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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
Northern Tier Energy LP has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Northern Tier Energy LP's Piotroski F-Score or its related term are showing as below:
The historical data trend for Northern Tier Energy LP'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.
Northern Tier Energy LP Annual Data | |||||||||||
Trend | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | ||||||
Piotroski F-Score | - | - | 5.00 | 5.00 | 5.00 |
Northern Tier Energy LP Quarterly Data | ||||||||||||||||||||
Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 7.00 | 5.00 | 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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Net Income was 128.9 + 103.5 + -12.6 + 14.7 = $235 Mil. Cash Flow from Operations was 120.3 + 114.1 + 89.8 + 5.8 = $330 Mil. Revenue was 959.8 + 891.6 + 759.8 + 604.4 = $3,216 Mil. Gross Profit was 168.9 + 149.8 + 27 + 51.9 = $398 Mil. Average Total Assets from the begining of this year (Mar15) to the end of this year (Mar16) was (1198.2 + 1308.6 + 1198.9 + 1137.3 + 1149.4) / 5 = $1198.48 Mil. Total Assets at the begining of this year (Mar15) was $1,198 Mil. Long-Term Debt & Capital Lease Obligation was $376 Mil. Total Current Assets was $508 Mil. Total Current Liabilities was $369 Mil. |
Net Income was 57.9 + 96.2 + 16 + 111.2 = $281 Mil. Revenue was 1602.5 + 1547.4 + 1059.8 + 793.8 = $5,004 Mil. Gross Profit was 105.1 + 142.2 + 60.4 + 148 = $456 Mil. Average Total Assets from the begining of last year (Mar14) to the end of last year (Mar15) was (1192.9 + 1214.9 + 1289.5 + 1164.9 + 1198.2) / 5 = $1212.08 Mil. Total Assets at the begining of last year (Mar14) was $1,193 Mil. Long-Term Debt & Capital Lease Obligation was $363 Mil. Total Current Assets was $614 Mil. Total Current Liabilities was $337 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.
Northern Tier Energy LP's current Net Income (TTM) was 235.
==> 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.
Northern Tier Energy LP's current Cash Flow from Operations (TTM) was 330.
==> 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 (Mar15) |
= | 234.5 | / | 1198.2 | |
= | 0.19571023 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar14) |
= | 281.3 | / | 1192.9 | |
= | 0.23581189 |
Northern Tier Energy LP's return on assets of this year was 0.19571023. Northern Tier Energy LP's return on assets of last year was 0.23581189.
==> 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.
Northern Tier Energy LP's current Net Income (TTM) was 235. Northern Tier Energy LP's current Cash Flow from Operations (TTM) was 330.
==> 330 > 235 ==> 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: Mar16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar15 to Mar16 |
= | 376.2 | / | 1198.48 | |
= | 0.3138976 |
Gearing (Last Year: Mar15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar14 to Mar15 |
= | 362.5 | / | 1212.08 | |
= | 0.29907267 |
Northern Tier Energy LP's gearing of this year was 0.3138976. Northern Tier Energy LP's gearing of last year was 0.29907267.
==> 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: Mar16) | = | Total Current Assets | / | Total Current Liabilities |
= | 508.3 | / | 369.3 | |
= | 1.37638776 |
Current Ratio (Last Year: Mar15) | = | Total Current Assets | / | Total Current Liabilities |
= | 613.7 | / | 336.9 | |
= | 1.82160879 |
Northern Tier Energy LP's current ratio of this year was 1.37638776. Northern Tier Energy LP's current ratio of last year was 1.82160879.
==> 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.
Northern Tier Energy LP's number of shares in issue this year was 93.087. Northern Tier Energy LP's number of shares in issue last year was 92.601.
==> 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 |
= | 397.6 | / | 3215.6 | |
= | 0.12364722 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 455.7 | / | 5003.5 | |
= | 0.09107625 |
Northern Tier Energy LP's gross margin of this year was 0.12364722. Northern Tier Energy LP's gross margin of last year was 0.09107625.
==> 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 (Mar15) |
= | 3215.6 | / | 1198.2 | |
= | 2.6836922 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar14) |
= | 5003.5 | / | 1192.9 | |
= | 4.1944002 |
Northern Tier Energy LP's asset turnover of this year was 2.6836922. Northern Tier Energy LP's asset turnover of last year was 4.1944002.
==> 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 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Northern Tier Energy LP has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Northern Tier Energy LP (NYSE:NTI) 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 Northern Tier Energy LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
David L Lamp | director, officer: President and CEO | C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Thomas W Hofmann | director | FIVE RADNOR CORPORATE CENTER, SUITE 500, RADNOR PA 19087 |
Scott D Weaver | director | C/O WESTERN REFINING, INC., 6500 TROWBRIDGE DRIVE, EL PASO TX 79905 |
Melissa M Buhrig | officer: Exec VP, General Counsel & Sec | C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479 |
Dan F Smith | director | 1221 MCKINNEY STREET, SUITE 700, HOUSTON TX 77010 |
Western Refining, Inc. | director, 10 percent owner | 539 SOUTH MAIN STREET, FINDLAY OH 45840-3229 |
Karen Berriman Davis | officer: Executive VP and CFO | 123 WEST MILLS AVENUE, SUITE 200, EL PASO TX 79901 |
Scott D Josey | director | ONE BRIARLAKE PLAZA, SUITE 2000, 2000 WEST SAM HOUSTON PARKWAY SOUTH, HOUSTON TX 77042 |
David Bonderman | other: Former 10% Owner and Director | 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
James G Coulter | other: Former 10% Owner and Director | 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
Bernard W Aronson | director | |
Tpg Advisors Vi, Inc. | other: Former 10% Owner and Director | 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
Tpg Group Holdings (sbs) Advisors, Inc. | director, 10 percent owner | C/O TPG GLOBAL, LLC, 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
Michael G. Macdougall | director | 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
Eric Liaw | director | C/O TPG GLOBAL, LLC, 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
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