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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
STORE Capital 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 STORE Capital's Piotroski F-Score or its related term are showing as below:
The historical data trend for STORE 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.
STORE Capital Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 7.00 | 6.00 | 5.00 | 6.00 |
STORE Capital Quarterly Data | ||||||||||||||||||||
Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 6.00 | 6.00 | 6.00 | 6.00 |
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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Net Income was 75.021 + 87.022 + 90.505 + 68.585 = $321.1 Mil. Cash Flow from Operations was 168.595 + 160.887 + 166.978 + 173.581 = $670.0 Mil. Revenue was 209.232 + 222.116 + 223.772 + 230.556 = $885.7 Mil. Gross Profit was 205.086 + 217.875 + 221.458 + 226.196 = $870.6 Mil. Average Total Assets from the begining of this year (Sep21) to the end of this year (Sep22) was (9424.998 + 9773.082 + 10131.148 + 10326.492 + 10505.981) / 5 = $10032.3402 Mil. Total Assets at the begining of this year (Sep21) was $9,425.0 Mil. Long-Term Debt & Capital Lease Obligation was $4,662.9 Mil. Total Current Assets was $768.2 Mil. Total Current Liabilities was $498.7 Mil. |
Net Income was 54.724 + 54.96 + 62.431 + 75.936 = $248.1 Mil. Revenue was 172.868 + 182.261 + 192.046 + 199.125 = $746.3 Mil. Gross Profit was 165.446 + 177.598 + 186.878 + 194.858 = $724.8 Mil. Average Total Assets from the begining of last year (Sep20) to the end of last year (Sep21) was (8720.438 + 9004.34 + 9054.507 + 9395.519 + 9424.998) / 5 = $9119.9604 Mil. Total Assets at the begining of last year (Sep20) was $8,720.4 Mil. Long-Term Debt & Capital Lease Obligation was $3,966.9 Mil. Total Current Assets was $718.8 Mil. Total Current Liabilities was $345.7 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.
STORE Capital's current Net Income (TTM) was 321.1.
==> 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.
STORE Capital's current Cash Flow from Operations (TTM) was 670.0.
==> 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 (Sep21) |
= | 321.133 | / | 9424.998 | |
= | 0.03407247 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep20) |
= | 248.051 | / | 8720.438 | |
= | 0.02844479 |
STORE Capital's return on assets of this year was 0.03407247. STORE Capital's return on assets of last year was 0.02844479.
==> 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.
STORE Capital's current Net Income (TTM) was 321.1. STORE Capital's current Cash Flow from Operations (TTM) was 670.0.
==> 670.0 > 321.1 ==> 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: Sep22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep21 to Sep22 |
= | 4662.893 | / | 10032.3402 | |
= | 0.46478617 |
Gearing (Last Year: Sep21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep20 to Sep21 |
= | 3966.874 | / | 9119.9604 | |
= | 0.43496614 |
STORE Capital's gearing of this year was 0.46478617. STORE Capital's gearing of last year was 0.43496614.
==> 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: Sep22) | = | Total Current Assets | / | Total Current Liabilities |
= | 768.188 | / | 498.677 | |
= | 1.54045204 |
Current Ratio (Last Year: Sep21) | = | Total Current Assets | / | Total Current Liabilities |
= | 718.785 | / | 345.732 | |
= | 2.07902364 |
STORE Capital's current ratio of this year was 1.54045204. STORE Capital's current ratio of last year was 2.07902364.
==> 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.
STORE Capital's number of shares in issue this year was 282.238. STORE Capital's number of shares in issue last year was 271.273.
==> 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 |
= | 870.615 | / | 885.676 | |
= | 0.98299491 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 724.78 | / | 746.3 | |
= | 0.97116441 |
STORE Capital's gross margin of this year was 0.98299491. STORE Capital's gross margin of last year was 0.97116441.
==> This year's gross 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 (Sep21) |
= | 885.676 | / | 9424.998 | |
= | 0.09397095 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep20) |
= | 746.3 | / | 8720.438 | |
= | 0.08558056 |
STORE Capital's asset turnover of this year was 0.09397095. STORE Capital's asset turnover of last year was 0.08558056.
==> 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 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
STORE Capital has an F-score of 6 indicating the company's financial situation is typical for a stable company.
STORE Capital (NYSE:STOR) 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 STORE Capital's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Ashley A. Dembowski | officer: SVP - Chief Accounting Officer | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
David Alexander Mcelyea | officer: EVP Data Analytics | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
David Michael Edwards | director | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Lori Markson | officer: EVP - Portfolio Operations | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Jawad A Ahsan | director | 17800 N 85TH ST, SCOTTSDALE AZ 85255 |
Sherry L Rexroad | officer: CFO, EVP and Treasurer | 2 BAYBERRY CIRCLE, AMBLER PA 19002 |
Joseph M Donovan | director | 2929 ARCH STREET, 17TH FLOOR, PHILADELPHIA PA 19104-2870 |
Tyler Maertz | officer: EVP - Acquisitions | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Craig Barnett | officer: EVP-Underwriting Portfolio Mgt | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Catherine F. Long | officer: CFO, EVP and Treasurer | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Tawn Kelley | director | 4900 N. SCOTTSDALE ROAD, SUITE 2000, SCOTTSDALE AZ 85251 |
Christopher H Volk | director, officer: President and CEO | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
William Franklin Hipp | director | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Chad Allen Freed | officer: EVP GC CCO & Sec. | 8377 E. HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Mary Fedewa | officer: EVP - Acquisitions | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
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