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Amphenol Corp  (NYSE:APH) Piotroski F-Score: 7 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

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

Amphenol Corp has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

NYSE:APH' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Max: 9
Current: 7

4
9

During the past 13 years, the highest Piotroski F-Score of Amphenol Corp was 9. The lowest was 4. And the median was 6.


Amphenol Corp  (NYSE:APH) Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Amphenol Corp Annual Data

Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 7.00 5.00 5.00

Amphenol Corp Quarterly Data

Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 6.00 5.00 7.00

Competitive Comparison
* 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.


Amphenol Corp  (NYSE:APH) Piotroski F-Score Distribution

* The bar in red indicates where Amphenol Corp's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Mar19) TTM:Last Year (Mar18) TTM:
Net Income was 284.8 + 316.6 + 338.1 + 267.5 = USD 1,207 Mil.
Cash Flow from Operations was 265.1 + 339.2 + 378.2 + 343.6 = USD 1,326 Mil.
Revenue was 1981.4 + 2129 + 2224.7 + 1958.5 = USD 8,294 Mil.
Gross Profit was 644.8 + 688.2 + 715 + 627.8 = USD 2,676 Mil.
Average Total Assets from the begining of this year (Mar18)
to the end of this year (Mar19) was
(9403.7 + 9510.3 + 9742.6 + 10044.9 + 10208.1) / 5 = USD 9781.92 Mil.
Total Assets at the begining of this year (Mar18) was USD 9,404 Mil.
Long-Term Debt & Capital Lease Obligation was USD 3,555 Mil.
Total Current Assets was USD 4,128 Mil.
Total Current Liabilities was USD 1,649 Mil.
Net Income was 251.5 + 277.5 + -103.4 + 265.6 = USD 691 Mil.

Revenue was 1666.5 + 1840.8 + 1943.9 + 1866.9 = USD 7,318 Mil.
Gross Profit was 552.6 + 606.1 + 635.3 + 606.9 = USD 2,401 Mil.
Average Net Income from the begining of last year (Mar17)
to the end of last year (Mar18) was
(8707.4 + 9172.9 + 9608.8 + 10003.9 + 9403.7) / 5 = USD 9379.34 Mil.
Total Assets at the begining of last year (Mar17) was USD 8,707 Mil.
Long-Term Debt & Capital Lease Obligation was USD 2,489 Mil.
Total Current Assets was USD 3,937 Mil.
Total Current Liabilities was USD 2,185 Mil.

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.

Amphenol Corp's current Net Income (TTM) was 1,207. ==> 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.

Amphenol Corp's current Cash Flow from Operations (TTM) was 1,326. ==> 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(Mar18)
=1207/9403.7
=0.12835373

ROA (Last Year)=Net Income/Total Assets(Mar17)
=691.2/8707.4
=0.07938076

Amphenol Corp's return on assets of this year was 0.12835373. Amphenol Corp's return on assets of last year was 0.07938076. ==> 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.

Amphenol Corp's current Net Income (TTM) was 1,207. Amphenol Corp's current Cash Flow from Operations (TTM) was 1,326. ==> 1,326 > 1,207 ==> 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: Mar19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Mar18 to Mar19
=3554.8/9781.92
=0.36340514

Gearing (Last Year: Mar18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Mar17 to Mar18
=2489.4/9379.34
=0.26541313

Amphenol Corp's gearing of this year was 0.36340514. Amphenol Corp's gearing of last year was 0.26541313. ==> 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: Mar19)=Total Current Assets/Total Current Liabilities
=4127.5/1649.2
=2.5027286

Current Ratio (Last Year: Mar18)=Total Current Assets/Total Current Liabilities
=3937.1/2184.7
=1.80212386

Amphenol Corp's current ratio of this year was 2.5027286. Amphenol Corp's current ratio of last year was 1.80212386. ==> 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.

Amphenol Corp's number of shares in issue this year was 308.6. Amphenol Corp's number of shares in issue last year was 316. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=2675.8/8293.6
=0.32263432

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2400.9/7318.1
=0.32807696

Amphenol Corp's gross margin of this year was 0.32263432. Amphenol Corp's gross margin of last year was 0.32807696. ==> 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 (Mar18)
=8293.6/9403.7
=0.88195072

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar17)
=7318.1/8707.4
=0.84044606

Amphenol Corp's asset turnover of this year was 0.88195072. Amphenol Corp's asset turnover of last year was 0.84044606. ==> 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+0+1+1+0+1
=7

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

Amphenol Corp has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Amphenol Corp  (NYSE:APH) 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.


Amphenol Corp  (NYSE:APH) Piotroski F-Score Related Terms


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