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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
Live Nation Entertainment 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 Live Nation Entertainment's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Live Nation Entertainment was 7. The lowest was 1. And the median was 5.
The historical data trend for Live Nation Entertainment'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.
Live Nation Entertainment Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 1.00 | 7.00 | 7.00 | 6.00 |
Live Nation Entertainment Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 6.00 | 6.00 | 6.00 |
For the Entertainment subindustry, Live Nation Entertainment'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 Media - Diversified industry and Communication Services sector, Live Nation Entertainment's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Live Nation Entertainment'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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was -3.169 + 293.682 + 483.495 + -210.728 = $563 Mil. Cash Flow from Operations was 1155.848 + 491.001 + -884.408 + 608.353 = $1,371 Mil. Revenue was 3127.39 + 5630.723 + 8152.019 + 5838.941 = $22,749 Mil. Gross Profit was 1011.801 + 1465.945 + 1821.554 + 1157.757 = $5,457 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (16460.841 + 18869.591 + 19925.09 + 19140.573 + 19074.045) / 5 = $18694.028 Mil. Total Assets at the begining of this year (Dec22) was $16,461 Mil. Long-Term Debt & Capital Lease Obligation was $7,145 Mil. Total Current Assets was $9,578 Mil. Total Current Liabilities was $9,960 Mil. |
Net Income was -50.182 + 187.8 + 361.402 + -203.034 = $296 Mil. Revenue was 1802.808 + 4434.174 + 6153.535 + 4290.737 = $16,681 Mil. Gross Profit was 731.786 + 1167.151 + 1445.687 + 999.106 = $4,344 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (14402.318 + 16006.602 + 16421.028 + 15787.014 + 16460.841) / 5 = $15815.5606 Mil. Total Assets at the begining of last year (Dec21) was $14,402 Mil. Long-Term Debt & Capital Lease Obligation was $6,938 Mil. Total Current Assets was $8,160 Mil. Total Current Liabilities was $8,303 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.
Live Nation Entertainment's current Net Income (TTM) was 563.
==> 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.
Live Nation Entertainment's current Cash Flow from Operations (TTM) was 1,371.
==> 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 (Dec22) |
= | 563.28 | / | 16460.841 | |
= | 0.03421939 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 295.986 | / | 14402.318 | |
= | 0.02055128 |
Live Nation Entertainment's return on assets of this year was 0.03421939. Live Nation Entertainment's return on assets of last year was 0.02055128.
==> 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.
Live Nation Entertainment's current Net Income (TTM) was 563. Live Nation Entertainment's current Cash Flow from Operations (TTM) was 1,371.
==> 1,371 > 563 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 7145.117 | / | 18694.028 | |
= | 0.38221388 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 6937.992 | / | 15815.5606 | |
= | 0.43868138 |
Live Nation Entertainment's gearing of this year was 0.38221388. Live Nation Entertainment's gearing of last year was 0.43868138.
==> 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: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 9577.754 | / | 9959.903 | |
= | 0.96163125 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 8159.522 | / | 8303.315 | |
= | 0.98268246 |
Live Nation Entertainment's current ratio of this year was 0.96163125. Live Nation Entertainment's current ratio of last year was 0.98268246.
==> 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.
Live Nation Entertainment's number of shares in issue this year was 229.02. Live Nation Entertainment's number of shares in issue last year was 226.869.
==> 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 |
= | 5457.057 | / | 22749.073 | |
= | 0.23988041 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 4343.73 | / | 16681.254 | |
= | 0.26039589 |
Live Nation Entertainment's gross margin of this year was 0.23988041. Live Nation Entertainment's gross margin of last year was 0.26039589.
==> 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 (Dec22) |
= | 22749.073 | / | 16460.841 | |
= | 1.38201159 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 16681.254 | / | 14402.318 | |
= | 1.15823397 |
Live Nation Entertainment's asset turnover of this year was 1.38201159. Live Nation Entertainment's asset turnover of last year was 1.15823397.
==> 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
Live Nation Entertainment has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Live Nation Entertainment (NYSE:LYV) 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 Live Nation Entertainment's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joe Berchtold | officer: Chief Operating Officer | C/O LIVE NATION ENTERTAINMENT, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Jeffrey T. Hinson | director | 3721 POTOMAC AVE., DALLAS TX 75205 |
Michael Rowles | officer: EVP & General Counsel | C/O LIVE NATION, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Richard A. Paul | director | 80 PINE STREET, SUITE 3202, NEW YORK NY 10005 |
Jimmy Iovine | director | C/O LIVE NATION ENTERTAINMENT, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Michael Rapino | director, officer: Chief Executive Officer | 9348 CIVIC CENTER DRIVE, FOURTH FLOOR, BEVERLY HILLS CA 90210 |
Brian Capo | officer: Chief Accounting Officer | C/O LIVE NATION, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
James S Kahan | director | 175 E HOUSTON STREET, --, SAN ANTONIO TX 78205-2233 |
John Hopmans | officer: EVP, M&A and Strategic Finance | C/O LIVE NATION ENTERTAINMENT, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Latriece Watkins | director | C/O LIVE NATION ENTERTAINMENT, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Elizabeth Kathleen Willard | officer: Chief Accounting Officer | 2000 WEST LOOP SOUTH, SUITE 1300, HOUSTON TX 77027 |
Chad Hollingsworth | director | 6262 SUNSET DRIVE, MIAMI FL 33143 |
Ping Fu | director | C/O LIVE NATION ENTERTAINMENT, INC., 9348 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210 |
Ariel Emanuel | director | C/O SOURCE INTERLINK COMPANIES, INC., 27500 RIVERVIEW CENTER BLVD, SUITE 400, BONITA SPRINGS FL 34134 |
Enloe Robert Ted Iii | director | LEGGETT & PLATT, INCORPORATED, NO. 1 LEGGETT ROAD, CARTHAGE MO 64836 |
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