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Stage Stores Piotroski F-Score

: 1 (As of Today)
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Warning Sign:

Piotroski F-Score of 1 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Stage Stores has an F-score of 1. It is a bad or low score, which usually implies poor business operation.

NYSE:SSI' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Max: 9
Current: 1

1
9

During the past 13 years, the highest Piotroski F-Score of Stage Stores was 9. The lowest was 1. And the median was 5.


Stage Stores 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.

Stage Stores Annual Data

Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 5.00 3.00 4.00 2.00

Stage Stores Quarterly Data

Jul14 Oct14 Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19
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 4.00 4.00 2.00 1.00

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.


Stage Stores Piotroski F-Score Distribution

* The bar in red indicates where Stage Stores'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 (Apr19) TTM:Last Year (Apr18) TTM:
Net Income was -16.922 + -31.353 + -7.761 + -47.49 = $-104 Mil.
Cash Flow from Operations was -0.365 + -67.897 + 92.481 + -37.202 = $-13 Mil.
Revenue was 383.599 + 360.424 + 537.716 + 340.829 = $1,623 Mil.
Gross Profit was 96.792 + 81.759 + 134.053 + 63.23 = $376 Mil.
Average Total Assets from the begining of this year (Apr18)
to the end of this year (Apr19) was
(840.479 + 829.676 + 945.518 + 744.161 + 1107.607) / 5 = $893.4882 Mil.
Total Assets at the begining of this year (Apr18) was $840 Mil.
Long-Term Debt & Capital Lease Obligation was $596 Mil.
Total Current Assets was $539 Mil.
Total Current Liabilities was $276 Mil.
Net Income was -6.258 + -17.722 + 5.644 + -31.678 = $-50 Mil.

Revenue was 390.271 + 370.906 + 568.475 + 359.743 = $1,689 Mil.
Gross Profit was 106.131 + 85.364 + 155.766 + 78.002 = $425 Mil.
Average Net Income from the begining of last year (Apr17)
to the end of last year (Apr18) was
(861.615 + 859.931 + 967.581 + 806.406 + 840.479) / 5 = $867.2024 Mil.
Total Assets at the begining of last year (Apr17) was $862 Mil.
Long-Term Debt & Capital Lease Obligation was $265 Mil.
Total Current Assets was $555 Mil.
Total Current Liabilities was $196 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.

Stage Stores's current Net Income (TTM) was -104. ==> Negative ==> Score 0.

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.

Stage Stores's current Cash Flow from Operations (TTM) was -13. ==> Negative ==> Score 0.

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(Apr18)
=-103.526/840.479
=-0.123175

ROA (Last Year)=Net Income/Total Assets(Apr17)
=-50.014/861.615
=-0.05804681

Stage Stores's return on assets of this year was -0.123175. Stage Stores's return on assets of last year was -0.05804681. ==> 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.

Stage Stores's current Net Income (TTM) was -104. Stage Stores's current Cash Flow from Operations (TTM) was -13. ==> -13 > -104 ==> 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: Apr19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Apr18 to Apr19
=595.853/893.4882
=0.66688402

Gearing (Last Year: Apr18)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Apr17 to Apr18
=265.469/867.2024
=0.30612115

Stage Stores's gearing of this year was 0.66688402. Stage Stores's gearing of last year was 0.30612115. ==> 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

Current Ratio (This Year: Apr19)=Total Current Assets/Total Current Liabilities
=538.61/275.55
=1.95467247

Current Ratio (Last Year: Apr18)=Total Current Assets/Total Current Liabilities
=555.415/196.396
=2.82803621

Stage Stores's current ratio of this year was 1.95467247. Stage Stores's current ratio of last year was 2.82803621. ==> 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.

Stage Stores's number of shares in issue this year was 28.4. Stage Stores's number of shares in issue last year was 27.8. ==> 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
=375.834/1622.568
=0.23162912

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=425.263/1689.395
=0.25172503

Stage Stores's gross margin of this year was 0.23162912. Stage Stores's gross margin of last year was 0.25172503. ==> 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 (Apr18)
=1622.568/840.479
=1.93052771

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Apr17)
=1689.395/861.615
=1.96073072

Stage Stores's asset turnover of this year was 1.93052771. Stage Stores's asset turnover of last year was 1.96073072. ==> 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
=0+0+0+1+0+0+0+0+0
=1

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

Stage Stores has an F-score of 1. It is a bad or low score, which usually implies poor business operation.

Stage Stores  (NYSE:SSI) 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.


Stage Stores Piotroski F-Score Explanation


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