Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Otis Worldwide has an F-score of 6 indicating the company's financial situation is typical for a stable company.
NYSE:OTIS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 0 Med: 0 Max: N/A
Current: N/A
During the past 3 years, the highest Piotroski F-Score of Otis Worldwide was 9999. The lowest was 0. And the median was 0.
Otis Worldwide 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.
Otis Worldwide Annual Data
Dec17
Dec18
Dec19
Piotroski F-Score
N/A
N/A
N/A
Otis Worldwide Quarterly Data
Dec17
Dec18
Mar19
Jun19
Sep19
Dec19
Mar20
Jun20
Sep20
Piotroski F-Score
N/A
N/A
N/A
N/A
N/A
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.
Otis Worldwide Piotroski F-Score Distribution
* The bar in red indicates where Otis Worldwide'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.
*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.
Otis Worldwide's current Net Income (TTM) was 873.
==> 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.
Otis Worldwide's return on assets of this year was . Otis Worldwide's return on assets of last year was .
==> 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.
Otis Worldwide's current Net Income (TTM) was 873. Otis Worldwide's current Cash Flow from Operations (TTM) was 1,625.
==> 1,625 > 873 ==> 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.
Otis Worldwide's current ratio of this year was 0.99682086. Otis Worldwide's current ratio of last year was .
==> 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.
Otis Worldwide's number of shares in issue this year was 435.1. Otis Worldwide's number of shares in issue last year was 436.4.
==> 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.
Otis Worldwide's gross margin of this year was 0.2958941. Otis Worldwide's gross margin of last year was 0.29288274.
==> 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
Otis Worldwide's asset turnover of this year was . Otis Worldwide's asset turnover of last year was .
==> 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
+
0
+
1
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0
+
1
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1
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1
+
0
=
6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Otis Worldwide has an F-score of 6 indicating the company's financial situation is typical for a stable company.
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.
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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