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Rayonier Advanced Materials Piotroski F-Score

: 5 (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

Rayonier Advanced Materials has an F-score of 5 indicating the company's financial situation is typical for a stable company.

NYSE:RYAM' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Max: 7
Current: 5

4
7

During the past 8 years, the highest Piotroski F-Score of Rayonier Advanced Materials was 7. The lowest was 4. And the median was 5.


Rayonier Advanced Materials 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.

Rayonier Advanced Materials Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only 4.00 7.00 6.00 4.00 6.00

Rayonier Advanced Materials Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
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 6.00 6.00 5.00

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.


Rayonier Advanced Materials Piotroski F-Score Distribution

* The bar in red indicates where Rayonier Advanced Materials'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.

This Year (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was 37.936 + 12.635 + -22.05 + -14.917 = $14 Mil.
Cash Flow from Operations was 71.137 + 86.582 + -26.874 + 45.17 = $176 Mil.
Revenue was 544.339 + 526.362 + 482.78 + 487.816 = $2,041 Mil.
Gross Profit was 95.913 + 66.425 + 17.195 + 25.447 = $205 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was
(2670.449 + 2667.77 + 2679.086 + 2655.411 + 2650.51) / 5 = $2664.6452 Mil.
Total Assets at the begining of this year (Jun18) was $2,670 Mil.
Long-Term Debt & Capital Lease Obligation was $1,215 Mil.
Total Current Assets was $660 Mil.
Total Current Liabilities was $330 Mil.
Net Income was 15.672 + 295.077 + 24.455 + 53.389 = $389 Mil.

Revenue was 209.717 + 348.975 + 521.992 + 541.72 = $1,622 Mil.
Gross Profit was 32.12 + 39.267 + 80.352 + 101.478 = $253 Mil.
Average Net Income from the begining of last year (Jun17)
to the end of last year (Jun18) was
(1448.51 + 1442.6 + 2642.611 + 2694.049 + 2670.449) / 5 = $2179.6438 Mil.
Total Assets at the begining of last year (Jun17) was $1,449 Mil.
Long-Term Debt & Capital Lease Obligation was $1,215 Mil.
Total Current Assets was $696 Mil.
Total Current Liabilities was $321 Mil.

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.

Rayonier Advanced Materials's current Net Income (TTM) was 14. ==> 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.

Rayonier Advanced Materials's current Cash Flow from Operations (TTM) was 176. ==> 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(Jun18)
=13.604/2670.449
=0.00509427

ROA (Last Year)=Net Income/Total Assets(Jun17)
=388.593/1448.51
=0.26827084

Rayonier Advanced Materials's return on assets of this year was 0.00509427. Rayonier Advanced Materials's return on assets of last year was 0.26827084. ==> 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.

Rayonier Advanced Materials's current Net Income (TTM) was 14. Rayonier Advanced Materials's current Cash Flow from Operations (TTM) was 176. ==> 176 > 14 ==> 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: Jun19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun18 to Jun19
=1215.059/2664.6452
=0.45599279

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jun17 to Jun18
=1214.56/2179.6438
=0.55722866

Rayonier Advanced Materials's gearing of this year was 0.45599279. Rayonier Advanced Materials's gearing of last year was 0.55722866. ==> 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: Jun19)=Total Current Assets/Total Current Liabilities
=659.643/330.26
=1.99734452

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=696.312/321.469
=2.16603156

Rayonier Advanced Materials's current ratio of this year was 1.99734452. Rayonier Advanced Materials's current ratio of last year was 2.16603156. ==> 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.

Rayonier Advanced Materials's number of shares in issue this year was 49.6. Rayonier Advanced Materials's number of shares in issue last year was 64. ==> 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
=204.98/2041.297
=0.10041655

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=253.217/1622.404
=0.15607518

Rayonier Advanced Materials's gross margin of this year was 0.10041655. Rayonier Advanced Materials's gross margin of last year was 0.15607518. ==> 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 (Jun18)
=2041.297/2670.449
=0.76440217

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=1622.404/1448.51
=1.12005026

Rayonier Advanced Materials's asset turnover of this year was 0.76440217. Rayonier Advanced Materials's asset turnover of last year was 1.12005026. ==> 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+1+0+1+0+0
=5

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

Rayonier Advanced Materials has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Rayonier Advanced Materials  (NYSE:RYAM) 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.


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