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On Holding AG Piotroski F-Score

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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 Holding AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for On Holding AG's Piotroski F-Score or its related term are showing as below:

During the past 3 years, the highest Piotroski F-Score of On Holding AG was 9999. The lowest was 0. And the median was 0.


On Holding AG Piotroski F-Score Historical Data

The historical data trend for On Holding AG'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.

On Holding AG Annual Data
Trend Dec19 Dec20 Dec21
Piotroski F-Score
N/A N/A N/A

On Holding AG Quarterly Data
Dec19 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A N/A N/A N/A -

Competitive Comparison

For the Apparel Retail subindustry, On Holding AG'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.

   

On Holding AG Piotroski F-Score Distribution

For the Retail - Cyclical industry and Consumer Cyclical sector, On Holding AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where On Holding AG'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 (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 14.079973992198 + -203.01737242128 + 15.43361308371 + 50.657596371882 = $-122.8 Mil.
Cash Flow from Operations was -41.428261811877 + 27.599348534202 + -67.978265547665 + -65.040197897341 = $-146.8 Mil.
Revenue was 236.27763328999 + 207.49077090119 + 253.58403270927 + 300.62049062049 = $998.0 Mil.
Gross Profit was 142.27134807109 + 121.41042345277 + 131.34710565957 + 165.7781900639 = $560.8 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(700.25776602776 + 1364.8948851322 + 1342.5884907709 + 1402.4682590919 + 1414.3918779633) / 5 = $1244.9202558 Mil.
Total Assets at the begining of this year (Jun21) was $700.3 Mil.
Long-Term Debt & Capital Lease Obligation was $181.7 Mil.
Total Current Assets was $1,092.8 Mil.
Total Current Liabilities was $243.3 Mil.
Net Income was 8.8556126352607 + -2.8849617289509 + -11.241127124113 + 15.653227583168 = $10.4 Mil.

Revenue was 142.17619411958 + 139.91445294912 + 150.99268659927 + 192.84203569068 = $625.9 Mil.
Gross Profit was 77.409552956607 + 72.353669518235 + 86.934824693482 + 117.14915179555 = $353.8 Mil.
Average Total Assets from the begining of last year (Dec19)
to the end of last year (Jun21) was
(146.17138204763 + 0 + 430.62696983341 + 0 + 700.25776602776) / 5 = $425.68537264 Mil.
Total Assets at the begining of last year (Dec19) was $146.2 Mil.
Long-Term Debt & Capital Lease Obligation was $172.8 Mil.
Total Current Assets was $431.8 Mil.
Total Current Liabilities was $216.7 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 Holding AG's current Net Income (TTM) was -122.8. ==> 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 Holding AG's current Cash Flow from Operations (TTM) was -146.8. ==> Negative ==> Score 0.

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 (Jun21)
=-122.84618897349/700.25776602776
=-0.17542996

ROA (Last Year)=Net Income/Total Assets (Dec19)
=10.382751365365/146.17138204763
=0.07103136

On Holding AG's return on assets of this year was -0.17542996. On Holding AG's return on assets of last year was 0.07103136. ==> 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 Holding AG's current Net Income (TTM) was -122.8. On Holding AG's current Cash Flow from Operations (TTM) was -146.8. ==> -146.8 <= -122.8 ==> CFROA <= ROA ==> Score 0.

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: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=181.74706246135/1244.9202558
=0.14599093

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec19 to Jun21
=172.77814496585/425.68537264
=0.40588227

On Holding AG's gearing of this year was 0.14599093. On Holding AG's gearing of last year was 0.40588227. ==> 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: Jun22)=Total Current Assets/Total Current Liabilities
=1092.7520098949/243.30447330447
=4.49129436

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=431.7669090108/216.70522141441
=1.99241581

On Holding AG's current ratio of this year was 4.49129436. On Holding AG's current ratio of last year was 1.99241581. ==> 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.

On Holding AG's number of shares in issue this year was 636.644. On Holding AG's number of shares in issue last year was 305.726. ==> 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
=560.80706724733/997.97292752095
=0.56194617

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=353.84719896387/625.92536935865
=0.56531851

On Holding AG's gross margin of this year was 0.56194617. On Holding AG's gross margin of last year was 0.56531851. ==> 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 (Jun21)
=997.97292752095/700.25776602776
=1.42515082

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec19)
=625.92536935865/146.17138204763
=4.28213348

On Holding AG's asset turnover of this year was 1.42515082. On Holding AG's asset turnover of last year was 4.28213348. ==> 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+0+0+0+1+1+0+0+0
=2

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

On Holding AG has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

On Holding AG  (NYSE:ONON) 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.


On Holding AG Piotroski F-Score Related Terms

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On Holding AG Business Description

On Holding AG logo
Traded in Other Exchanges
N/A
Address
Pfingstweidstrasse 106, Zurich, CHE, 8005
On Holding AG is a premium performance sports brand rooted in technology, design, and impact. Its shoe, apparel, and accessories products are designed primarily for athletic use, casual, or leisure purposes. It does not manufacture the products or the raw materials and rely instead on third-party suppliers and contract manufacturers.

On Holding AG Headlines

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