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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
Newfield Exploration Co 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 Newfield Exploration Co's Piotroski F-Score or its related term are showing as below:
The historical data trend for Newfield Exploration Co'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.
Newfield Exploration Co Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 3.00 | 6.00 | 7.00 |
Newfield Exploration Co Quarterly Data | ||||||||||||||||||||
Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 8.00 | 7.00 | 7.00 |
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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Net Income was 95 + 86 + 119 + 224 = $524 Mil. Cash Flow from Operations was 312 + 260 + 488 + 349 = $1,409 Mil. Revenue was 509 + 580 + 679 + 711 = $2,479 Mil. Gross Profit was 284 + 345 + 418 + 417 = $1,464 Mil. Average Total Assets from the begining of this year (Sep17) to the end of this year (Sep18) was (4744 + 4961 + 5122 + 5461 + 5676) / 5 = $5192.8 Mil. Total Assets at the begining of this year (Sep17) was $4,744 Mil. Long-Term Debt & Capital Lease Obligation was $2,436 Mil. Total Current Assets was $757 Mil. Total Current Liabilities was $1,051 Mil. |
Net Income was 13 + 147 + 98 + 87 = $345 Mil. Revenue was 415 + 417 + 402 + 439 = $1,673 Mil. Gross Profit was 220 + 225 + 208 + 219 = $872 Mil. Average Total Assets from the begining of last year (Sep16) to the end of last year (Sep17) was (4213 + 4312 + 4388 + 4595 + 4744) / 5 = $4450.4 Mil. Total Assets at the begining of last year (Sep16) was $4,213 Mil. Long-Term Debt & Capital Lease Obligation was $2,433 Mil. Total Current Assets was $836 Mil. Total Current Liabilities was $712 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.
Newfield Exploration Co's current Net Income (TTM) was 524.
==> 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.
Newfield Exploration Co's current Cash Flow from Operations (TTM) was 1,409.
==> 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 (Sep17) |
= | 524 | / | 4744 | |
= | 0.11045531 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep16) |
= | 345 | / | 4213 | |
= | 0.08188939 |
Newfield Exploration Co's return on assets of this year was 0.11045531. Newfield Exploration Co's return on assets of last year was 0.08188939.
==> 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.
Newfield Exploration Co's current Net Income (TTM) was 524. Newfield Exploration Co's current Cash Flow from Operations (TTM) was 1,409.
==> 1,409 > 524 ==> 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: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep17 to Sep18 |
= | 2436 | / | 5192.8 | |
= | 0.46911108 |
Gearing (Last Year: Sep17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep16 to Sep17 |
= | 2433 | / | 4450.4 | |
= | 0.54669243 |
Newfield Exploration Co's gearing of this year was 0.46911108. Newfield Exploration Co's gearing of last year was 0.54669243.
==> 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: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
= | 757 | / | 1051 | |
= | 0.72026641 |
Current Ratio (Last Year: Sep17) | = | Total Current Assets | / | Total Current Liabilities |
= | 836 | / | 712 | |
= | 1.1741573 |
Newfield Exploration Co's current ratio of this year was 0.72026641. Newfield Exploration Co's current ratio of last year was 1.1741573.
==> 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.
Newfield Exploration Co's number of shares in issue this year was 201. Newfield Exploration Co's number of shares in issue last year was 200.
==> 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 |
= | 1464 | / | 2479 | |
= | 0.59056071 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 872 | / | 1673 | |
= | 0.52121937 |
Newfield Exploration Co's gross margin of this year was 0.59056071. Newfield Exploration Co's gross margin of last year was 0.52121937.
==> 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 (Sep17) |
= | 2479 | / | 4744 | |
= | 0.52255481 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep16) |
= | 1673 | / | 4213 | |
= | 0.3971042 |
Newfield Exploration Co's asset turnover of this year was 0.52255481. Newfield Exploration Co's asset turnover of last year was 0.3971042.
==> 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 | + | 1 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Newfield Exploration Co has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Newfield Exploration Co (NYSE:NFX) 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 Newfield Exploration Co's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Roger B Plank | director | |
James Kent Wells | director | 1700 LINCOLN STREET, SUITE 2800, DENVER CO 80203-4535 |
Steven W Nance | director | 130 EAST RANDOLPH DRIVE, CHICAGO IL 60601 |
Giesinger Edgar R. Jr. | director | 1915 SANDGATE FALLS, HOUSTON TX 77062 |
J Terry Strange | director | 700 LOUISIANA STREET, SUITE 3000, HOUSTON TX 77002 |
Thomas G Ricks | director | H&S VENTURES LLC, 2101 EAST COAST HWY - 3RD FLOOR, CORONA DEL MAR CA 92625 |
Timothy D. Yang | officer: General Counsel and Secretary | 1415 LOUISIANA STREET, SUITE 1600, HOUSTON TX 77002 |
Valerie A Mitchell | officer: VP-Mid-Continent | 4 WATERWAY SQUARE PLACE, SUITE 100, THE WOODLANDS TX 77380 |
Kemp John Randolph Iii | director | 3106 NOBLE LAKES LANE, HOUSTON TX 77082-6809 |
Clay M Gaspar | officer: VP-Mid-Continent | 333 W. SHERIDAN AVE, OKLAHOMA CITY OK 73102 |
Terry W Rathert | officer: EVP and Senior Advisor | 4 WATERWAY SQUARE PLACE, SUITE 100, THE WOODLANDS TX 77380 |
Richard K Stoneburner | director | |
Howard H Newman | director | C/O PINE BROOK ROAD PARTNERS, LLC, 60 EAST 42ND STREET, SUITE 3014, NEW YORK NY 10165 |
Joseph H Netherland | director | 35 ELECTRA CIRCLE, THE WOODLANDS TX 77382 |
J M Lacey | director | 1726 FORREST PARKWAY, DENVER CO 80220 |
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