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FinVolution Group Piotroski F-Score

: 6 (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

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

The historical rank and industry rank for FinVolution Group's Piotroski F-Score or its related term are showing as below:

NYSE:FINV' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 7
Current: 6

2
7

During the past 6 years, the highest Piotroski F-Score of FinVolution Group was 7. The lowest was 2. And the median was 6.


FinVolution Group Piotroski F-Score Historical Data

The historical data trend for FinVolution Group'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.

* Premium members only.

FinVolution Group Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only N/A N/A 4.00 2.00 7.00

FinVolution Group Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
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 N/A 7.00 N/A 7.00 6.00

Competitive Comparison

For the Credit Services subindustry, FinVolution Group'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.

   

FinVolution Group Piotroski F-Score Distribution

For the Credit Services industry and Financial Services sector, FinVolution Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FinVolution Group'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 (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 75.533925649534 + 90.67410035479 + 97.491517509728 + 98.561095364218 = $362 Mil.
Cash Flow from Operations was 114.45552276238 + 45.01205670491 + 18.592996108949 + 21.194337313941 = $199 Mil.
Revenue was 113.10920129066 + 324.51627271191 + 371.06614785992 + 391.10821987826 = $1,200 Mil.
Gross Profit was 42.014282874314 + 261.07588812607 + 300.24840466926 + 319.92673822468 = $923 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(2235.6093442575 + 2275.8070435674 + 2289.8762075903 + 2365.6277042802 + 2519.7614732897) / 5 = $2337.3363546 Mil.
Total Assets at the begining of this year (Sep20) was $2,236 Mil.
Long-Term Debt & Capital Lease Obligation was $3 Mil.
Total Current Assets was $2,272 Mil.
Total Current Liabilities was $493 Mil.
Net Income was 58.63894948458 + 59.737767965245 + 64.492063940352 + 88.489266731272 = $271 Mil.

Revenue was 17.9819496129 + 300.02279039954 + 255.65578400361 + 263.31497959064 = $837 Mil.
Gross Profit was -25.526754779931 + 264.48472331031 + 217.20190352463 + 213.55739582416 = $670 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(2739.6623416787 + 2609.8145058956 + 2272.8752937825 + 2113.8369859919 + 2235.6093442575) / 5 = $2394.35969432 Mil.
Total Assets at the begining of last year (Sep19) was $2,740 Mil.
Long-Term Debt & Capital Lease Obligation was $8 Mil.
Total Current Assets was $1,984 Mil.
Total Current Liabilities was $683 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.

FinVolution Group's current Net Income (TTM) was 362. ==> 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.

FinVolution Group's current Cash Flow from Operations (TTM) was 199. ==> 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 (Sep20)
=362.26063887827/2235.6093442575
=0.16204112

ROA (Last Year)=Net Income/Total Assets (Sep19)
=271.35804812145/2739.6623416787
=0.09904799

FinVolution Group's return on assets of this year was 0.16204112. FinVolution Group's return on assets of last year was 0.09904799. ==> 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.

FinVolution Group's current Net Income (TTM) was 362. FinVolution Group's current Cash Flow from Operations (TTM) was 199. ==> 199 <= 362 ==> 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: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=3.0932577482459/2337.3363546
=0.00132341

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=7.8856488415118/2394.35969432
=0.00329343

FinVolution Group's gearing of this year was 0.00132341. FinVolution Group's gearing of last year was 0.00329343. ==> This year is lower or equal to last year. ==> Score 1.

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: Sep21)=Total Current Assets/Total Current Liabilities
=2272.1132846987/492.61124792838
=4.61238612

Current Ratio (Last Year: Sep20)=Total Current Assets/Total Current Liabilities
=1983.7826329545/683.48383402343
=2.90245728

FinVolution Group's current ratio of this year was 4.61238612. FinVolution Group's current ratio of last year was 2.90245728. ==> 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.

FinVolution Group's number of shares in issue this year was 296.275. FinVolution Group's number of shares in issue last year was 293.47. ==> There is larger number of shares in issue this year. ==> Score 0.

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
=923.26531389432/1199.7998417408
=0.76951612

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=669.71726787916/836.9755036067
=0.80016352

FinVolution Group's gross margin of this year was 0.76951612. FinVolution Group's gross margin of last year was 0.80016352. ==> 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 (Sep20)
=1199.7998417408/2235.6093442575
=0.53667688

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=836.9755036067/2739.6623416787
=0.30550316

FinVolution Group's asset turnover of this year was 0.53667688. FinVolution Group's asset turnover of last year was 0.30550316. ==> 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+1+1+0+0+1
=6

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

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

FinVolution Group  (NYSE:FINV) 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.


FinVolution Group Piotroski F-Score Related Terms

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FinVolution Group Business Description

FinVolution Group logo
Industry
Financial Services » Credit Services NAICS : 522310 SIC : 6163
Traded in Other Exchanges
Address
No. 999 Dangui Road, Building G1, Pudong New District, Shanghai, CHN, 201203
FinVolution Group is a provider of online consumer finance in China. It offers various loan products, making financial services available to borrowers anytime, anywhere; designs a loan transaction process, and offers Tailored risk-based pricing. It offers short-term loans to borrowers to meet immediate credit needs while allowing them to gradually establish their credit history through activities on the company's platform. The company provides investors with an opportunity to invest in emerging asset class-consumer loans through a variety of investment options. It generates revenues from fees charged to borrowers.

FinVolution Group Headlines

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