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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
Hilltop Holdings 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 Hilltop Holdings's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Hilltop Holdings was 8. The lowest was 3. And the median was 5.
The historical data trend for Hilltop Holdings'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.
Hilltop Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 6.00 | 5.00 | 4.00 | 7.00 |
Hilltop Holdings Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 4.00 | 7.00 | 7.00 | 6.00 |
For the Banks - Regional subindustry, Hilltop Holdings'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 Banks industry and Financial Services sector, Hilltop Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Hilltop Holdings'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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Net Income was 37.042 + 28.671 + 27.668 + 20.333 = $114 Mil. Cash Flow from Operations was 503.531 + 263.113 + 70.847 + -435.306 = $402 Mil. Revenue was 312.499 + 226.481 + 285.239 + 296.955 = $1,121 Mil. Average Total Assets from the begining of this year (Jun23) to the end of this year (Jun24) was (17138.341 + 16396.858 + 16466.996 + 16209.633 + 15620.49) / 5 = $16366.4636 Mil. Total Assets at the begining of this year (Jun23) was $17,138 Mil. Long-Term Debt & Capital Lease Obligation was $460 Mil. Total Assets was $15,620 Mil. Total Liabilities was $13,458 Mil. |
Net Income was 32.068 + 25.556 + 25.8 + 18.133 = $102 Mil. Revenue was 330.461 + 222.526 + 284.199 + 308.918 = $1,146 Mil. Average Total Assets from the begining of last year (Jun22) to the end of last year (Jun23) was (16715.739 + 16615.291 + 16259.282 + 17029.087 + 17138.341) / 5 = $16751.548 Mil. Total Assets at the begining of last year (Jun22) was $16,716 Mil. Long-Term Debt & Capital Lease Obligation was $467 Mil. Total Assets was $17,138 Mil. Total Liabilities was $15,048 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.
Hilltop Holdings's current Net Income (TTM) was 114.
==> 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.
Hilltop Holdings's current Cash Flow from Operations (TTM) was 402.
==> 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 (Jun23) |
= | 113.714 | / | 17138.341 | |
= | 0.00663506 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun22) |
= | 101.557 | / | 16715.739 | |
= | 0.00607553 |
Hilltop Holdings's return on assets of this year was 0.00663506. Hilltop Holdings's return on assets of last year was 0.00607553.
==> 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.
Hilltop Holdings's current Net Income (TTM) was 114. Hilltop Holdings's current Cash Flow from Operations (TTM) was 402.
==> 402 > 114 ==> 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: Jun24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun23 to Jun24 |
= | 460.498 | / | 16366.4636 | |
= | 0.02813668 |
Gearing (Last Year: Jun23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun22 to Jun23 |
= | 466.895 | / | 16751.548 | |
= | 0.02787175 |
Hilltop Holdings's gearing of this year was 0.02813668. Hilltop Holdings's gearing of last year was 0.02787175.
==> 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
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Current Ratio (This Year: Jun24) | = | Total Assets | / | Total Liabilities |
= | 15620.49 | / | 13457.879 | |
= | 1.16069479 |
Current Ratio (Last Year: Jun23) | = | Total Assets | / | Total Liabilities |
= | 17138.341 | / | 15048.087 | |
= | 1.13890497 |
Hilltop Holdings's current ratio of this year was 1.16069479. Hilltop Holdings's current ratio of last year was 1.13890497.
==> 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.
Hilltop Holdings's number of shares in issue this year was 65.086. Hilltop Holdings's number of shares in issue last year was 65.054.
==> 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.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Net Margin (This Year: TTM) | = | Net Income | / | Revenue |
= | 113.714 | / | 1121.174 | |
= | 0.10142404 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 101.557 | / | 1146.104 | |
= | 0.08861063 |
Hilltop Holdings's net margin of this year was 0.10142404. Hilltop Holdings's net margin of last year was 0.08861063.
==> This year's net 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 (Jun23) |
= | 1121.174 | / | 17138.341 | |
= | 0.06541905 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun22) |
= | 1146.104 | / | 16715.739 | |
= | 0.06856436 |
Hilltop Holdings's asset turnover of this year was 0.06541905. Hilltop Holdings's asset turnover of last year was 0.06856436.
==> 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 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Hilltop Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Hilltop Holdings (NYSE:HTH) 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 Hilltop Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Keith E. Bornemann | officer: Principal Accounting Officer | 3322 WEST END AVENUE, NASHVILLE TN 37203 |
Nichols W Robert Iii | director | 200 CRESCENT COURT, SUITE 1330, DALLAS TX 75201 |
Hill A Feinberg | director, officer: CEO First Southwest Holdings | 3131 MAPLE AVENUE #14-E, DALLAS TX 75201-1206 |
Jerry Schaffner | officer: Pres & CEO, PlainsCapital Bank | C/O PLAINSCAPITAL CORPORATION, 2323 VICTORY AVENUE, SUITE 1400, DALLAS TX 75219 |
Martin Bradley Winges | officer: Hilltop Securities CEO | 800 NICOLLET MALL, MINNEAPOLIS MN MN |
Lee Lewis | director | C/O PLAINSCAPITAL CORPORATION, 2323 VICTORY AVENUE, SUITE 1400, DALLAS TX 75219 |
Tom C Nichols | director | 4500 MERCANTILE PLAZA DRIVE, SUITE 300, FORT WORTH TX 76137 |
Darren E Parmenter | officer: Vice President - Finance | 200 CRESCENT COURT, SUITE 1330, DALLAS TX 75201 |
Jonathan S Sobel | director, officer: Hilltop Securities Chairman | C/O GOLDMAN SACHS, 85 BROAD STREET, NEW YORK NY 10004 |
Alan B White | director, officer: CEO, PlainsCapital Corp. | C/O PLAINSCAPITAL CORPORATION, 2323 VICTORY AVENUE, SUITE 1400, DALLAS TX 75219 |
Gerald J Ford | director | 200 CRESCENT CT STE 1350, DALLAS TX 75201 |
Diamond Hth Stock Co Gp, Llc | 10 percent owner | 200 CRESCENT COURT, SUITE 1350, DALLAS TX 75201 |
Turtle Creek Revocable Trust | 10 percent owner | 200 CRESCENT COURT, SUITE 1350, DALLAS TX 75201 |
Diamond Hth Stock Company, Lp | 10 percent owner | 200 CRESCENT COURT, SUITE 1350, DALLAS TX 75201 |
Charles Clifton Robinson | director | 900 AUSTIN AVENUE, 12TH FLOOR, WACO TX 76701 |
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