Market Cap : 59.78 B | Enterprise Value : 68.98 B | PE Ratio : 72.00 | PB Ratio : 3.47 |
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Good Sign:
Piotroski F-Score is 7, 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
Boston Scientific has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Boston Scientific's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Boston Scientific was 9. The lowest was 3. And the median was 5.
The historical data trend for Boston Scientific'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.
For the Medical Devices subindustry, Boston Scientific'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 Medical Devices & Instruments industry and Healthcare sector, Boston Scientific's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Boston Scientific'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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 419 + 95 + 110 + 260 = $884 Mil. Cash Flow from Operations was 465 + 478 + -58 + 307 = $1,192 Mil. Revenue was 2932 + 3127 + 3026 + 3244 = $12,329 Mil. Gross Profit was 2018 + 2144 + 2059 + 2222 = $8,443 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (31168 + 31877 + 32229 + 32337 + 32189) / 5 = $31960 Mil. Total Assets at the begining of this year (Jun21) was $31,168 Mil. Long-Term Debt & Capital Lease Obligation was $9,157 Mil. Total Current Assets was $5,083 Mil. Total Current Liabilities was $3,883 Mil. |
Net Income was -155 + 210 + 341 + 186 = $582 Mil. Revenue was 2659 + 2709 + 2752 + 3077 = $11,197 Mil. Gross Profit was 1778 + 1696 + 1846 + 2120 = $7,440 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (30823 + 30845 + 30777 + 30900 + 31168) / 5 = $30902.6 Mil. Total Assets at the begining of last year (Jun20) was $30,823 Mil. Long-Term Debt & Capital Lease Obligation was $9,202 Mil. Total Current Assets was $6,758 Mil. Total Current Liabilities was $4,073 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.
Boston Scientific's current Net Income (TTM) was 884.
==> 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.
Boston Scientific's current Cash Flow from Operations (TTM) was 1,192.
==> 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 (Jun21) |
= | 884 | / | 31168 | |
= | 0.02836242 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 582 | / | 30823 | |
= | 0.018882 |
Boston Scientific's return on assets of this year was 0.02836242. Boston Scientific's return on assets of last year was 0.018882.
==> 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.
Boston Scientific's current Net Income (TTM) was 884. Boston Scientific's current Cash Flow from Operations (TTM) was 1,192.
==> 1,192 > 884 ==> 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: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 9157 | / | 31960 | |
= | 0.28651439 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 9202 | / | 30902.6 | |
= | 0.2977743 |
Boston Scientific's gearing of this year was 0.28651439. Boston Scientific's gearing of last year was 0.2977743.
==> 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: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 5083 | / | 3883 | |
= | 1.3090394 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 6758 | / | 4073 | |
= | 1.65921925 |
Boston Scientific's current ratio of this year was 1.3090394. Boston Scientific's current ratio of last year was 1.65921925.
==> 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.
Boston Scientific's number of shares in issue this year was 1437.8. Boston Scientific's number of shares in issue last year was 1432.5.
==> 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 |
= | 8443 | / | 12329 | |
= | 0.68480818 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 7440 | / | 11197 | |
= | 0.6644637 |
Boston Scientific's gross margin of this year was 0.68480818. Boston Scientific's gross margin of last year was 0.6644637.
==> 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 (Jun21) |
= | 12329 | / | 31168 | |
= | 0.39556597 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 11197 | / | 30823 | |
= | 0.36326769 |
Boston Scientific's asset turnover of this year was 0.39556597. Boston Scientific's asset turnover of last year was 0.36326769.
==> 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 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Boston Scientific has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
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 Boston Scientific's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Wichmann David S | director | UNITEDHEALTH GROUP INC 9900 BREN RD E MINNETONKA MN 55343 |
Brown Vance R | officer: SVP, GC and Corp. Secretary | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
Olson Scott | officer: SVP & Pres, Rhythm Management | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
Scanlon Meghan | officer: SVP,Pres,Urology Pelvic Health | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
Monson Jonathan | officer: VP, Corp Controller and CAO | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
Fujimori Yoshiaki | director | 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
James Donna | director | ONE MIRANOVA PLACE SUITE 1040 COLUMBUS OH 43215 |
Zane Ellen M | director | C/O TUFTS-NEW ENGLAND MEDICAL CENTER 750 WASHINGTON STREET, TUFTS-NEMC #451 BOSTON MA 02111 |
Sununu John E | director | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
Connors Nelda J | director | BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752-1234 |
Ludwig Edward J | director | C/O BECTON DICKERSON & CO 1 BECTON DR FRANKLIN LAKES NJ 07417 |
Roux David J | director | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
Dockendorff Charles J | director | COVIDIEN LTD. 15 HAMPSHIRE STREET MANSFIELD MA 02048 |
Macmillan Stephen P | director | 250 CAMPUS DRIVE MARLBOROUGH MA 01752 |
Wang Xin Warren | officer: SVP and Pres, Asia Pacific | C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752 |
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