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Good Sign:
Piotroski F-Score is 8, 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
DCP Midstream LP has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for DCP Midstream LP's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of DCP Midstream LP was 8. The lowest was 2. And the median was 5.
The historical data trend for DCP Midstream LP'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.
DCP Midstream LP Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 4.00 | 4.00 | 7.00 | 8.00 |
DCP Midstream LP Quarterly Data | ||||||||||||||||||||
Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 8.00 | 8.00 | 8.00 |
For the Oil & Gas Midstream subindustry, DCP Midstream LP'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 Oil & Gas industry and Energy sector, DCP Midstream LP's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where DCP Midstream LP'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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Net Income was 383 + 328 + 261 + 211 = $1,183 Mil. Cash Flow from Operations was 385 + 701 + 607 + 135 = $1,828 Mil. Revenue was 4269 + 4319 + 3030 + 2726 = $14,344 Mil. Gross Profit was 535 + 532 + 466 + 408 = $1,941 Mil. Average Total Assets from the begining of this year (Mar22) to the end of this year (Mar23) was (13751 + 14064 + 13882 + 13334 + 12884) / 5 = $13583 Mil. Total Assets at the begining of this year (Mar22) was $13,751 Mil. Long-Term Debt & Capital Lease Obligation was $4,992 Mil. Total Current Assets was $1,270 Mil. Total Current Liabilities was $1,389 Mil. |
Net Income was -31 + 54 + 315 + 80 = $418 Mil. Revenue was 2085 + 2827 + 3477 + 3375 = $11,764 Mil. Gross Profit was 153 + 227 + 508 + 210 = $1,098 Mil. Average Total Assets from the begining of last year (Mar21) to the end of last year (Mar22) was (13111 + 13300 + 13696 + 13380 + 13751) / 5 = $13447.6 Mil. Total Assets at the begining of last year (Mar21) was $13,111 Mil. Long-Term Debt & Capital Lease Obligation was $4,930 Mil. Total Current Assets was $2,180 Mil. Total Current Liabilities was $2,580 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.
DCP Midstream LP's current Net Income (TTM) was 1,183.
==> 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.
DCP Midstream LP's current Cash Flow from Operations (TTM) was 1,828.
==> 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 (Mar22) |
= | 1183 | / | 13751 | |
= | 0.08603011 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar21) |
= | 418 | / | 13111 | |
= | 0.03188163 |
DCP Midstream LP's return on assets of this year was 0.08603011. DCP Midstream LP's return on assets of last year was 0.03188163.
==> 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.
DCP Midstream LP's current Net Income (TTM) was 1,183. DCP Midstream LP's current Cash Flow from Operations (TTM) was 1,828.
==> 1,828 > 1,183 ==> 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: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 4992 | / | 13583 | |
= | 0.36751822 |
Gearing (Last Year: Mar22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar21 to Mar22 |
= | 4930 | / | 13447.6 | |
= | 0.36660817 |
DCP Midstream LP's gearing of this year was 0.36751822. DCP Midstream LP's gearing of last year was 0.36660817.
==> 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: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 1270 | / | 1389 | |
= | 0.91432685 |
Current Ratio (Last Year: Mar22) | = | Total Current Assets | / | Total Current Liabilities |
= | 2180 | / | 2580 | |
= | 0.84496124 |
DCP Midstream LP's current ratio of this year was 0.91432685. DCP Midstream LP's current ratio of last year was 0.84496124.
==> 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.
DCP Midstream LP's number of shares in issue this year was 208.6. DCP Midstream LP's number of shares in issue last year was 208.8.
==> 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 |
= | 1941 | / | 14344 | |
= | 0.1353179 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1098 | / | 11764 | |
= | 0.0933356 |
DCP Midstream LP's gross margin of this year was 0.1353179. DCP Midstream LP's gross margin of last year was 0.0933356.
==> 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 (Mar22) |
= | 14344 | / | 13751 | |
= | 1.04312414 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar21) |
= | 11764 | / | 13111 | |
= | 0.89726184 |
DCP Midstream LP's asset turnover of this year was 1.04312414. DCP Midstream LP's asset turnover of last year was 0.89726184.
==> 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 | + | 1 | + | 1 | + | 1 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
DCP Midstream LP has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
DCP Midstream LP (NYSE:DCP) 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.
Thank you for viewing the detailed overview of DCP Midstream LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Scott Richard Delmoro | officer: Principal Financial Officer | 6900 E. LAYTON AVE, SUITE 900, DENVER CO 80237 |
Timothy D. Roberts | director | C/O PHILLIPS 66 PARTNERS LP, 3010 BRIARPARK DRIVE, HOUSTON TX 77042 |
Clifford Todd Denton | director | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Phillips 66 Co | 10 percent owner | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
66 Phillips | 10 percent owner | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Phillips 66 Project Development Inc. | 10 percent owner | P.O. BOX 4428, HOUSTON TX 77210 |
Phillips 66 Project Shareholder Inc. | 10 percent owner | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Phillips Gas Co Llc | 10 percent owner | 2331 CITYWEST BLVD., HOUSTON TX 77042 |
Kevin J Mitchell | director | 3010 BRIARPARK DRIVE, HOUSTON TX 77042 |
William L. Johnson | officer: President | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
George R. Green | officer: Group VP & General Counsel | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
Heather Crowder | director | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
Stephen J Neyland | director | 5400 WESTHEIMER COURT, HOUSTON TX 77056 |
Sean O'brien | officer: Group Vice President and CFO | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
Richard A. Loving | officer: Vice President and Controller | 370 17TH STREET, SUITE 2500, DENVER CO 80202 |
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