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Invesco Mortgage Capital 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

Invesco Mortgage Capital 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 Invesco Mortgage Capital's Piotroski F-Score or its related term are showing as below:

NYSE:IVR' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 6

3
8

During the past 12 years, the highest Piotroski F-Score of Invesco Mortgage Capital was 8. The lowest was 3. And the median was 5.


Invesco Mortgage Capital Piotroski F-Score Historical Data

The historical data trend for Invesco Mortgage Capital'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.

Invesco Mortgage Capital Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 5.00 6.00 5.00

Invesco Mortgage Capital 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 5.00 5.00 7.00 5.00 6.00

Competitive Comparison

For the REIT - Mortgage subindustry, Invesco Mortgage Capital'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.

   

Invesco Mortgage Capital Piotroski F-Score Distribution

For the REITs industry and Real Estate sector, Invesco Mortgage Capital's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Invesco Mortgage Capital'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 122.713 + -9.275 + -73.758 + 57.68 = $97.4 Mil.
Cash Flow from Operations was 26.747 + 34.505 + 38.972 + 36.978 = $137.2 Mil.
Revenue was 130.502 + -3.242 + -67.317 + 64.907 = $124.9 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(6475.995 + 8632.851 + 9762.836 + 9276.7 + 9379.248) / 5 = $8705.526 Mil.
Total Assets at the begining of this year (Sep20) was $6,476.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Total Assets was $9,379.2 Mil.
Total Liabilities was $7,922.9 Mil.
Net Income was 117.972 + -1616.192 + -288.839 + 107.966 = $-1,679.1 Mil.

Revenue was 129.956 + -1597.5 + -278.985 + 97.724 = $-1,648.8 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(24061.323 + 22346.545 + 9777.247 + 1949.472 + 6475.995) / 5 = $12922.1164 Mil.
Total Assets at the begining of last year (Sep19) was $24,061.3 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Total Assets was $6,476.0 Mil.
Total Liabilities was $5,264.9 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.

Invesco Mortgage Capital's current Net Income (TTM) was 97.4. ==> 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.

Invesco Mortgage Capital's current Cash Flow from Operations (TTM) was 137.2. ==> 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)
=97.36/6475.995
=0.01503398

ROA (Last Year)=Net Income/Total Assets (Sep19)
=-1679.093/24061.323
=-0.0697839

Invesco Mortgage Capital's return on assets of this year was 0.01503398. Invesco Mortgage Capital's return on assets of last year was -0.0697839. ==> 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.

Invesco Mortgage Capital's current Net Income (TTM) was 97.4. Invesco Mortgage Capital's current Cash Flow from Operations (TTM) was 137.2. ==> 137.2 > 97.4 ==> 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: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=0/8705.526
=0

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=0/12922.1164
=0

Invesco Mortgage Capital's gearing of this year was 0. Invesco Mortgage Capital's gearing of last year was 0. ==> 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

* 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: Sep21)=Total Assets/Total Liabilities
=9379.248/7922.877
=1.18381845

Current Ratio (Last Year: Sep20)=Total Assets/Total Liabilities
=6475.995/5264.855
=1.23004242

Invesco Mortgage Capital's current ratio of this year was 1.18381845. Invesco Mortgage Capital's current ratio of last year was 1.23004242. ==> 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.

Invesco Mortgage Capital's number of shares in issue this year was 297.213. Invesco Mortgage Capital's number of shares in issue last year was 181.361. ==> 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
=97.36/124.85
=0.77981578

Net Margin (Last Year: TTM)=Net Income/Revenue
=-1679.093/-1648.805
=1.01836967

Invesco Mortgage Capital's net margin of this year was 0.77981578. Invesco Mortgage Capital's net margin of last year was 1.01836967. ==> Last year's net 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)
=124.85/6475.995
=0.01927889

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=-1648.805/24061.323
=-0.06852512

Invesco Mortgage Capital's asset turnover of this year was 0.01927889. Invesco Mortgage Capital's asset turnover of last year was -0.06852512. ==> 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+0+0+1
=6

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

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

Invesco Mortgage Capital  (NYSE:IVR) 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.


Invesco Mortgage Capital Piotroski F-Score Related Terms

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Invesco Mortgage Capital Business Description

Invesco Mortgage Capital logo
Industry
Real Estate » REITs NAICS : 531190 SIC : 6798
Address
1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe, Atlanta, GA, USA, 30309
Invesco Mortgage Capital Inc is an REIT that invests, finances, and manages residential and commercial mortgage-backed securities and mortgage loans. The company's portfolio consists of residential mortgage-backed securities for which a U.S. government agency or a federally chartered corporation guarantees payment of principal and interest, or Agency RMBS; residential mortgage-backed securities that are not issued or guaranteed by an agency, or nonagency RMBS; commercial mortgage-backed securities, or CMBS; and residential and commercial mortgage loans. The asset manager for the company is Invesco Advisers, a subsidiary of Invesco.
Executives
Hardin Edward J director 5430 LBJ FREEWAY SUIT 1700 DALLAS TX 75240
Lockhart Dennis P director 100 GOLF ROAD GOLF IL 60029
Handlon Carolyn B director 1555 PEACHTREE ST. NE, SUITE 1800 ATLANTA GA 30309
Day John director 1520 OLD TROLLEY ROAD SUMMERVILLE SC 29485
Lientz James R Jr director GEORGIA POSER CO BIN 10240 241 RALPH MCGILL BLVD ATLANTA GA 30308
Starr Loren M director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: STARR LOREN M a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Lyle David B officer: Chief Operating Officer 1555 PEACHTREE ST. NE SUITE 1800 ATLANTA GA 30309
Collins Kevin M officer: President 1555 PEACHTREE STREET NE SUITE 1800 ATLANTA GA 30309
Clemente Mario other: Officer of Manager 1555 PEACHTREE STREET, NE, SUITE 1800 ATLANTA GA 30309
Norris Brian officer: CIO 1555 PEACHTREE STREET, NE, SUITE 1800 ATLANTA GA 30309
Phegley Richard Lee Jr. officer: Chief Financial Officer 1555 PEACHTREE ST. NE SUITE 1800 ATLANTA GA 30309
Anzalone John officer: CEO INVESCO LTD. 1555 PEACHTREE STREET NE ATLANTA GA 30309
Perlis Roseann officer: Chief Accounting Officer 1555 PEACHTREE ST. NE SUITE 1800 ATLANTA GA 30309
Morris Sheri officer: Chief Investment Officer INVESCO LTD., 1555 PEACHTREE STREET NE SUITE 100 ATLANTA GA 30309
Marshall Jason officer: Chief Investment Officer 1555 PEACHTREE STREET, NE, SUITE 1800 ATLANTA GA 30309

Invesco Mortgage Capital Headlines

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