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C&J Energy Services Piotroski F-Score

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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

C&J Energy Services has an F-score of 3. It is a bad or low score, which usually implies poor business operation.


C&J Energy Services 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.

C&J Energy Services 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 4.00 3.00 4.00 8.00 4.00

C&J Energy Services Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
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 7.00 4.00 N/A 3.00

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 (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was 10.433 + -189.527 + -23.573 + -110.306 = $-313 Mil.
Cash Flow from Operations was 65.57 + 141.767 + 4.737 + 66.668 = $279 Mil.
Revenue was 567.924 + 490.644 + 510.769 + 501.082 = $2,070 Mil.
Gross Profit was 122.458 + 94.002 + 34.674 + 34.475 = $286 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was
(1682.71 + 1674.712 + 1424.454 + 1424.456 + 1330.087) / 5 = $1507.2838 Mil.
Total Assets at the begining of this year (Jun18) was $1,683 Mil.
Long-Term Debt & Capital Lease Obligation was $16 Mil.
Total Current Assets was $551 Mil.
Total Current Liabilities was $257 Mil.
Net Income was 10.484 + 56.996 + 20.594 + 28.496 = $117 Mil.

Revenue was 442.652 + 491.75 + 553 + 610.521 = $2,098 Mil.
Gross Profit was 102.672 + 115.855 + 87.66 + 92.532 = $399 Mil.
Average Total Assets from the begining of last year (Jun17)
to the end of last year (Jun18) was
(1336.847 + 1383.004 + 1608.857 + 0 + 1682.71) / 5 = $1502.8545 Mil.
Total Assets at the begining of last year (Jun17) was $1,337 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Total Current Assets was $637 Mil.
Total Current Liabilities was $287 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.

C&J Energy Services's current Net Income (TTM) was -313. ==> Negative ==> Score 0.

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.

C&J Energy Services's current Cash Flow from Operations (TTM) was 279. ==> 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 (Jun18)
=-312.973/1682.71
=-0.18599343

ROA (Last Year)=Net Income/Total Assets (Jun17)
=116.57/1336.847
=0.08719771

C&J Energy Services's return on assets of this year was -0.18599343. C&J Energy Services's return on assets of last year was 0.08719771. ==> 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.

C&J Energy Services's current Net Income (TTM) was -313. C&J Energy Services's current Cash Flow from Operations (TTM) was 279. ==> 279 > -313 ==> 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: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=16.281/1507.2838
=0.01080155

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun17 to Jun18
=0/1502.8545
=0

C&J Energy Services's gearing of this year was 0.01080155. C&J Energy Services's gearing of last year was 0. ==> 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: Jun19)=Total Current Assets/Total Current Liabilities
=551.15/256.654
=2.14744364

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=636.802/287.29
=2.21658255

C&J Energy Services's current ratio of this year was 2.14744364. C&J Energy Services's current ratio of last year was 2.21658255. ==> 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.

C&J Energy Services's number of shares in issue this year was 65.082. C&J Energy Services's number of shares in issue last year was 67.268. ==> 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
=285.609/2070.419
=0.13794744

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=398.719/2097.923
=0.19005416

C&J Energy Services's gross margin of this year was 0.13794744. C&J Energy Services's gross margin of last year was 0.19005416. ==> 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 (Jun18)
=2070.419/1682.71
=1.2304075

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=2097.923/1336.847
=1.56930673

C&J Energy Services's asset turnover of this year was 1.2304075. C&J Energy Services's asset turnover of last year was 1.56930673. ==> 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
=0+1+0+1+0+0+1+0+0
=3

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

C&J Energy Services has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

C&J Energy Services  (NYSE:CJ) 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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