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Burlington Stores Piotroski F-Score

: 5 (As of Today)
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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

Burlington Stores has an F-score of 5 indicating the company's financial situation is typical for a stable company.

NYSE:BURL' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Max: 9
Current: 5

5
9

During the past 9 years, the highest Piotroski F-Score of Burlington Stores was 9. The lowest was 5. And the median was 8.


Burlington Stores 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.

Burlington Stores Annual Data
Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 8.00 9.00 7.00

Burlington Stores Quarterly Data
Jul14 Oct14 Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19
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 9.00 9.00 8.00 7.00 6.00

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.


Burlington Stores Piotroski F-Score Distribution

* The bar in red indicates where Burlington Stores'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 (Apr19) TTM:Last Year (Apr18) TTM:
Net Income was 70.957 + 76.849 + 184.351 + 77.765 = USD 410 Mil.
Cash Flow from Operations was 106.097 + 209.046 + 264.3 + 54.191 = USD 634 Mil.
Revenue was 1504.742 + 1640.958 + 1998.071 + 1634.194 = USD 6,778 Mil.
Gross Profit was 627.268 + 698.949 + 842.117 + 672.876 = USD 2,841 Mil.
Average Total Assets from the begining of this year (Apr18)
to the end of this year (Apr19) was
(2825.446 + 2930.621 + 3206.914 + 3079.172 + 5065.239) / 5 = USD 3421.4784 Mil.
Total Assets at the begining of this year (Apr18) was USD 2,825 Mil.
Long-Term Debt & Capital Lease Obligation was USD 3,179 Mil.
Total Current Assets was USD 1,252 Mil.
Total Current Liabilities was USD 1,344 Mil.
Net Income was 46.902 + 44.879 + 240.703 + 82.588 = USD 415 Mil.

Revenue was 1368.98 + 1444.572 + 1944.272 + 1524.708 = USD 6,283 Mil.
Gross Profit was 560.854 + 612.844 + 821.364 + 632.026 = USD 2,627 Mil.
Average Net Income from the begining of last year (Apr17)
to the end of last year (Apr18) was
(2558.858 + 2611.768 + 2843.363 + 2812.829 + 2825.446) / 5 = USD 2730.4528 Mil.
Total Assets at the begining of last year (Apr17) was USD 2,559 Mil.
Long-Term Debt & Capital Lease Obligation was USD 1,123 Mil.
Total Current Assets was USD 1,101 Mil.
Total Current Liabilities was USD 1,092 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.

Burlington Stores's current Net Income (TTM) was 410. ==> 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.

Burlington Stores's current Cash Flow from Operations (TTM) was 634. ==> 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(Apr18)
=409.922/2825.446
=0.14508223

ROA (Last Year)=Net Income/Total Assets(Apr17)
=415.072/2558.858
=0.16220986

Burlington Stores's return on assets of this year was 0.14508223. Burlington Stores's return on assets of last year was 0.16220986. ==> 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.

Burlington Stores's current Net Income (TTM) was 410. Burlington Stores's current Cash Flow from Operations (TTM) was 634. ==> 634 > 410 ==> 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: Apr19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Apr18 to Apr19
=3179.128/3421.4784
=0.92916793

Gearing (Last Year: Apr18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Apr17 to Apr18
=1122.552/2730.4528
=0.41112302

Burlington Stores's gearing of this year was 0.92916793. Burlington Stores's gearing of last year was 0.41112302. ==> 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: Apr19)=Total Current Assets/Total Current Liabilities
=1251.801/1343.89
=0.93147579

Current Ratio (Last Year: Apr18)=Total Current Assets/Total Current Liabilities
=1100.901/1091.649
=1.00847525

Burlington Stores's current ratio of this year was 0.93147579. Burlington Stores's current ratio of last year was 1.00847525. ==> 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.

Burlington Stores's number of shares in issue this year was 67.7. Burlington Stores's number of shares in issue last year was 69. ==> 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
=2841.21/6777.965
=0.41918334

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2627.088/6282.532
=0.41815752

Burlington Stores's gross margin of this year was 0.41918334. Burlington Stores's gross margin of last year was 0.41815752. ==> 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 (Apr18)
=6777.965/2825.446
=2.39890092

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr17)
=6282.532/2558.858
=2.45520932

Burlington Stores's asset turnover of this year was 2.39890092. Burlington Stores's asset turnover of last year was 2.45520932. ==> 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+1+1+0
=5

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

Burlington Stores has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Burlington Stores  (NYSE:BURL) 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.


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