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Good Sign:
Piotroski F-Score is 8, 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
SPX FLOW 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 SPX FLOW's Piotroski F-Score or its related term are showing as below:
During the past 10 years, the highest Piotroski F-Score of SPX FLOW was 8. The lowest was 3. And the median was 6.
The historical data trend for SPX FLOW'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.
SPX FLOW Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 4.00 | 8.00 | 8.00 |
SPX FLOW Quarterly Data | ||||||||||||||||||||
Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | |
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 7.00 | 7.00 | 7.00 | 8.00 |
For the Specialty Industrial Machinery subindustry, SPX FLOW'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 Industrial Products industry and Industrials sector, SPX FLOW's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where SPX FLOW'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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Net Income was 18.6 + 10.8 + 23.5 + 13.8 = $67 Mil. Cash Flow from Operations was 5.1 + 28.1 + 8.2 + 29.2 = $71 Mil. Revenue was 363.8 + 381.6 + 389.6 + 394 = $1,529 Mil. Gross Profit was 128.5 + 131.7 + 139 + 136 = $535 Mil. Average Total Assets from the begining of this year (Dec20) to the end of this year (Dec21) was (2098.5 + 2082.2 + 2131.9 + 2092.7 + 2086.2) / 5 = $2098.3 Mil. Total Assets at the begining of this year (Dec20) was $2,099 Mil. Long-Term Debt & Capital Lease Obligation was $374 Mil. Total Current Assets was $872 Mil. Total Current Liabilities was $517 Mil. |
Net Income was -5.3 + -25.1 + 12.1 + 24.2 = $6 Mil. Revenue was 289.5 + 308.1 + 356.9 + 396.1 = $1,351 Mil. Gross Profit was 101.1 + 113.5 + 126.1 + 128.2 = $469 Mil. Average Total Assets from the begining of last year (Dec19) to the end of last year (Dec20) was (2437.4 + 2284.4 + 2293.9 + 2022.3 + 2098.5) / 5 = $2227.3 Mil. Total Assets at the begining of last year (Dec19) was $2,437 Mil. Long-Term Debt & Capital Lease Obligation was $397 Mil. Total Current Assets was $925 Mil. Total Current Liabilities was $483 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.
SPX FLOW's current Net Income (TTM) was 67.
==> 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.
SPX FLOW's current Cash Flow from Operations (TTM) was 71.
==> 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 (Dec20) |
= | 66.7 | / | 2098.5 | |
= | 0.03178461 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec19) |
= | 5.9 | / | 2437.4 | |
= | 0.00242061 |
SPX FLOW's return on assets of this year was 0.03178461. SPX FLOW's return on assets of last year was 0.00242061.
==> 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.
SPX FLOW's current Net Income (TTM) was 67. SPX FLOW's current Cash Flow from Operations (TTM) was 71.
==> 71 > 67 ==> 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: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 374.1 | / | 2098.3 | |
= | 0.17828718 |
Gearing (Last Year: Dec20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec19 to Dec20 |
= | 397.3 | / | 2227.3 | |
= | 0.17837741 |
SPX FLOW's gearing of this year was 0.17828718. SPX FLOW's gearing of last year was 0.17837741.
==> 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: Dec21) | = | Total Current Assets | / | Total Current Liabilities |
= | 872.3 | / | 517 | |
= | 1.68723404 |
Current Ratio (Last Year: Dec20) | = | Total Current Assets | / | Total Current Liabilities |
= | 925.2 | / | 482.9 | |
= | 1.91592462 |
SPX FLOW's current ratio of this year was 1.68723404. SPX FLOW's current ratio of last year was 1.91592462.
==> 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.
SPX FLOW's number of shares in issue this year was 41.968. SPX FLOW's number of shares in issue last year was 42.296.
==> 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 |
= | 535.2 | / | 1529 | |
= | 0.3500327 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 468.9 | / | 1350.6 | |
= | 0.34717903 |
SPX FLOW's gross margin of this year was 0.3500327. SPX FLOW's gross margin of last year was 0.34717903.
==> 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 (Dec20) |
= | 1529 | / | 2098.5 | |
= | 0.72861568 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec19) |
= | 1350.6 | / | 2437.4 | |
= | 0.55411504 |
SPX FLOW's asset turnover of this year was 0.72861568. SPX FLOW's asset turnover of last year was 0.55411504.
==> 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 | + | 1 | + | 0 | + | 1 | + | 1 | + | 1 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
SPX FLOW has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
SPX FLOW (NYSE:FLOW) 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 SPX FLOW's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jonathan M Pratt | director | 34 MAPLE STREET, MILFORD MA 01757 |
Peter J. Ryan | officer: VP, Secretary and GC | C/O SPX FLOW, INC. 13320 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277 |
David V Singer | director | 13024 BALLANTYNE CORPORATE PL, SUITE 900, CHARLOTTE NC 28277 |
Patrick D Campbell | director | MINNESOTA MINING & MANUFACTURING CO, 3M CENTER, ST. PAUL IL 55133 |
Majdi Abulaban | director | C/O DELPHI AUTOMOTIVE LLP, 5725 DELPHI DRIVE, TROY MI 48098 |
Suzanne B Rowland | director | 415 HOLIDAY DRIVE, PITSSBURGH PA 15220 |
Anne K. Altman | director | 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277 |
Emerson U Fullwood | director | 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277 |
Hull Robert F Jr | director | 1605 CURTIS BRIDGE ROAD, WILKESBORO NC 28697 |
Jose Larios | officer: Pres., Power & Energy & Indus. | C/O SPX FLOW 13320 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277 |
Belinda Hyde | officer: VP and CHRO | 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277 |
Ryan A. Taylor | officer: Chief Strategy Officer | C/O SPX FLOW, INC. 13320 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277 |
Alvin Tyrone Jeffers | officer: VP, Global Mfg & Supply Chain | C/O SPX FLOW, 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277 |
Jaime Manson Easley | officer: VP and CFO | C/O SPX CORPORATION 13320 BALLANTYNE CORPORATE PLACE CHARLOTTE NC 28277 |
Kevin Eamigh | officer: CIO and VP, Global Bus. Serv. | 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277 |
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