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Clorox Co Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating 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

Clorox Co has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

NYSE:CLX' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 8
Current: 7

1
8

During the past 13 years, the highest Piotroski F-Score of Clorox Co was 8. The lowest was 1. And the median was 6.


Clorox Co 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.

Clorox Co Annual Data
Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 7.00 6.00 0.00

Clorox Co Quarterly Data
Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20
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 6.00 5.00 5.00 7.00 0.00

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.


Clorox Co Piotroski F-Score Distribution

* The bar in red indicates where Clorox Co'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 (Jun20) TTM:Last Year (Jun19) TTM:
Net Income was 203 + 185 + 241 + 310 = USD 939 Mil.
Cash Flow from Operations was 271 + 227 + 308 + 0 = USD 806 Mil.
Revenue was 1506 + 1449 + 1783 + 1983 = USD 6,721 Mil.
Gross Profit was 663 + 639 + 832 + 929 = USD 3,063 Mil.
Average Total Assets from the begining of this year (Jun19)
to the end of this year (Jun20) was
(5116 + 5397 + 5459 + 5850 + 6213) / 5 = USD 5607 Mil.
Total Assets at the begining of this year (Jun19) was USD 5,116 Mil.
Long-Term Debt & Capital Lease Obligation was USD 3,058 Mil.
Total Current Assets was USD 2,020 Mil.
Total Current Liabilities was USD 1,418 Mil.
Net Income was 210 + 182 + 187 + 241 = USD 820 Mil.

Revenue was 1563 + 1473 + 1551 + 1627 = USD 6,214 Mil.
Gross Profit was 678 + 643 + 673 + 734 = USD 2,728 Mil.
Average Total Assets from the begining of last year (Jun18)
to the end of last year (Jun19) was
(5060 + 5058 + 5073 + 5162 + 5116) / 5 = USD 5093.8 Mil.
Total Assets at the begining of last year (Jun18) was USD 5,060 Mil.
Long-Term Debt & Capital Lease Obligation was USD 2,287 Mil.
Total Current Assets was USD 1,305 Mil.
Total Current Liabilities was USD 1,440 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.

Clorox Co's current Net Income (TTM) was 939. ==> 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.

Clorox Co's current Cash Flow from Operations (TTM) was 806. ==> 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 (Jun19)
=939/5116
=0.18354183

ROA (Last Year)=Net Income/Total Assets (Jun18)
=820/5060
=0.16205534

Clorox Co's return on assets of this year was 0.18354183. Clorox Co's return on assets of last year was 0.16205534. ==> 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.

Clorox Co's current Net Income (TTM) was 939. Clorox Co's current Cash Flow from Operations (TTM) was 806. ==> 806 <= 939 ==> CFROA <= ROA ==> Score 0.

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: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=3058/5607
=0.54538969

Gearing (Last Year: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=2287/5093.8
=0.44897719

Clorox Co's gearing of this year was 0.54538969. Clorox Co's gearing of last year was 0.44897719. ==> 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: Jun20)=Total Current Assets/Total Current Liabilities
=2020/1418
=1.42454161

Current Ratio (Last Year: Jun19)=Total Current Assets/Total Current Liabilities
=1305/1440
=0.90625

Clorox Co's current ratio of this year was 1.42454161. Clorox Co's current ratio of last year was 0.90625. ==> 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.

Clorox Co's number of shares in issue this year was 128.494. Clorox Co's number of shares in issue last year was 128.514. ==> 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
=3063/6721
=0.45573575

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2728/6214
=0.43900869

Clorox Co's gross margin of this year was 0.45573575. Clorox Co's gross margin of last year was 0.43900869. ==> 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 (Jun19)
=6721/5116
=1.31372166

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun18)
=6214/5060
=1.22806324

Clorox Co's asset turnover of this year was 1.31372166. Clorox Co's asset turnover of last year was 1.22806324. ==> 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+0+0+1+1+1+1
=7

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

Clorox Co has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Clorox Co  (NYSE:CLX) 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.


Clorox Co Piotroski F-Score Related Terms


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