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NOTE (FiscalNote Holdings) Piotroski F-Score : 6 (As of Mar. 17, 2025)


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What is FiscalNote Holdings Piotroski F-Score?

The zones of discrimination were as such:

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

FiscalNote Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for FiscalNote Holdings's Piotroski F-Score or its related term are showing as below:

NOTE' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 6
Current: 6

During the past 5 years, the highest Piotroski F-Score of FiscalNote Holdings was 6. The lowest was 3. And the median was 5.


FiscalNote Holdings Piotroski F-Score Historical Data

The historical data trend for FiscalNote Holdings'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.

FiscalNote Holdings Piotroski F-Score Chart

FiscalNote Holdings Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A N/A N/A 4.00

FiscalNote Holdings Quarterly Data
Dec19 Sep20 Dec20 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial 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 3.00 4.00 N/A 5.00 6.00

Competitive Comparison of FiscalNote Holdings's Piotroski F-Score

For the Information Technology Services subindustry, FiscalNote Holdings'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.


FiscalNote Holdings's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, FiscalNote Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FiscalNote Holdings'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was -50.748 + 50.599 + -12.764 + -14.935 = $-27.8 Mil.
Cash Flow from Operations was -3.554 + 2.741 + -3.729 + -2.962 = $-7.5 Mil.
Revenue was 34.265 + 32.112 + 29.246 + 29.439 = $125.1 Mil.
Gross Profit was 18.541 + 20.208 + 17.93 + 18.565 = $75.2 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(400.863 + 370.561 + 357.76 + 346.265 + 337.949) / 5 = $362.6796 Mil.
Total Assets at the begining of this year (Sep23) was $400.9 Mil.
Long-Term Debt & Capital Lease Obligation was $166.1 Mil.
Total Current Assets was $54.4 Mil.
Total Current Liabilities was $66.8 Mil.
Net Income was -42.544 + -19.273 + -30.973 + -14.467 = $-107.3 Mil.

Revenue was 31.449 + 31.529 + 32.842 + 34.009 = $129.8 Mil.
Gross Profit was 18.377 + 18.327 + 18.605 + 19.052 = $74.4 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(450.381 + 433.157 + 440.999 + 422.96 + 400.863) / 5 = $429.672 Mil.
Total Assets at the begining of last year (Sep22) was $450.4 Mil.
Long-Term Debt & Capital Lease Obligation was $240.0 Mil.
Total Current Assets was $48.2 Mil.
Total Current Liabilities was $65.1 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.

FiscalNote Holdings's current Net Income (TTM) was -27.8. ==> 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.

FiscalNote Holdings's current Cash Flow from Operations (TTM) was -7.5. ==> Negative ==> Score 0.

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 (Sep23)
=-27.848/400.863
=-0.06947012

ROA (Last Year)=Net Income/Total Assets (Sep22)
=-107.257/450.381
=-0.23814726

FiscalNote Holdings's return on assets of this year was -0.06947012. FiscalNote Holdings's return on assets of last year was -0.23814726. ==> 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.

FiscalNote Holdings's current Net Income (TTM) was -27.8. FiscalNote Holdings's current Cash Flow from Operations (TTM) was -7.5. ==> -7.5 > -27.8 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=166.134/362.6796
=0.45807374

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=239.994/429.672
=0.55855164

FiscalNote Holdings's gearing of this year was 0.45807374. FiscalNote Holdings's gearing of last year was 0.55855164. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=54.362/66.786
=0.81397299

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=48.183/65.124
=0.73986549

FiscalNote Holdings's current ratio of this year was 0.81397299. FiscalNote Holdings's current ratio of last year was 0.73986549. ==> 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.

FiscalNote Holdings's number of shares in issue this year was 135.05. FiscalNote Holdings's number of shares in issue last year was 128.833. ==> 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
=75.244/125.062
=0.60165358

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=74.361/129.829
=0.57276109

FiscalNote Holdings's gross margin of this year was 0.60165358. FiscalNote Holdings's gross margin of last year was 0.57276109. ==> 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 (Sep23)
=125.062/400.863
=0.3119819

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=129.829/450.381
=0.28826482

FiscalNote Holdings's asset turnover of this year was 0.3119819. FiscalNote Holdings's asset turnover of last year was 0.28826482. ==> 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
=0+0+1+1+1+1+0+1+1
=6

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

FiscalNote Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

FiscalNote Holdings  (NYSE:NOTE) 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.


FiscalNote Holdings Piotroski F-Score Related Terms

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FiscalNote Holdings Business Description

Traded in Other Exchanges
Address
1201 Pennsylvania Avenue NW, 6th floor, Washington, DC, USA, 20004
FiscalNote Holdings Inc is a provider of global policy and market intelligence solutions. Leveraging AI and analytics, it delivers actionable legal and policy insights for businesses, government institutions, and nonprofits. Its suite of products includes FiscalNote Core, CQ Federal, and EU Issue Tracker, facilitating effective policy management and risk mitigation. With expert analysis from FrontierView, Oxford Analytica, and Dragonfly Eye, it offers geopolitical and market intelligence services. Operating as one segment, it generates revenue by integrating policy intelligence into daily operations. Geographically the company generates the majority of its revenue from North America, Europe, Australia, and Asia, with the majority generated from North America.
Executives
Todd Aman officer: See Remarks 1201 PENNSYLVANIA AVENUE NW, 6TH FLOOR, WASHINGTON, D.C. DC 20004
Paul Donnell officer: Chief Accounting Officer 1201 PENNSYLVANIA AVENUE NW, 6TH FLOOR, WASHINGTON, D.C. DC 20004
Tim Hwang director, officer: See Remarks 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Josh Resnik officer: See Remarks 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Gerald Yao director, officer: See Remarks 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Jon Slabaugh officer: See Remarks 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Richard Henderson officer: Chief Revenue Officer 1201 PENNSYLVANIA AVENUE NW, 6TH FLOOR, WASHINGTON DC 20004
Keith Nilsson director 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, COSTA MESA CA 92626
Key Compton director 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Stanley A Mcchrystal director C/O JETBLUE AIRWAYS CORPORATION, 27-01 QUEENS PLAZA NORTH, LONG ISLAND CITY NY 11101
Yiu Conrad director 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Star V Partners Llc 10 percent owner 2100 WEST END AVENUE, SUITE 100, NASHVILLE TN 37203
Maso Capital Investments Ltd 10 percent owner C/O WALKERS CORPORATE LIMITED, CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD., GEORGE TOWN, GRAND CAYMAN E9 KYL-9008
Anna Sedgley director 1201 PENNSYLVANIA AVE NW, 6TH FLOOR, WASHINGTON DC 20004
Vlad Eidelman officer: Chief Technology Officer 1201 PENNSYLVANIA AVENUE NW, 6TH FLOOR, WASHINGTON, D.C. DC 20004