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Foot Locker Piotroski F-Score

: 5 (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

Foot Locker has an F-score of 5 indicating the company's financial situation is typical for a stable company.

NYSE:FL' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 5

1
9

During the past 13 years, the highest Piotroski F-Score of Foot Locker was 9. The lowest was 1. And the median was 6.


Foot Locker 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.

Foot Locker Annual Data
Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 8.00 5.00 6.00 5.00

Foot Locker Quarterly Data
Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20
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 7.00 5.00 5.00

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.


Foot Locker Piotroski F-Score Distribution

* The bar in red indicates where Foot Locker'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 (Apr20) TTM:Last Year (Apr19) TTM:
Net Income was 60 + 125 + 134 + -110 = $209 Mil.
Cash Flow from Operations was 10 + 69 + 299 + -116 = $262 Mil.
Revenue was 1774 + 1932 + 2221 + 1176 = $7,103 Mil.
Gross Profit was 534 + 620 + 700 + 271 = $2,125 Mil.
Average Total Assets from the begining of this year (Apr19)
to the end of this year (Apr20) was
(6928 + 6720 + 6621 + 6589 + 6796) / 5 = $6730.8 Mil.
Total Assets at the begining of this year (Apr19) was $6,928 Mil.
Long-Term Debt & Capital Lease Obligation was $2,712 Mil.
Total Current Assets was $2,738 Mil.
Total Current Liabilities was $1,643 Mil.
Net Income was 88 + 130 + 158 + 172 = $548 Mil.

Revenue was 1782 + 1860 + 2272 + 2078 = $7,992 Mil.
Gross Profit was 539 + 588 + 735 + 689 = $2,551 Mil.
Average Net Income from the begining of last year (Apr18)
to the end of last year (Apr19) was
(3963 + 3832 + 3680 + 3820 + 6928) / 5 = $4444.6 Mil.
Total Assets at the begining of last year (Apr18) was $3,963 Mil.
Long-Term Debt & Capital Lease Obligation was $2,927 Mil.
Total Current Assets was $2,592 Mil.
Total Current Liabilities was $1,290 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.

Foot Locker's current Net Income (TTM) was 209. ==> 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.

Foot Locker's current Cash Flow from Operations (TTM) was 262. ==> 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 (Apr19)
=209/6928
=0.03016744

ROA (Last Year)=Net Income/Total Assets (Apr18)
=548/3963
=0.13827908

Foot Locker's return on assets of this year was 0.03016744. Foot Locker's return on assets of last year was 0.13827908. ==> 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.

Foot Locker's current Net Income (TTM) was 209. Foot Locker's current Cash Flow from Operations (TTM) was 262. ==> 262 > 209 ==> 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: Apr20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr19 to Apr20
=2712/6730.8
=0.40292387

Gearing (Last Year: Apr19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Apr18 to Apr19
=2927/4444.6
=0.65855195

Foot Locker's gearing of this year was 0.40292387. Foot Locker's gearing of last year was 0.65855195. ==> 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: Apr20)=Total Current Assets/Total Current Liabilities
=2738/1643
=1.66646379

Current Ratio (Last Year: Apr19)=Total Current Assets/Total Current Liabilities
=2592/1290
=2.00930233

Foot Locker's current ratio of this year was 1.66646379. Foot Locker's current ratio of last year was 2.00930233. ==> 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.

Foot Locker's number of shares in issue this year was 104.3. Foot Locker's number of shares in issue last year was 113.1. ==> 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
=2125/7103
=0.29916937

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2551/7992
=0.31919419

Foot Locker's gross margin of this year was 0.29916937. Foot Locker's gross margin of last year was 0.31919419. ==> 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 (Apr19)
=7103/6928
=1.02525982

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr18)
=7992/3963
=2.01665405

Foot Locker's asset turnover of this year was 1.02525982. Foot Locker's asset turnover of last year was 2.01665405. ==> 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+1+0+1+0+0
=5

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

Foot Locker has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Foot Locker  (NYSE:FL) 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.


Foot Locker Piotroski F-Score Related Terms


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