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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
Santander Holdings USA has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Santander Holdings USA's Piotroski F-Score or its related term are showing as below:
The historical data trend for Santander Holdings USA'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.
Santander Holdings USA Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | - | - | - | - | - |
Santander Holdings USA Quarterly Data | ||||||||||||||||||||
Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | |
Piotroski F-Score | Get a 7-Day Free Trial | - | - | - | - | - |
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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Net Income was 161.832 + 103.115 + 183.538 + 255.153 = $703.64 Mil. Cash Flow from Operations was 1506.114 + 814.619 + 1963.089 + 1946.371 = $6,230.19 Mil. Revenue was 2368.782 + 2036.57 + 2244.384 + 2291.047 = $8,940.78 Mil. Average Total Assets from the begining of this year (Jun17) to the end of this year (Jun18) was (134755.695 + 131986.117 + 128294.03 + 129227.891 + 130138.694) / 5 = $130880.4854 Mil. Total Assets at the begining of this year (Jun17) was $134,755.70 Mil. Long-Term Debt & Capital Lease Obligation was $38,771.38 Mil. Total Assets was $130,138.69 Mil. Total Liabilities was $105,986.22 Mil. |
Net Income was 147.974 + 9.56 + 113.081 + 183.039 = $453.65 Mil. Revenue was 2348.703 + 2134.774 + 2308.451 + 2331.748 = $9,123.68 Mil. Average Total Assets from the begining of last year (Jun16) to the end of last year (Jun17) was (126470.894 + 139230.887 + 138360.29 + 135109.476 + 134755.695) / 5 = $134785.4484 Mil. Total Assets at the begining of last year (Jun16) was $126,470.89 Mil. Long-Term Debt & Capital Lease Obligation was $43,379.06 Mil. Total Assets was $134,755.70 Mil. Total Liabilities was $111,858.44 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.
Santander Holdings USA's current Net Income (TTM) was 703.64.
==> 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.
Santander Holdings USA's current Cash Flow from Operations (TTM) was 6,230.19.
==> 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 (Jun17) |
= | 703.638 | / | 134755.695 | |
= | 0.00522158 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun16) |
= | 453.654 | / | 126470.894 | |
= | 0.00358702 |
Santander Holdings USA's return on assets of this year was 0.00522158. Santander Holdings USA's return on assets of last year was 0.00358702.
==> 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.
Santander Holdings USA's current Net Income (TTM) was 703.64. Santander Holdings USA's current Cash Flow from Operations (TTM) was 6,230.19.
==> 6,230.19 > 703.64 ==> 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: Jun18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun17 to Jun18 |
= | 38771.378 | / | 130880.4854 | |
= | 0.29623498 |
Gearing (Last Year: Jun17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun16 to Jun17 |
= | 43379.055 | / | 134785.4484 | |
= | 0.32183782 |
Santander Holdings USA's gearing of this year was 0.29623498. Santander Holdings USA's gearing of last year was 0.32183782.
==> 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
* 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: Jun18) | = | Total Assets | / | Total Liabilities |
= | 130138.694 | / | 105986.215 | |
= | 1.22788321 |
Current Ratio (Last Year: Jun17) | = | Total Assets | / | Total Liabilities |
= | 134755.695 | / | 111858.441 | |
= | 1.20469849 |
Santander Holdings USA's current ratio of this year was 1.22788321. Santander Holdings USA's current ratio of last year was 1.20469849.
==> 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.
Santander Holdings USA's number of shares in issue this year was 0. Santander Holdings USA's number of shares in issue last year was 0.
==> 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 |
= | 703.638 | / | 8940.783 | |
= | 0.07869982 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 453.654 | / | 9123.676 | |
= | 0.04972272 |
Santander Holdings USA's net margin of this year was 0.07869982. Santander Holdings USA's net margin of last year was 0.04972272.
==> 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 (Jun17) |
= | 8940.783 | / | 134755.695 | |
= | 0.06634809 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun16) |
= | 9123.676 | / | 126470.894 | |
= | 0.07214052 |
Santander Holdings USA's asset turnover of this year was 0.06634809. Santander Holdings USA's asset turnover of last year was 0.07214052.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | |
= | 8 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Santander Holdings USA has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Santander Holdings USA (NYSE:SOVpCCL.PFD) 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.
Thank you for viewing the detailed overview of Santander Holdings USA's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mahesh Aditya | officer: Chief Operating Officer | 75 STATE STREET BOSTON MA 02109 |
David L Cornish | officer: Chief Accounting Officer | 200 VESEY STREET, NEW YORK NY 10285 |
Razola Jose Doncel | director | 1601 ELM STREET, SUITE 800 DALLAS TX 75201 |
Brian M Gunn | officer: Chief Risk Officer | C/O ALLY FINANCIAL INC., 200 RENAISSANCE CENTER, DETROIT MI 48265 |
Thomas S Johnson | director | ALLEGHANY CORPORATION, 375 PARK AVENUE, SUITE 3201, NEW YORK NY 10152 |
Alan H Fishman | director | ONE METROTECH CENTER, BROOKLYN NY 11201 |
Catherine Keating | director | 75 STATE ST, BOSTON MA 02109 |
Javier Maldonado | director | 75 STATE ST BOSTON MA 02109 |
Scott Powell | officer: Chief Executive Officer | 75 STATE ST, BOSTON MA 02109 |
John Corston | officer: Chief Risk Officer | 75 STATE STREET BOSTON MA 02109 |
Gerald P Plush | officer: Chief Financial Officer | AMERANT BANCORP INC., 220 ALHAMBRA CR. 12TH FLOOR, CORAL GABLES FL 33134 |
Roman Blanco | director, officer: Chief Executive Officer | 75 STATE ST. BOSTON MA 02109 |
Christopher Keith Pfirrman | officer: General Counsel | C/O SANTANDER CONSUMER USA HOLDINGS INC. 1601 ELM STREET SUITE 800 DALLAS TX 75201 |
Stephen A. Ferriss | director | 785 CRANDON BOULEVARD APT 1605 KEY BISCAINE FL 33149 |
Carlos M. Garcia | officer: Chief of Staff | 75 STATE STREET, C/O SOVEREIGN BANK, BOSTOM MA 02109 |
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