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Quanex Building Products Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, 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

Quanex Building Products has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

NYSE:NX' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 7

4
8

During the past 13 years, the highest Piotroski F-Score of Quanex Building Products was 8. The lowest was 4. And the median was 6.


Quanex Building Products 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.

Quanex Building Products Annual Data
Oct11 Oct12 Oct13 Oct14 Oct15 Oct16 Oct17 Oct18 Oct19 Oct20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 8.00 6.00 7.00

Quanex Building Products Quarterly Data
Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20
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 6.00 6.00 6.00 4.00 7.00

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.


Quanex Building Products Piotroski F-Score Distribution

* The bar in red indicates where Quanex Building Products'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 (Oct20) TTM:Last Year (Oct19) TTM:
Net Income was 0.01 + 5.501 + 10.833 + 22.152 = $38.5 Mil.
Cash Flow from Operations was -3.657 + 6.129 + 45.089 + 53.235 = $100.8 Mil.
Revenue was 196.597 + 187.475 + 212.096 + 255.405 = $851.6 Mil.
Gross Profit was 39.17 + 37.743 + 49.669 + 66.241 = $192.8 Mil.
Average Total Assets from the begining of this year (Oct19)
to the end of this year (Oct20) was
(645.11 + 667.2 + 712.885 + 686.791 + 691.585) / 5 = $680.7142 Mil.
Total Assets at the begining of this year (Oct19) was $645.1 Mil.
Long-Term Debt & Capital Lease Obligation was $161.6 Mil.
Total Current Assets was $207.3 Mil.
Total Current Liabilities was $130.2 Mil.
Net Income was -3.649 + -23.974 + 11.841 + -30.948 = $-46.7 Mil.

Revenue was 196.808 + 218.203 + 238.461 + 240.369 = $893.8 Mil.
Gross Profit was 38.251 + 46.825 + 57.104 + 57.241 = $199.4 Mil.
Average Total Assets from the begining of last year (Oct18)
to the end of last year (Oct19) was
(743.214 + 725.74 + 707.042 + 680.064 + 645.11) / 5 = $700.234 Mil.
Total Assets at the begining of last year (Oct18) was $743.2 Mil.
Long-Term Debt & Capital Lease Obligation was $156.4 Mil.
Total Current Assets was $190.3 Mil.
Total Current Liabilities was $109.8 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.

Quanex Building Products's current Net Income (TTM) was 38.5. ==> 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.

Quanex Building Products's current Cash Flow from Operations (TTM) was 100.8. ==> 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 (Oct19)
=38.496/645.11
=0.05967354

ROA (Last Year)=Net Income/Total Assets (Oct18)
=-46.73/743.214
=-0.06287556

Quanex Building Products's return on assets of this year was 0.05967354. Quanex Building Products's return on assets of last year was -0.06287556. ==> 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.

Quanex Building Products's current Net Income (TTM) was 38.5. Quanex Building Products's current Cash Flow from Operations (TTM) was 100.8. ==> 100.8 > 38.5 ==> 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: Oct20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct19 to Oct20
=161.601/680.7142
=0.23739919

Gearing (Last Year: Oct19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct18 to Oct19
=156.414/700.234
=0.2233739

Quanex Building Products's gearing of this year was 0.23739919. Quanex Building Products's gearing of last year was 0.2233739. ==> 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

Current Ratio (This Year: Oct20)=Total Current Assets/Total Current Liabilities
=207.306/130.24
=1.59172297

Current Ratio (Last Year: Oct19)=Total Current Assets/Total Current Liabilities
=190.326/109.754
=1.73411447

Quanex Building Products's current ratio of this year was 1.59172297. Quanex Building Products's current ratio of last year was 1.73411447. ==> 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.

Quanex Building Products's number of shares in issue this year was 32.749. Quanex Building Products's number of shares in issue last year was 32.888. ==> 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
=192.823/851.573
=0.22643156

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=199.421/893.841
=0.22310568

Quanex Building Products's gross margin of this year was 0.22643156. Quanex Building Products's gross margin of last year was 0.22310568. ==> 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 (Oct19)
=851.573/645.11
=1.32004309

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct18)
=893.841/743.214
=1.20266976

Quanex Building Products's asset turnover of this year was 1.32004309. Quanex Building Products's asset turnover of last year was 1.20266976. ==> 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+0+0+1+1+1
=7

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

Quanex Building Products has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Quanex Building Products  (NYSE:NX) 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.


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