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Good Sign:
Piotroski F-Score is 9, indicates a 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
Barings BDC has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Barings BDC's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Barings BDC was 9. The lowest was 1. And the median was 3.
The historical data trend for Barings BDC'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.
Barings BDC Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 1.00 | 4.00 | 5.00 | 8.00 |
Barings BDC Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 7.00 | 5.00 | 8.00 | 9.00 |
For the Asset Management subindustry, Barings BDC'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.
For the Asset Management industry and Financial Services sector, Barings BDC's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Barings BDC'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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was 40.117 + 18.321 + 29.91 + 44.001 = $132.3 Mil. Cash Flow from Operations was 64.824 + -34.864 + 139.004 + 4.891 = $173.9 Mil. Revenue was 42.792 + 20.834 + 33.388 + 46.927 = $143.9 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (2726.921 + 2730.413 + 2741.71 + 2677.453 + 2698.686) / 5 = $2715.0366 Mil. Total Assets at the begining of this year (Mar23) was $2,726.9 Mil. Long-Term Debt & Capital Lease Obligation was $1,451.2 Mil. Total Assets was $2,698.7 Mil. Total Liabilities was $1,486.8 Mil. |
Net Income was -24.993 + 9.893 + -1.251 + 39.651 = $23.3 Mil. Revenue was -19.834 + 12.614 + -0.27 + 42.655 = $35.2 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (2849.41 + 2829.478 + 2646.988 + 2709.957 + 2726.921) / 5 = $2752.5508 Mil. Total Assets at the begining of last year (Mar22) was $2,849.4 Mil. Long-Term Debt & Capital Lease Obligation was $1,488.5 Mil. Total Assets was $2,726.9 Mil. Total Liabilities was $1,521.9 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.
Barings BDC's current Net Income (TTM) was 132.3.
==> 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.
Barings BDC's current Cash Flow from Operations (TTM) was 173.9.
==> 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 (Mar23) |
= | 132.349 | / | 2726.921 | |
= | 0.04853423 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 23.3 | / | 2849.41 | |
= | 0.00817713 |
Barings BDC's return on assets of this year was 0.04853423. Barings BDC's return on assets of last year was 0.00817713.
==> 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.
Barings BDC's current Net Income (TTM) was 132.3. Barings BDC's current Cash Flow from Operations (TTM) was 173.9.
==> 173.9 > 132.3 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 1451.163 | / | 2715.0366 | |
= | 0.53449114 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 1488.463 | / | 2752.5508 | |
= | 0.54075769 |
Barings BDC's gearing of this year was 0.53449114. Barings BDC's gearing of last year was 0.54075769.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Mar24) | = | Total Assets | / | Total Liabilities |
= | 2698.686 | / | 1486.81 | |
= | 1.81508464 |
Current Ratio (Last Year: Mar23) | = | Total Assets | / | Total Liabilities |
= | 2726.921 | / | 1521.92 | |
= | 1.79176369 |
Barings BDC's current ratio of this year was 1.81508464. Barings BDC's current ratio of last year was 1.79176369.
==> 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.
Barings BDC's number of shares in issue this year was 106.039. Barings BDC's number of shares in issue last year was 107.916.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 132.349 | / | 143.941 | |
= | 0.919467 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 23.3 | / | 35.165 | |
= | 0.66259064 |
Barings BDC's net margin of this year was 0.919467. Barings BDC's net margin of last year was 0.66259064.
==> This year's net 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 (Mar23) |
= | 143.941 | / | 2726.921 | |
= | 0.05278517 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 35.165 | / | 2849.41 | |
= | 0.01234115 |
Barings BDC's asset turnover of this year was 0.05278517. Barings BDC's asset turnover of last year was 0.01234115.
==> 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 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 9 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Barings BDC has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
Barings BDC (NYSE:BBDC) 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 Barings BDC's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael Desieno | officer: Chief Accounting Officer | 300 S. TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Stephen R Byers | director | C/O BARINGS LLC, 300 S. TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Michael James O'connor | other: Adviser Board Member | C/O BARINGS LLC, 300 SOUTH TRYON ST., SUITE 2500, CHARLOTTE NC 28202 |
Sears Merritt | other: Adviser Board Member | C/O BARINGS LLC, 300 SOUTH TRYON ST., SUITE 2500, CHARLOTTE NC 28202 |
Elizabeth A. Murray | officer: Director of External Reporting | BARINGS LLC, 300 SOUTH TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Albert Perley | officer: Assistant Treasurer | BARINGS LLC, 300 SOUTH TRYON ST., STE 2500, CHARLOTTE NC 28202 |
Michael Freno | director | BARINGS LLC, 300 SOUTH TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Jeffrey Chillag | officer: Director of Finance | BARINGS LLC, 300 SOUTH TRYON STREET, STE 2500, CHARLOTTE NC 28202 |
Eric Partlan | other: Adviser Board Member | BARINGS LLC, 300 S. TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Geoff Craddock | other: Adviser Board Member | MASSACHUSETTS MUTUAL LIFE INSURANCE CO., ONE MARINA PARK DRIVE, BOSTON MA 02210 |
Thomas Okel | director | BARINGS LLC, 300 SOUTH TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Gregory Wayne Maccordy | other: Chief Compliance Officer | 6 LAMPLIGHT LANE, WESTPORT CT 06880 |
Ashlee Steinnerd | officer: Chief Legal Officer | BARINGS LLC, 300 S. TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Benjamin Tecmire | officer: Chief Compliance Officer | BARINGS LLC, 300 S. TRYON STREET, SUITE 2500, CHARLOTTE NC 28202 |
Valerie Lancaster-beal | director | SIERRA INCOME CORPORATION, 375 PARK AVE. SUITE 3304, NEW YORK NY 10152 |
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