: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 508.764 | / | 1729.0218 | |
= | 0.29424962 |
Gearing (Last Year: Dec20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec19 to Dec20 |
= | 308.614 | / | 1614.8808 | |
= | 0.19110637 |
National Energy Services Reunited's gearing of this year was 0.29424962. National Energy Services Reunited's gearing of last year was 0.19110637.
==> 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: Dec21) | = | Total Current Assets | / | Total Current Liabilities |
= | 627.368 | / | 431.872 | |
= | 1.45267116 |
Current Ratio (Last Year: Dec20) | = | Total Current Assets | / | Total Current Liabilities |
= | 515.217 | / | 359.366 | |
= | 1.43368321 |
National Energy Services Reunited's current ratio of this year was 1.45267116. National Energy Services Reunited's current ratio of last year was 1.43368321.
==> 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.
National Energy Services Reunited's number of shares in issue this year was 91.345. National Energy Services Reunited's number of shares in issue last year was 91.115.
==> 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 |
= | -15.261 | / | 876.729 | |
= | -0.01740675 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 62.09 | / | 834.152 | |
= | 0.07443488 |
National Energy Services Reunited's gross margin of this year was -0.01740675. National Energy Services Reunited's gross margin of last year was 0.07443488.
==> 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 (Dec20) |
= | 876.729 | / | 1687.054 | |
= | 0.51968046 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec19) |
= | 834.152 | / | 1522.364 | |
= | 0.54793203 |
National Energy Services Reunited's asset turnover of this year was 0.51968046. National Energy Services Reunited's asset turnover of last year was 0.54793203.
==> 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 | + | 1 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
National Energy Services Reunited has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
National Energy Services Reunited (OTCPK:NESR) 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.
Thank you for viewing the detailed overview of National Energy Services Reunited's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Melissa Cougle | officer: Chief Financial Officer | 777 POST OAK BLVD., 7TH FLOOR, HOUSTON TX 77056 |
Adnan Ghabris | director | PO BOX 346036 DUBAI C0 00000 |
Al Noaimi Salem Rashed Abdulla Ali | director | AERCAP HOUSE, 65 ST. STEPHEN'S GREEN, DUBLIN L2 2 |
Capital Pjsc Waha | 10 percent owner | LEVEL 42, TOWER 3, ETIHAD TOWERS PO BOX 28922 ABU DHABI C0 00000 |
Thomas D Wood | director, 10 percent owner, officer: CFO | NATIONAL ENERGY SERVICES REUNITED CORP., 777 POST OAK BLVD, HOUSTON TX 77056 |
Campo Mejia Antonio J | director | NATIONAL ENERGY SERVICES REUNITED CORP. 777 POST OAK BLVD. HOUSTON TX 77056 |
Waha Energy Ltd | 10 percent owner | C/O MAPLES CORPORATE SERVICES LIMITED PO BOX 309, UGLAND HOUSE GRAND CAYMAN E9 KY1-1104 |
Nesr Spv Ltd | 10 percent owner | C/O MAPLES CORPORATE SERVICES LIMITED PO BOX 309, UGLAND HOUSE GRAND CAYMAN E9 KY1-1104 |
Olayan Saudi Holding Co | 10 percent owner | P.O. BOX 8772, OLAYAN CENTER, AHSAA STREET RIYADH T0 11492 |
Olayan Financing Co Ltd. | 10 percent owner | P.O. BOX 8772, OLAYAN CENTER, AHSAA STREET RIYADH T0 11492 |
Christine J Morris | officer: Chief Financial Officer | NATIONAL ENERGY SERVICES REUNITED CORP. 777 POST OAK BLVD., 7TH FLOOR HOUSTON TX 77056 |
Olayan International Ltd | 10 percent owner | C/O 111 POSEIDONOS AVE., GLYFADA ATHENS J3 166 10 |
Olayan Investments Co Establishment | 10 percent owner | 111 POSEIDONOS AVENUE GLYFADA ATHENS J3 166 10 |
Sherif Foda | director, 10 percent owner, officer: CEO | C/O SCHLUMBERGER LIMITED, 5599 SAN FELIPE, 17TH FLOOR, HOUSTON TX 77056 |
Nesr Holdings Ltd. | 10 percent owner | RITTER HOUSE WICKHAMS CAY II, ROAD TOWN TORTOLA D8 VG1110 |
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