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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
NVN Liquidation 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 NVN Liquidation's Piotroski F-Score or its related term are showing as below:
The historical data trend for NVN Liquidation'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.
NVN Liquidation Annual Data | |||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | ||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 4.00 | 3.00 | 2.00 | 4.00 |
NVN Liquidation Quarterly Data | ||||||||||||||||||||
Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 2.00 | 3.00 | 4.00 | 4.00 | 3.00 |
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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Net Income was -8.878 + -6.03 + -3.023 + -14.119 = $-32.05 Mil. Cash Flow from Operations was -11.11 + -9.43 + -11.108 + -4.25 = $-35.90 Mil. Revenue was 6.153 + 5.097 + 10.468 + 2.996 = $24.71 Mil. Gross Profit was 3.541 + 3.657 + 7.348 + 1.711 = $16.26 Mil. Average Total Assets from the begining of this year (Mar22) to the end of this year (Mar23) was (112.049 + 114.392 + 83.27 + 90.33 + 79.793) / 5 = $95.9668 Mil. Total Assets at the begining of this year (Mar22) was $112.05 Mil. Long-Term Debt & Capital Lease Obligation was $3.39 Mil. Total Current Assets was $32.69 Mil. Total Current Liabilities was $43.91 Mil. |
Net Income was -6.023 + -6.484 + -8.233 + -13.38 = $-34.12 Mil. Revenue was 0.747 + 0.68 + 0.648 + 1.892 = $3.97 Mil. Gross Profit was 0.747 + 0.68 + 0.648 + 1.686 = $3.76 Mil. Average Total Assets from the begining of last year (Mar21) to the end of last year (Mar22) was (46.983 + 79.716 + 73.887 + 68.96 + 112.049) / 5 = $76.319 Mil. Total Assets at the begining of last year (Mar21) was $46.98 Mil. Long-Term Debt & Capital Lease Obligation was $20.40 Mil. Total Current Assets was $58.68 Mil. Total Current Liabilities was $46.98 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.
NVN Liquidation's current Net Income (TTM) was -32.05.
==> 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.
NVN Liquidation's current Cash Flow from Operations (TTM) was -35.90.
==> 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 (Mar22) |
= | -32.05 | / | 112.049 | |
= | -0.28603557 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar21) |
= | -34.12 | / | 46.983 | |
= | -0.72622012 |
NVN Liquidation's return on assets of this year was -0.28603557. NVN Liquidation's return on assets of last year was -0.72622012.
==> 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.
NVN Liquidation's current Net Income (TTM) was -32.05. NVN Liquidation's current Cash Flow from Operations (TTM) was -35.90.
==> -35.90 <= -32.05 ==> CFROA <= ROA ==> Score 0.
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: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 3.387 | / | 95.9668 | |
= | 0.03529346 |
Gearing (Last Year: Mar22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar21 to Mar22 |
= | 20.404 | / | 76.319 | |
= | 0.26735151 |
NVN Liquidation's gearing of this year was 0.03529346. NVN Liquidation's gearing of last year was 0.26735151.
==> 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: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 32.686 | / | 43.91 | |
= | 0.74438624 |
Current Ratio (Last Year: Mar22) | = | Total Current Assets | / | Total Current Liabilities |
= | 58.682 | / | 46.975 | |
= | 1.24921767 |
NVN Liquidation's current ratio of this year was 0.74438624. NVN Liquidation's current ratio of last year was 1.24921767.
==> 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.
NVN Liquidation's number of shares in issue this year was 26.116. NVN Liquidation's number of shares in issue last year was 18.83.
==> 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 |
= | 16.257 | / | 24.714 | |
= | 0.65780529 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 3.761 | / | 3.967 | |
= | 0.94807159 |
NVN Liquidation's gross margin of this year was 0.65780529. NVN Liquidation's gross margin of last year was 0.94807159.
==> 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 (Mar22) |
= | 24.714 | / | 112.049 | |
= | 0.22056422 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar21) |
= | 3.967 | / | 46.983 | |
= | 0.0844348 |
NVN Liquidation's asset turnover of this year was 0.22056422. NVN Liquidation's asset turnover of last year was 0.0844348.
==> 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 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
NVN Liquidation has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
NVN Liquidation (OTCPK:NOVNQ) 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 NVN Liquidation's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Machelle Sanders | director | C/O NOVAN, INC., 4105 HOPSON ROAD, MORRISVILLE NC 27560 |
James L Bierman | director | 9120 LOCKWOOD BOULEVARD, MECHANICSVILLE VA 23116 |
John W Palmour | director | C/O CREE, INC., 4600 SILICON DRIVE, DURHAM NC 27703 |
John M. Gay | officer: VP, Finance & Corp. Controller | C/O NOVAN, INC., 4105 HOPSON ROAD, MORRISVILLE NC 27560 |
A. Donofrio John | officer: EVP, Chief Operating Officer | C/O NOVAN, INC., 4020 STIRRUP CREEK DRIVE, SUITE 110, DURHAM NC 27703 |
Paula B Stafford | director | C/O NOVAN, INC., 4105 HOPSON ROAD, MORRISVILLE NC 27560 |
Steven D Skolsky | director | TRIMERIS, INC., 3500 PARAMOUNT PARKWAY, MORRISVILLE NC 27560 |
Malin Life Sciences Holdings Ltd | 10 percent owner | 2 HARBOUR SQUARE, CROFTON ROAD, DUN LAOGHAIRE, CO, DUBLIN L2 ---- |
G. Kelly Martin | director | C/O NOVAN, INC., 4105 HOPSON RD, MORRISVILLE NC 27560 |
Robert Alexander Ingram | director | 280 S. MANGUM STREET, SUITE 350, DURHAM NC 27701 |
W Kent Geer | director | 7104 RAINWATER ROAD, RALEIGH NC 27615 |
Andrew Novak | officer: Chief Accounting Officer | C/O NOVAN, INC., 4105 HOPSON ROAD, MORRISVILLE NC 27560 |
Eugene Sun | director | C/O NOVAN, INC., 4105 HOPSON ROAD, MORRISVILLE NC 27560 |
James H. Goodnight Management Trust | 10 percent owner | 100 SAS CAMPUS DRIVE, CARY NC 27513 |
Donald R Parker | 10 percent owner | 100 SAS CAMPUS DRIVE, CARY NC 27513 |
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