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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
On Deck Capital has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for On Deck Capital's Piotroski F-Score or its related term are showing as below:
During the past 8 years, the highest Piotroski F-Score of On Deck Capital was 8. The lowest was 2. And the median was 6.
The historical data trend for On Deck 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.
On Deck Capital Annual Data | |||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 2.00 | 6.00 | 7.00 | 4.00 |
On Deck Capital Quarterly Data | ||||||||||||||||||||
Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 8.00 | 4.00 | 4.00 | 4.00 |
For the Credit Services subindustry, On Deck 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.
For the Credit Services industry and Financial Services sector, On Deck Capital's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where On Deck 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 (Jun20) TTM: | Last Year (Jun19) TTM: |
Net Income was 8.684 + 9.31 + -58.975 + 2.17 = $-38.8 Mil. Cash Flow from Operations was 70.12 + 75.717 + 57.409 + 43.58 = $246.8 Mil. Revenue was 101.286 + 101.022 + 98.986 + 70.234 = $371.5 Mil. Average Total Assets from the begining of this year (Jun19) to the end of this year (Jun20) was (1248.207 + 1275.653 + 1304.583 + 1337.178 + 968.598) / 5 = $1226.8438 Mil. Total Assets at the begining of this year (Jun19) was $1,248.2 Mil. Long-Term Debt & Capital Lease Obligation was $296.4 Mil. Total Assets was $968.6 Mil. Total Liabilities was $749.5 Mil. |
Net Income was 9.61 + 13.865 + 5.666 + 4.295 = $33.4 Mil. Revenue was 91.112 + 98.075 + 98.643 + 98.865 = $386.7 Mil. Average Total Assets from the begining of last year (Jun18) to the end of last year (Jun19) was (1072.184 + 1139.933 + 1161.82 + 1224.658 + 1248.207) / 5 = $1169.3604 Mil. Total Assets at the begining of last year (Jun18) was $1,072.2 Mil. Long-Term Debt & Capital Lease Obligation was $290.7 Mil. Total Assets was $1,248.2 Mil. Total Liabilities was $930.4 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.
On Deck Capital's current Net Income (TTM) was -38.8.
==> Negative ==> Score 0.
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.
On Deck Capital's current Cash Flow from Operations (TTM) was 246.8.
==> 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 (Jun19) |
= | -38.811 | / | 1248.207 | |
= | -0.0310934 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun18) |
= | 33.436 | / | 1072.184 | |
= | 0.03118495 |
On Deck Capital's return on assets of this year was -0.0310934. On Deck Capital's return on assets of last year was 0.03118495.
==> Last year is higher ==> Score 0.
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.
On Deck Capital's current Net Income (TTM) was -38.8. On Deck Capital's current Cash Flow from Operations (TTM) was 246.8.
==> 246.8 > -38.8 ==> 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: Jun20) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun19 to Jun20 |
= | 296.406 | / | 1226.8438 | |
= | 0.24160044 |
Gearing (Last Year: Jun19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun18 to Jun19 |
= | 290.702 | / | 1169.3604 | |
= | 0.24859915 |
On Deck Capital's gearing of this year was 0.24160044. On Deck Capital's gearing of last year was 0.24859915.
==> 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: Jun20) | = | Total Assets | / | Total Liabilities |
= | 968.598 | / | 749.53 | |
= | 1.29227382 |
Current Ratio (Last Year: Jun19) | = | Total Assets | / | Total Liabilities |
= | 1248.207 | / | 930.365 | |
= | 1.34163151 |
On Deck Capital's current ratio of this year was 1.29227382. On Deck Capital's current ratio of last year was 1.34163151.
==> 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.
On Deck Capital's number of shares in issue this year was 59.947. On Deck Capital's number of shares in issue last year was 78.902.
==> 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.
* 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 |
= | -38.811 | / | 371.528 | |
= | -0.10446319 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 33.436 | / | 386.695 | |
= | 0.08646608 |
On Deck Capital's net margin of this year was -0.10446319. On Deck Capital's net margin of last year was 0.08646608.
==> 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 (Jun19) |
= | 371.528 | / | 1248.207 | |
= | 0.29764935 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun18) |
= | 386.695 | / | 1072.184 | |
= | 0.36066104 |
On Deck Capital's asset turnover of this year was 0.29764935. On Deck Capital's asset turnover of last year was 0.36066104.
==> 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 |
= | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
On Deck Capital has an F-score of 4 indicating the company's financial situation is typical for a stable company.
On Deck Capital (NYSE:ONDK) 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 On Deck Capital's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Bruce P Nolop | director | C/O E*TRADE FINANCIAL CORPORATE SERVICES, 135 EAST 57TH STREET, NEW YORK NY 10022 |
Chandra Dhandapani | director | C/O CBRE, 2100 MCKINNEY AVENUE, SUITE 1250, DALLAS TX 75201 |
Jane J. Thompson | director | 628 GREEN VALLEY ROAD, SUITE 500, GREENSBORO NC 27408 |
Mark Torossian | officer: Principal Accounting Officer | 1400 BROADWAY, 25TH FLOOR, NEW YORK NY 10018 |
Kenneth A Brause | officer: Chief Financial Officer | C/O ON DECK CAPITAL INC 1400 BROADWAY 25TH FLOOR NEW YORK NY 10018 |
Nicholas Peter Brown | officer: Chief Risk Officer | 1400 BROADWAY 25TH FLOOR NEW YORK NY 10018 |
Kampfer Cory | officer: Chief Operations Officer & GC | C/O ON DECK CAPITAL INC. 1400 BROADWAY 25TH FLOOR NEW YORK NY 10018 |
Ronald F Verni | director | C/O ON DECK CAPITAL INC. 1400 BROADWAY 25TH FLOOR NEW YORK NY 10018 |
Daniel S Henson | director | C/O HEALTHCARE TRUST OF AMERICA, INC., 16435 N. SCOTTSDALE ROAD, SUITE 320, SCOTTSDALE AZ 85254 |
Rodriquez Manuel Sanchez | director | C/O FANNIE MAE, 1100 15TH STREET, NW, WASHINGTON DC 20005 |
Noah Breslow | director, officer: CEO & Chairman | C/O ON DECK CAPITAL INC 1400 BROADWAY 25TH FLOOR NEW YORK NY 10018 |
Neil E Wolfson | director | C/O ON DECK CAPITAL INC., 1400 BROADWAY 25TH FLOOR, NEW YORK NY 10018 |
Stuart J. Ellman | 10 percent owner | C/O RRE VENTURES, 130 EAST 59TH STREET, 17TH FLOOR, NEW YORK NY 10022 |
Rre Ventures Gp Iv, Llc | 10 percent owner | 130 EAST 59TH STREET, 17TH FLOOR, NEW YORK NY 10022 |
Rre Ventures Iv L P | 10 percent owner | 126 EAST 56TH ST NEW YORK NY 10022 |
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