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Cash America International 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

Cash America International has an F-score of 6 indicating the company's financial situation is typical for a stable company.


Cash America International Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Cash America International Annual Data
Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 6.00 6.00 7.00

Cash America International Quarterly Data
Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16
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 8.00 7.00 7.00 6.00 6.00

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Net Income was 5.038 + 12.612 + 10.633 + 2.098 = $30 Mil.
Cash Flow from Operations was 25.168 + 42.067 + 45.402 + 17.093 = $130 Mil.
Revenue was 241.19 + 280.075 + 277.205 + 241.151 = $1,040 Mil.
Gross Profit was 134.96 + 151.102 + 144.044 + 128.215 = $558 Mil.
Average Total Assets from the begining of this year (Jun15)
to the end of this year (Jun16) was
(1431.716 + 1399.859 + 1378.997 + 1310.815 + 1314.157) / 5 = $1367.1088 Mil.
Total Assets at the begining of this year (Jun15) was $1,432 Mil.
Long-Term Debt & Capital Lease Obligation was $183 Mil.
Total Current Assets was $627 Mil.
Total Current Liabilities was $84 Mil.
Net Income was 9.916 + 22.014 + 7.845 + 2.071 = $42 Mil.

Revenue was 267.01 + 289.443 + 271.762 + 236.464 = $1,065 Mil.
Gross Profit was 144.103 + 151.725 + 147.091 + 133.991 = $577 Mil.
Average Total Assets from the begining of last year (Jun14)
to the end of last year (Jun15) was
(2180.337 + 2113.714 + 1522.447 + 1475.99 + 1431.716) / 5 = $1744.8408 Mil.
Total Assets at the begining of last year (Jun14) was $2,180 Mil.
Long-Term Debt & Capital Lease Obligation was $181 Mil.
Total Current Assets was $714 Mil.
Total Current Liabilities was $92 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.

Cash America International's current Net Income (TTM) was 30. ==> 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.

Cash America International's current Cash Flow from Operations (TTM) was 130. ==> 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 (Jun15)
=30.381/1431.716
=0.02121999

ROA (Last Year)=Net Income/Total Assets (Jun14)
=41.846/2180.337
=0.01919245

Cash America International's return on assets of this year was 0.02121999. Cash America International's return on assets of last year was 0.01919245. ==> 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.

Cash America International's current Net Income (TTM) was 30. Cash America International's current Cash Flow from Operations (TTM) was 130. ==> 130 > 30 ==> 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: Jun16)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun15 to Jun16
=183.28/1367.1088
=0.13406395

Gearing (Last Year: Jun15)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun14 to Jun15
=181.319/1744.8408
=0.10391722

Cash America International's gearing of this year was 0.13406395. Cash America International's gearing of last year was 0.10391722. ==> 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: Jun16)=Total Current Assets/Total Current Liabilities
=626.681/83.962
=7.46386461

Current Ratio (Last Year: Jun15)=Total Current Assets/Total Current Liabilities
=713.621/91.936
=7.76214976

Cash America International's current ratio of this year was 7.46386461. Cash America International's current ratio of last year was 7.76214976. ==> 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.

Cash America International's number of shares in issue this year was 24.714. Cash America International's number of shares in issue last year was 27.508. ==> 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
=558.321/1039.621
=0.53704283

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=576.91/1064.679
=0.54186285

Cash America International's gross margin of this year was 0.53704283. Cash America International's gross margin of last year was 0.54186285. ==> 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 (Jun15)
=1039.621/1431.716
=0.72613633

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun14)
=1064.679/2180.337
=0.48830938

Cash America International's asset turnover of this year was 0.72613633. Cash America International's asset turnover of last year was 0.48830938. ==> 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+0+0+1+0+1
=6

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

Cash America International has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Cash America International  (NYSE:CSH) 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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