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Silvergate Capital 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

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

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

SI' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 5

During the past 6 years, the highest Piotroski F-Score of Silvergate Capital was 7. The lowest was 3. And the median was 5.


Silvergate Capital Piotroski F-Score Historical Data

The historical data trend for Silvergate Capital'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.

Silvergate Capital Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only N/A N/A 4.00 3.00 7.00

Silvergate Capital Quarterly Data
Dec16 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
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 5.00 5.00 7.00 5.00 -

Competitive Comparison

For the Banks - Regional subindustry, Silvergate Capital'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.

   

Silvergate Capital Piotroski F-Score Distribution

For the Banks industry and Financial Services sector, Silvergate Capital's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Silvergate Capital'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 (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 20.935 + 23.492 + 21.391 + 27.386 = $93.2 Mil.
Cash Flow from Operations was 143.462 + -4.269 + -39.374 + 13.641 = $113.5 Mil.
Revenue was 41.36 + 50.834 + 48.263 + 58.733 = $199.2 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(7757.152 + 12289.476 + 12776.621 + 16005.495 + 15798.013) / 5 = $12925.3514 Mil.
Total Assets at the begining of this year (Mar21) was $7,757.2 Mil.
Long-Term Debt & Capital Lease Obligation was $815.8 Mil.
Total Assets was $15,798.0 Mil.
Total Liabilities was $14,251.5 Mil.
Net Income was 5.466 + 7.06 + 9.119 + 12.71 = $34.4 Mil.

Revenue was 21.04 + 22.427 + 26.301 + 30.434 = $100.2 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(2310.708 + 2340.713 + 2620.573 + 5586.235 + 7757.152) / 5 = $4123.0762 Mil.
Total Assets at the begining of last year (Mar20) was $2,310.7 Mil.
Long-Term Debt & Capital Lease Obligation was $15.8 Mil.
Total Assets was $7,757.2 Mil.
Total Liabilities was $7,043.5 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.

Silvergate Capital's current Net Income (TTM) was 93.2. ==> 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.

Silvergate Capital's current Cash Flow from Operations (TTM) was 113.5. ==> 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 (Mar21)
=93.204/7757.152
=0.01201523

ROA (Last Year)=Net Income/Total Assets (Mar20)
=34.355/2310.708
=0.01486774

Silvergate Capital's return on assets of this year was 0.01201523. Silvergate Capital's return on assets of last year was 0.01486774. ==> 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.

Silvergate Capital's current Net Income (TTM) was 93.2. Silvergate Capital's current Cash Flow from Operations (TTM) was 113.5. ==> 113.5 > 93.2 ==> 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: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=815.848/12925.3514
=0.06311999

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=15.834/4123.0762
=0.00384034

Silvergate Capital's gearing of this year was 0.06311999. Silvergate Capital's gearing of last year was 0.00384034. ==> Last year is lower than this year ==> Score 0.

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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Mar22)=Total Assets/Total Liabilities
=15798.013/14251.517
=1.10851448

Current Ratio (Last Year: Mar21)=Total Assets/Total Liabilities
=7757.152/7043.531
=1.1013158

Silvergate Capital's current ratio of this year was 1.10851448. Silvergate Capital's current ratio of last year was 1.1013158. ==> 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.

Silvergate Capital's number of shares in issue this year was 31.401. Silvergate Capital's number of shares in issue last year was 23.01. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=93.204/199.19
=0.46791506

Net Margin (Last Year: TTM)=Net Income/Revenue
=34.355/100.202
=0.34285743

Silvergate Capital's net margin of this year was 0.46791506. Silvergate Capital's net margin of last year was 0.34285743. ==> This year's net 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 (Mar21)
=199.19/7757.152
=0.02567824

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=100.202/2310.708
=0.0433642

Silvergate Capital's asset turnover of this year was 0.02567824. Silvergate Capital's asset turnover of last year was 0.0433642. ==> 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+0+1+0+1+0
=5

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

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

Silvergate Capital  (NYSE:SI) 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.


Silvergate Capital Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Silvergate Capital's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Silvergate Capital Business Description

Silvergate Capital logo
Traded in Other Exchanges
Address
4250 Executive Square, Suite 300, La Jolla, CA, USA, 92037
Silvergate Capital Corp is a provider of innovative financial infrastructure solutions and services. Its solutions and service offerings include Silvergate Exchange Network, Cash Management Solutions and Deposit Account Services. Its customers include U.S. exchanges and global investors in the digital currency industry. The company also provides financial services that include commercial banking, business lending, commercial and residential real estate lending, and mortgage warehouse lending.
Executives
Rettig Rebecca director 4250 EXECUTIVE SQUARE, SUITE 300 LA JOLLA CA 92037
Gupta Aanchal director 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Sullivan Colleen director 420 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Paik Son-jai officer: EVP & Chief HR Officer 822 BISHOP STREET HONOLULU HI 96813
Campbell Robert Charles director 4250 EXECUTIVE SQUARE, SUITE 300 LA JOLLA CA 92037
Martino Antonio officer: CFO 4250 EXECUITVE SQUARE SUITE 300 LA JOLLA CA 92037
Fraher Kathleen officer: EVP & COO 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Simmons William Paul officer: Executive VP 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Reynolds Ben officer: EVP 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Bonino John M. officer: EVP & Chief Legal Officer 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 02037
Lempres Michael director 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Colucci Paul D. director 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Reed Scott A. director 901 E. CARY STREET ONE JAMES CENTER, SUITE 1700 RICHMOND VA 23219
Frank Dennis S director 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037
Brassfield Karen F. director 4250 EXECUTIVE SQUARE SUITE 300 LA JOLLA CA 92037

Silvergate Capital Headlines

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