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DaVita 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

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

NYSE:DVA' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 7

3
9

During the past 13 years, the highest Piotroski F-Score of DaVita was 9. The lowest was 3. And the median was 6.


DaVita 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.

DaVita Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 6.00 6.00 6.00

DaVita Quarterly Data
Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20
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 5.00 6.00 7.00 7.00 7.00

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.


DaVita Piotroski F-Score Distribution

* The bar in red indicates where DaVita'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 (Sep20) TTM:Last Year (Sep19) TTM:
Net Income was 244.871 + 239.593 + 201.602 + 158.674 = $845 Mil.
Cash Flow from Operations was 680.53 + 360.381 + 651.122 + 482.727 = $2,175 Mil.
Revenue was 2898.584 + 2841.237 + 2879.979 + 2924.066 = $11,544 Mil.
Gross Profit was 897.959 + 865.788 + 895.415 + 952.347 = $3,612 Mil.
Average Total Assets from the begining of this year (Sep19)
to the end of this year (Sep20) was
(17451.83 + 17311.394 + 17596.3 + 19305.091 + 17046.672) / 5 = $17742.2574 Mil.
Total Assets at the begining of this year (Sep19) was $17,452 Mil.
Long-Term Debt & Capital Lease Obligation was $10,577 Mil.
Total Current Assets was $3,430 Mil.
Total Current Liabilities was $2,499 Mil.
Net Income was -149.772 + 149.289 + 273.551 + 143.27 = $416 Mil.

Revenue was 2821.124 + 2743.112 + 2842.705 + 2904.078 = $11,311 Mil.
Gross Profit was 794.055 + 778.177 + 884.952 + 912.906 = $3,370 Mil.
Average Total Assets from the begining of last year (Sep18)
to the end of last year (Sep19) was
(19357.789 + 19110.252 + 22605.944 + 19930.96 + 17451.83) / 5 = $19691.355 Mil.
Total Assets at the begining of last year (Sep18) was $19,358 Mil.
Long-Term Debt & Capital Lease Obligation was $10,697 Mil.
Total Current Assets was $3,999 Mil.
Total Current Liabilities was $2,207 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.

DaVita's current Net Income (TTM) was 845. ==> 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.

DaVita's current Cash Flow from Operations (TTM) was 2,175. ==> 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 (Sep19)
=844.74/17451.83
=0.04840409

ROA (Last Year)=Net Income/Total Assets (Sep18)
=416.338/19357.789
=0.02150752

DaVita's return on assets of this year was 0.04840409. DaVita's return on assets of last year was 0.02150752. ==> 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.

DaVita's current Net Income (TTM) was 845. DaVita's current Cash Flow from Operations (TTM) was 2,175. ==> 2,175 > 845 ==> 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: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=10577.095/17742.2574
=0.59615272

Gearing (Last Year: Sep19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep18 to Sep19
=10696.6/19691.355
=0.543213

DaVita's gearing of this year was 0.59615272. DaVita's gearing of last year was 0.543213. ==> 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: Sep20)=Total Current Assets/Total Current Liabilities
=3429.675/2499.241
=1.37228663

Current Ratio (Last Year: Sep19)=Total Current Assets/Total Current Liabilities
=3998.718/2206.64
=1.81212975

DaVita's current ratio of this year was 1.37228663. DaVita's current ratio of last year was 1.81212975. ==> 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.

DaVita's number of shares in issue this year was 123.954. DaVita's number of shares in issue last year was 151.296. ==> 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
=3611.509/11543.866
=0.31285091

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3370.09/11311.019
=0.29794751

DaVita's gross margin of this year was 0.31285091. DaVita's gross margin of last year was 0.29794751. ==> 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 (Sep19)
=11543.866/17451.83
=0.66147023

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep18)
=11311.019/19357.789
=0.58431358

DaVita's asset turnover of this year was 0.66147023. DaVita's asset turnover of last year was 0.58431358. ==> 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+1+1
=7

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

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

DaVita  (NYSE:DVA) 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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