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Ryder System Piotroski F-Score

: 6 (As of Today)
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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

Ryder System has an F-score of 6 indicating the company's financial situation is typical for a stable company.

NYSE:R' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 6

2
9

During the past 13 years, the highest Piotroski F-Score of Ryder System was 9. The lowest was 2. And the median was 6.


Ryder System Piotroski F-Score Historical Data

* 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.

Ryder System Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 8.00 5.00 3.00 4.00

Ryder System Quarterly Data
Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21
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 4.00 5.00 4.00 4.00 6.00

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.


Ryder System Piotroski F-Score Distribution

* The bar in red indicates where Ryder System'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 (Mar21) TTM:Last Year (Mar20) TTM:
Net Income was -74.099 + 35.834 + 25.628 + 50.825 = $38 Mil.
Cash Flow from Operations was 660.199 + 597.804 + 484.714 + 465.711 = $2,208 Mil.
Revenue was 1895.282 + 2150.575 + 2212.928 + 2221.622 = $8,480 Mil.
Gross Profit was 248.599 + 366.784 + 391.969 + 376.98 = $1,384 Mil.
Average Total Assets from the begining of this year (Mar20)
to the end of this year (Mar21) was
(14364.224 + 14208.751 + 13642.036 + 12931.954 + 12674.613) / 5 = $13564.3156 Mil.
Total Assets at the begining of this year (Mar20) was $14,364 Mil.
Long-Term Debt & Capital Lease Obligation was $5,763 Mil.
Total Current Assets was $1,532 Mil.
Total Current Liabilities was $2,285 Mil.
Net Income was 75.215 + -91.455 + -53.486 + -109.613 = $-179 Mil.

Revenue was 2244.993 + 2223.932 + 2276.549 + 2161.306 = $8,907 Mil.
Gross Profit was 432.685 + 257.831 + 278.988 + 268.136 = $1,238 Mil.
Average Total Assets from the begining of last year (Mar19)
to the end of last year (Mar20) was
(13948.985 + 14522.054 + 14482.844 + 14475.334 + 14364.224) / 5 = $14358.6882 Mil.
Total Assets at the begining of last year (Mar19) was $13,949 Mil.
Long-Term Debt & Capital Lease Obligation was $7,478 Mil.
Total Current Assets was $1,857 Mil.
Total Current Liabilities was $2,196 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.

Ryder System's current Net Income (TTM) was 38. ==> 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.

Ryder System's current Cash Flow from Operations (TTM) was 2,208. ==> 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 (Mar20)
=38.188/14364.224
=0.00265855

ROA (Last Year)=Net Income/Total Assets (Mar19)
=-179.339/13948.985
=-0.01285678

Ryder System's return on assets of this year was 0.00265855. Ryder System's return on assets of last year was -0.01285678. ==> 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.

Ryder System's current Net Income (TTM) was 38. Ryder System's current Cash Flow from Operations (TTM) was 2,208. ==> 2,208 > 38 ==> 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: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=5763.447/13564.3156
=0.42489774

Gearing (Last Year: Mar20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar19 to Mar20
=7478.424/14358.6882
=0.52082919

Ryder System's gearing of this year was 0.42489774. Ryder System's gearing of last year was 0.52082919. ==> 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: Mar21)=Total Current Assets/Total Current Liabilities
=1531.647/2285.251
=0.67023141

Current Ratio (Last Year: Mar20)=Total Current Assets/Total Current Liabilities
=1856.566/2196.396
=0.84527836

Ryder System's current ratio of this year was 0.67023141. Ryder System's current ratio of last year was 0.84527836. ==> 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.

Ryder System's number of shares in issue this year was 53.4. Ryder System's number of shares in issue last year was 52.284. ==> 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
=1384.332/8480.407
=0.16323886

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1237.64/8906.78
=0.13895482

Ryder System's gross margin of this year was 0.16323886. Ryder System's gross margin of last year was 0.13895482. ==> 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 (Mar20)
=8480.407/14364.224
=0.59038393

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar19)
=8906.78/13948.985
=0.63852531

Ryder System's asset turnover of this year was 0.59038393. Ryder System's asset turnover of last year was 0.63852531. ==> 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+0+1+0
=6

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

Ryder System has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Ryder System  (NYSE:R) 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.


Ryder System Piotroski F-Score Related Terms


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