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Good Sign:
Piotroski F-Score is 7, indicates a 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
Overseas Shipholding Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Overseas Shipholding Group's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Overseas Shipholding Group was 7. The lowest was 4. And the median was 5.
The historical data trend for Overseas Shipholding Group'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.
For the Oil & Gas Midstream subindustry, Overseas Shipholding Group'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 Oil & Gas industry and Energy sector, Overseas Shipholding Group's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Overseas Shipholding Group'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 12.139 + 12.303 + 17.592 + 20.421 = $62.5 Mil. Cash Flow from Operations was 35.696 + 17.714 + 29.64 + 19.908 = $103.0 Mil. Revenue was 113.791 + 106.625 + 115.435 + 116.02 = $451.9 Mil. Gross Profit was 30.379 + 26.862 + 35.372 + 32.533 = $125.1 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (1139.063 + 1130.85 + 1109.116 + 1081.172 + 1078.884) / 5 = $1107.817 Mil. Total Assets at the begining of this year (Dec22) was $1,139.1 Mil. Long-Term Debt & Capital Lease Obligation was $465.3 Mil. Total Current Assets was $114.6 Mil. Total Current Liabilities was $169.5 Mil. |
Net Income was -0.509 + 3.74 + 13.248 + 10.085 = $26.6 Mil. Revenue was 103.999 + 117.985 + 123.059 + 121.758 = $466.8 Mil. Gross Profit was 14.638 + 20.077 + 28.987 + 26.474 = $90.2 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (1115.729 + 1084.535 + 1063.909 + 1042.81 + 1139.063) / 5 = $1089.2092 Mil. Total Assets at the begining of last year (Dec21) was $1,115.7 Mil. Long-Term Debt & Capital Lease Obligation was $566.0 Mil. Total Current Assets was $108.3 Mil. Total Current Liabilities was $145.9 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.
Overseas Shipholding Group's current Net Income (TTM) was 62.5.
==> 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.
Overseas Shipholding Group's current Cash Flow from Operations (TTM) was 103.0.
==> 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) |
= | 62.455 | / | 1139.063 | |
= | 0.05483015 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 26.564 | / | 1115.729 | |
= | 0.02380865 |
Overseas Shipholding Group's return on assets of this year was 0.05483015. Overseas Shipholding Group's return on assets of last year was 0.02380865.
==> 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.
Overseas Shipholding Group's current Net Income (TTM) was 62.5. Overseas Shipholding Group's current Cash Flow from Operations (TTM) was 103.0.
==> 103.0 > 62.5 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 465.317 | / | 1107.817 | |
= | 0.42003056 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 566.046 | / | 1089.2092 | |
= | 0.51968529 |
Overseas Shipholding Group's gearing of this year was 0.42003056. Overseas Shipholding Group's gearing of last year was 0.51968529.
==> 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 |
= | 114.588 | / | 169.488 | |
= | 0.67608326 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 108.346 | / | 145.927 | |
= | 0.74246712 |
Overseas Shipholding Group's current ratio of this year was 0.67608326. Overseas Shipholding Group's current ratio of last year was 0.74246712.
==> 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.
Overseas Shipholding Group's number of shares in issue this year was 75.227. Overseas Shipholding Group's number of shares in issue last year was 97.964.
==> 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 |
= | 125.146 | / | 451.871 | |
= | 0.27695072 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 90.176 | / | 466.801 | |
= | 0.19317868 |
Overseas Shipholding Group's gross margin of this year was 0.27695072. Overseas Shipholding Group's gross margin of last year was 0.19317868.
==> 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 (Dec22) |
= | 451.871 | / | 1139.063 | |
= | 0.39670413 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 466.801 | / | 1115.729 | |
= | 0.41838206 |
Overseas Shipholding Group's asset turnover of this year was 0.39670413. Overseas Shipholding Group's asset turnover of last year was 0.41838206.
==> 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 |
= | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Overseas Shipholding Group has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Overseas Shipholding Group (NYSE:OSG) 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 Overseas Shipholding Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Samuel H Norton | director, officer: President and CEO | 58 NE 44TH STREET, MIAMI FL 33133 |
Elaine Goodman Luria | director | 7421 GLENEAGLES RD, NORFOLK VA 23505 |
Douglas D Wheat | director, other: Chairman of the Board | C/O HAAS WHEAT & PARTNERS LP, 300 CRESCENT COURT, SUITE 1700, DALLAS TX 75201 |
Cyrus Capital Partners, L.p. | director, 10 percent owner, other: SEE REMARKS | 65 EAST 55 STREET, 35TH FLOOR, NEW YORK NY 10022 |
Gary Eugene Taylor | director | 814 NORTH BEACH BLVD., BAY ST. LOUIS MS 39520 |
Julie Silcock | director | |
Anja Manuel | director | C/O OVERSEAS SHIPHOLDING GROUP, INC., 302 KNIGHTS RUN AVENUE, TAMPA FL 33602 |
Joseph Isaac Kronsberg | director | 233 PACIFIC STREET, APT 4G, BROOKLYN NY 11201 |
Saltchuk Resources, Inc. | 10 percent owner | 450 ALASKAN WAY SOUTH, SUITE 708, SEATTLE WA 98104 |
Rebecca K Delaet | director | 34 BEACH AVENUE, LARCHMONT NY 10538 |
Ty Wallach | director | C/O PAULSON & CO INC., 1251 AVENUE OF THE AMERICAS, NEW YORK NY 10020 |
Paulson & Co. Inc. | 10 percent owner | 1133 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10036 |
J Patrick Reddy | director | |
Susan Allan | officer: VP, General Counsel & Corp Sec | 302 KNIGHTS RUN AVENUE, SUITE 1200, TAMPA FL 33602 |
Richard Trueblood | officer: CFO | 10812 BULLRUSH TERRACE, LAKEWOOD RANCH FL 34202 |
From GuruFocus
By Business Wire 06-06-2023
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