Market Cap : 6.31 B | Enterprise Value : 6.94 B | PE Ratio : 8.94 | PB Ratio : 1.55 |
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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
Synovus Financial has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Synovus Financial's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Synovus Financial was 9. The lowest was 2. And the median was 6.
The historical data trend for Synovus Financial'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 Banks - Regional subindustry, Synovus Financial'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 Banks industry and Financial Services sector, Synovus Financial's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Synovus Financial'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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 186.773 + 200.402 + 171.037 + 178.052 = $736 Mil. Cash Flow from Operations was 406.816 + -49.326 + 181.332 + 29.662 = $568 Mil. Revenue was 499.872 + 509.382 + 497.582 + 522.654 = $2,029 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (54938.659 + 55509.129 + 57317.226 + 56419.549 + 57382.745) / 5 = $56313.4616 Mil. Total Assets at the begining of this year (Jun21) was $54,939 Mil. Long-Term Debt & Capital Lease Obligation was $1,804 Mil. Total Assets was $57,383 Mil. Total Liabilities was $52,798 Mil. |
Net Income was 91.574 + 150.409 + 187.093 + 186.2 = $615 Mil. Revenue was 491.401 + 500.693 + 484.813 + 488.947 = $1,966 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (54121.989 + 53040.538 + 54394.159 + 55159.011 + 54938.659) / 5 = $54330.8712 Mil. Total Assets at the begining of last year (Jun20) was $54,122 Mil. Long-Term Debt & Capital Lease Obligation was $1,203 Mil. Total Assets was $54,939 Mil. Total Liabilities was $49,701 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.
Synovus Financial's current Net Income (TTM) was 736.
==> 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.
Synovus Financial's current Cash Flow from Operations (TTM) was 568.
==> 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 (Jun21) |
= | 736.264 | / | 54938.659 | |
= | 0.01340156 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 615.276 | / | 54121.989 | |
= | 0.01136832 |
Synovus Financial's return on assets of this year was 0.01340156. Synovus Financial's return on assets of last year was 0.01136832.
==> 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.
Synovus Financial's current Net Income (TTM) was 736. Synovus Financial's current Cash Flow from Operations (TTM) was 568.
==> 568 <= 736 ==> CFROA <= ROA ==> Score 0.
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: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 1804.104 | / | 56313.4616 | |
= | 0.03203682 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 1203.293 | / | 54330.8712 | |
= | 0.0221475 |
Synovus Financial's gearing of this year was 0.03203682. Synovus Financial's gearing of last year was 0.0221475.
==> 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: Jun22) | = | Total Assets | / | Total Liabilities |
= | 57382.745 | / | 52798.307 | |
= | 1.08682926 |
Current Ratio (Last Year: Jun21) | = | Total Assets | / | Total Liabilities |
= | 54938.659 | / | 49700.945 | |
= | 1.1053846 |
Synovus Financial's current ratio of this year was 1.08682926. Synovus Financial's current ratio of last year was 1.1053846.
==> 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.
Synovus Financial's number of shares in issue this year was 146.315. Synovus Financial's number of shares in issue last year was 149.747.
==> 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.
* 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 |
= | 736.264 | / | 2029.49 | |
= | 0.36278277 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 615.276 | / | 1965.854 | |
= | 0.31298153 |
Synovus Financial's net margin of this year was 0.36278277. Synovus Financial's net margin of last year was 0.31298153.
==> 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 (Jun21) |
= | 2029.49 | / | 54938.659 | |
= | 0.03694102 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 1965.854 | / | 54121.989 | |
= | 0.03632265 |
Synovus Financial's asset turnover of this year was 0.03694102. Synovus Financial's asset turnover of last year was 0.03632265.
==> This year's asset turnover is higher. ==> Score 1.
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 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Synovus Financial 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.
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 Synovus Financial's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
White Teresa L | director | 1932 WYNNTON RD COLUMBUS GA 31999 |
Prochaska Joseph J Jr | director | METLIFE 200 PARK AVENUE NEW YORK NY 10166 |
Derrick Robert Warren | officer: EVP & Chief Credit Officer | 1111 BAY AVENUE, SUITE 500 COLUMBUS GA 31901 |
Singleton Jeffrey Barton | officer: EVP, President FMS | 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901 |
Bishop Daniel Zachary | officer: EVP, Tech., Ops., & Sec. | 1111 BAY AVENUE COLUMBUS GA 31901 |
Dierdorff Thomas T | officer: EVP, Corp. & Inv. Banking | 1111 BAY AVENUE COLUMBUS GA 31901 |
Goodwine Sharon | officer: EVP Chief Human Resources Off | 1111 BAY AVENUE COLUMBUS GA 31901 |
Weislogel Katherine | officer: EVP & Exec. Dir., Treasury | 1111 BAY AVENUE COLUMBUS GA 31901 |
Wolverton Elizabeth D. | officer: EVP, Head Con. Bank. Brand Exp | 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901 |
Akins D Wayne Jr | officer: EVP, Chief Comm Banking Off. | P.O. BOX 120 COLUMBUS GA 31902 |
Kamensky Allan E | officer: EVP and General Counsel | P.O. BOX 120 COLUMBUS GA 31902 |
Howard Kevin Joseph | officer: EVP, Chief Wholesale Bank. Off | 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901 |
Blair Kevin S. | officer: President and CEO | 1111 BAY AVENUE, SUITE 500 COLUMBUS GA 31901 |
Hurley Jill K | officer: Chief Accounting Officer | 1111 BAY AVENUE, SUITE 200 COLUMBUS GA 31901 |
Stelling Kessel D | director, officer: Executive Chairman | 1111 BAY AVENUE SUITE 500 COLUMBUS GA 31901 |
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