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Good Sign:
Piotroski F-Score is 8, 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
Broadridge Financial Solutions has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Broadridge Financial Solutions's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Broadridge Financial Solutions was 8. The lowest was 3. And the median was 6.
The historical data trend for Broadridge Financial Solutions'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.
Broadridge Financial Solutions Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 5.00 | 4.00 | 4.00 | 7.00 |
Broadridge Financial Solutions 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 | 5.00 | 7.00 | 8.00 | 8.00 | 8.00 |
For the Information Technology Services subindustry, Broadridge Financial Solutions'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 Software industry and Technology sector, Broadridge Financial Solutions's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Broadridge Financial Solutions'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 324.1 + 90.9 + 70.3 + 213.7 = $699 Mil. Cash Flow from Operations was 729.2 + -62 + 189.8 + 207.4 = $1,064 Mil. Revenue was 1839 + 1431.1 + 1405 + 1726.5 = $6,402 Mil. Gross Profit was 679.9 + 355.8 + 347.8 + 539.2 = $1,923 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (8432.3 + 8233.2 + 8071.2 + 7999.8 + 8215.4) / 5 = $8190.38 Mil. Total Assets at the begining of this year (Mar23) was $8,432 Mil. Long-Term Debt & Capital Lease Obligation was $3,690 Mil. Total Current Assets was $1,565 Mil. Total Current Liabilities was $1,123 Mil. |
Net Income was 248.1 + 50.4 + 57.5 + 198.5 = $555 Mil. Revenue was 1722.9 + 1283.3 + 1292.9 + 1645.7 = $5,945 Mil. Gross Profit was 576.1 + 292.9 + 304.7 + 508 = $1,682 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (8349.5 + 8168.8 + 8090.6 + 8051.3 + 8432.3) / 5 = $8218.5 Mil. Total Assets at the begining of last year (Mar22) was $8,350 Mil. Long-Term Debt & Capital Lease Obligation was $4,288 Mil. Total Current Assets was $1,568 Mil. Total Current Liabilities was $1,163 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.
Broadridge Financial Solutions's current Net Income (TTM) was 699.
==> 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.
Broadridge Financial Solutions's current Cash Flow from Operations (TTM) was 1,064.
==> 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) |
= | 699 | / | 8432.3 | |
= | 0.08289553 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 554.5 | / | 8349.5 | |
= | 0.06641116 |
Broadridge Financial Solutions's return on assets of this year was 0.08289553. Broadridge Financial Solutions's return on assets of last year was 0.06641116.
==> 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.
Broadridge Financial Solutions's current Net Income (TTM) was 699. Broadridge Financial Solutions's current Cash Flow from Operations (TTM) was 1,064.
==> 1,064 > 699 ==> 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 |
= | 3689.6 | / | 8190.38 | |
= | 0.45047971 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 4287.6 | / | 8218.5 | |
= | 0.52170104 |
Broadridge Financial Solutions's gearing of this year was 0.45047971. Broadridge Financial Solutions's gearing of last year was 0.52170104.
==> 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: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 1565.1 | / | 1122.6 | |
= | 1.39417424 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 1568.2 | / | 1163.1 | |
= | 1.34829335 |
Broadridge Financial Solutions's current ratio of this year was 1.39417424. Broadridge Financial Solutions's current ratio of last year was 1.34829335.
==> 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.
Broadridge Financial Solutions's number of shares in issue this year was 119.4. Broadridge Financial Solutions's number of shares in issue last year was 119.1.
==> 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 |
= | 1922.7 | / | 6401.6 | |
= | 0.30034679 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1681.7 | / | 5944.8 | |
= | 0.28288588 |
Broadridge Financial Solutions's gross margin of this year was 0.30034679. Broadridge Financial Solutions's gross margin of last year was 0.28288588.
==> 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 (Mar23) |
= | 6401.6 | / | 8432.3 | |
= | 0.75917603 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 5944.8 | / | 8349.5 | |
= | 0.71199473 |
Broadridge Financial Solutions's asset turnover of this year was 0.75917603. Broadridge Financial Solutions's asset turnover of last year was 0.71199473.
==> 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 | + | 0 | + | 1 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Broadridge Financial Solutions has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Broadridge Financial Solutions (NYSE:BR) 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 Broadridge Financial Solutions's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher John Perry | officer: Corporate SVP | 1981 MARCUS AVENUE, LAKE SUCCESS NY 11042 |
Laura Matlin | officer: VP, Deputy GC and CGO | C/O BROADRIDGE, 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Keir D Gumbs | officer: CVP and Chief Legal Officer | C/O BROADRIDGE FINANCIAL SOLUTIONS, INC., 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Timothy C Gokey | officer: Senior Vice President | 5 DAKOTA DRIVE, SUITE 300, LAKE SUCCESS NY 11042 |
Richard J Daly | director, officer: Chief Executive Officer | 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Thomas P Carey | officer: Corporate VP | C/O BROADRIDGE FINANCIAL SOLUTIONS, 5 DAKOTA DR., STE 300, LAKE SUCCESS NY 11042 |
Douglas Richard Deschutter | officer: Corporate Vice President | 5 DAKOTA DRIVE, SUITE 300, LAKE SUCCESS NY 11042 |
Leslie A Brun | director | 435 DEVON PARK DRIVE, 700 BUILDING, WAYNE PA 19087 |
Robert Schifellite | officer: Corporate Vice President | 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Robert N Duelks | director | 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Robert F Kalenka | officer: Corporate Vice President | 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Richard John Stingi | officer: Corporate VP and CHRO | C/O BROADRIDGE FINANCIAL SOLUTIONS, 5 DAKOTA DRIVE, LAKE SUCCESS NY 11042 |
Thomas J Perna | director | 89 ROBBINS AVENUE, BERKELEY HEIGHTS NJ 07922 |
Eileen K Murray | director | 1585 BROADWAY, NEW YORK NY 10036 |
Vijay Mayadas | officer: VP, Strategy | C/O BROADRIDGE FINANCIAL SOLUTIONS, 5 DAKOTA DRIVE, LAKE SUCCESS NE 11042 |
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