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Eagle Materials Piotroski F-Score

: 4 (As of Today)
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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

Eagle Materials has an F-score of 4 indicating the company's financial situation is typical for a stable company.

NYSE:EXP' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Max: 9
Current: 4

3
9

During the past 13 years, the highest Piotroski F-Score of Eagle Materials was 9. The lowest was 3. And the median was 7.


Eagle Materials 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.

Eagle Materials Annual Data
Mar10 Mar11 Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 7.00 6.00 4.00

Eagle Materials 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 5.00 4.00 4.00

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.


Eagle Materials Piotroski F-Score Distribution

* The bar in red indicates where Eagle Materials'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 (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was 72.603 + 57.715 + -127.797 + 41.304 = USD 44 Mil.
Cash Flow from Operations was 92.967 + 119.224 + 56.184 + 50.698 = USD 319 Mil.
Revenue was 381.499 + 333.285 + 284.701 + 370.597 = USD 1,370 Mil.
Gross Profit was 97.931 + 80.421 + 56.582 + 75.329 = USD 310 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was
(2426.975 + 2379.512 + 2355.416 + 2169.163 + 2269.078) / 5 = USD 2320.0288 Mil.
Total Assets at the begining of this year (Jun18) was USD 2,427 Mil.
Long-Term Debt & Capital Lease Obligation was USD 896 Mil.
Total Current Assets was USD 467 Mil.
Total Current Liabilities was USD 193 Mil.
Net Income was 63.362 + 101.38 + 37.008 + 66.339 = USD 268 Mil.

Revenue was 376.315 + 359.371 + 284.713 + 393.756 = USD 1,414 Mil.
Gross Profit was 96.754 + 94.566 + 61.377 + 91.634 = USD 344 Mil.
Average Net Income from the begining of last year (Jun17)
to the end of last year (Jun18) was
(2279.59 + 2321.041 + 2308.043 + 2368.003 + 2426.975) / 5 = USD 2340.7304 Mil.
Total Assets at the begining of last year (Jun17) was USD 2,280 Mil.
Long-Term Debt & Capital Lease Obligation was USD 651 Mil.
Total Current Assets was USD 494 Mil.
Total Current Liabilities was USD 189 Mil.

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.

Eagle Materials's current Net Income (TTM) was 44. ==> 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.

Eagle Materials's current Cash Flow from Operations (TTM) was 319. ==> 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)
=43.825/2426.975
=0.01805746

ROA (Last Year)=Net Income/Total Assets(Jun17)
=268.089/2279.59
=0.11760404

Eagle Materials's return on assets of this year was 0.01805746. Eagle Materials's return on assets of last year was 0.11760404. ==> 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.

Eagle Materials's current Net Income (TTM) was 44. Eagle Materials's current Cash Flow from Operations (TTM) was 319. ==> 319 > 44 ==> 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/Total Assetsfrom Jun18 to Jun19
=896.143/2320.0288
=0.38626374

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun17 to Jun18
=651.09/2340.7304
=0.27815677

Eagle Materials's gearing of this year was 0.38626374. Eagle Materials's gearing of last year was 0.27815677. ==> 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
=466.517/192.956
=2.41773772

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=493.789/189.092
=2.61136907

Eagle Materials's current ratio of this year was 2.41773772. Eagle Materials's current ratio of last year was 2.61136907. ==> 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.

Eagle Materials's number of shares in issue this year was 44.2. Eagle Materials's number of shares in issue last year was 48.1. ==> 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
=310.263/1370.082
=0.22645579

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=344.331/1414.155
=0.24348887

Eagle Materials's gross margin of this year was 0.22645579. Eagle Materials's gross margin of last year was 0.24348887. ==> 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)
=1370.082/2426.975
=0.5645225

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=1414.155/2279.59
=0.62035498

Eagle Materials's asset turnover of this year was 0.5645225. Eagle Materials's asset turnover of last year was 0.62035498. ==> 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
=1+1+0+1+0+0+1+0+0
=4

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

Eagle Materials has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Eagle Materials  (NYSE:EXP) 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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