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Sunlight Financial Holdings (Sunlight Financial Holdings) Piotroski F-Score : 3 (As of Apr. 25, 2024)


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What is Sunlight Financial Holdings Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 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

Sunlight Financial Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

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

During the past 3 years, the highest Piotroski F-Score of Sunlight Financial Holdings was 5. The lowest was 3. And the median was 3.


Sunlight Financial Holdings Piotroski F-Score Historical Data

The historical data trend for Sunlight Financial Holdings'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.

Sunlight Financial Holdings Piotroski F-Score Chart

Sunlight Financial Holdings Annual Data
Trend Dec20 Dec21 Dec22
Piotroski F-Score
N/A N/A 3.00

Sunlight Financial Holdings Quarterly Data
Aug20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A 5.00 3.00 3.00 3.00

Competitive Comparison of Sunlight Financial Holdings's Piotroski F-Score

For the Credit Services subindustry, Sunlight Financial Holdings'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.


Sunlight Financial Holdings's Piotroski F-Score Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, Sunlight Financial Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Sunlight Financial Holdings'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 (Jun23) TTM:Last Year (Jun22) TTM:
Net Income was -264.064 + -41.929 + -22.947 + -54.657 = $-383.60 Mil.
Cash Flow from Operations was 10.863 + -18.502 + 43.961 + 12.19 = $48.51 Mil.
Revenue was 33.265 + 7.42 + 20.465 + -29.627 = $31.52 Mil.
Gross Profit was 11.268 + -11.159 + -11.982 + -49.74 = $-61.61 Mil.
Average Total Assets from the begining of this year (Jun22)
to the end of this year (Jun23) was
(971.379 + 553.566 + 452.195 + 450.425 + 434.779) / 5 = $572.4688 Mil.
Total Assets at the begining of this year (Jun22) was $971.38 Mil.
Long-Term Debt & Capital Lease Obligation was $52.27 Mil.
Total Current Assets was $95.86 Mil.
Total Current Liabilities was $42.17 Mil.
Net Income was -11.323 + -148.233 + -13.974 + 4.116 = $-169.41 Mil.

Revenue was 26.52 + 35.154 + 28.231 + 29.59 = $119.50 Mil.
Gross Profit was -11.103 + 17.908 + 9.877 + 10.375 = $27.06 Mil.
Average Total Assets from the begining of last year (Jun21)
to the end of last year (Jun22) was
(346.562 + 1232.526 + 1002.247 + 978.575 + 971.379) / 5 = $906.2578 Mil.
Total Assets at the begining of last year (Jun21) was $346.56 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $166.07 Mil.
Total Current Liabilities was $38.22 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.

Sunlight Financial Holdings's current Net Income (TTM) was -383.60. ==> 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.

Sunlight Financial Holdings's current Cash Flow from Operations (TTM) was 48.51. ==> 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 (Jun22)
=-383.597/971.379
=-0.39489942

ROA (Last Year)=Net Income/Total Assets (Jun21)
=-169.414/346.562
=-0.48884182

Sunlight Financial Holdings's return on assets of this year was -0.39489942. Sunlight Financial Holdings's return on assets of last year was -0.48884182. ==> 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.

Sunlight Financial Holdings's current Net Income (TTM) was -383.60. Sunlight Financial Holdings's current Cash Flow from Operations (TTM) was 48.51. ==> 48.51 > -383.60 ==> 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: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=52.267/572.4688
=0.09130105

Gearing (Last Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=0/906.2578
=0

Sunlight Financial Holdings's gearing of this year was 0.09130105. Sunlight Financial Holdings's gearing of last year was 0. ==> 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: Jun23)=Total Current Assets/Total Current Liabilities
=95.859/42.167
=2.273318

Current Ratio (Last Year: Jun22)=Total Current Assets/Total Current Liabilities
=166.066/38.216
=4.3454574

Sunlight Financial Holdings's current ratio of this year was 2.273318. Sunlight Financial Holdings's current ratio of last year was 4.3454574. ==> 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.

Sunlight Financial Holdings's number of shares in issue this year was 7.036. Sunlight Financial Holdings's number of shares in issue last year was 4.233. ==> 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
=-61.613/31.523
=-1.95454113

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=27.057/119.495
=0.22642788

Sunlight Financial Holdings's gross margin of this year was -1.95454113. Sunlight Financial Holdings's gross margin of last year was 0.22642788. ==> 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 (Jun22)
=31.523/971.379
=0.0324518

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun21)
=119.495/346.562
=0.34480122

Sunlight Financial Holdings's asset turnover of this year was 0.0324518. Sunlight Financial Holdings's asset turnover of last year was 0.34480122. ==> 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+1+1+1+0+0+0+0+0
=3

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

Sunlight Financial Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Sunlight Financial Holdings  (OTCPK:SUNLQ) 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.


Sunlight Financial Holdings Piotroski F-Score Related Terms

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Sunlight Financial Holdings (Sunlight Financial Holdings) Business Description

Traded in Other Exchanges
N/A
Address
101 North Tryon Street, Suite 1000, Charlotte, NC, USA, 28246
Sunlight Financial Holdings Inc is a technology-enabled point-of-sale finance company. It partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. It's technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. It earns revenue in two streams: platform fees earned on each loan facilitated via Orange and fees earned for loan portfolio management, servicing, and administration services.
Executives
Matthew Potere director, officer: Chief Executive Officer 101 N. TRYON STREET, STE. 1000, CHARLOTTE NC 28246
Rodney Yoder officer: Chief Financial Officer 101 N. TRYON STREET, SUITE 1000, CHARLOTTE NC 28246
Timothy Parsons officer: EVP and COO 101 N. TRYON STREET, STE. 1000, CHARLOTTE NC 28246
Apollo Principal Holdings Iii Gp Ltd 10 percent owner C/O INTERTRUST CORPORATE SERVICES, (CAYMAN) LIMITED, 190 ELGIN STREET, GEORGE TOWN E9 KY1-9005
Apollo Anrp Capital Management Iii, Llc 10 percent owner 9 WEST 57TH ST., 43RD FLOOR, NEW YORK NY 10019
Apollo Anrp Advisors Iii, L.p. 10 percent owner 9 WEST 57TH ST., 43RD FLOOR, NEW YORK NY 10019
Ap Spartan Energy Holdings Ii, L.p. 10 percent owner 9 WEST 57TH ST, 43RD FLOOR, NEW YORK NY 10019
Spartan Acquisition Sponsor Ii Llc 10 percent owner 9 WEST 57TH STREET, 43RD FLOOR, NEW YORK NY 10019
Aph Holdings, L.p. 10 percent owner ONE MANHATTANVILLE ROAD, SUITE 201, PURCHASE NY 10577
Barry Edinburg officer: EVP and CFO 101 N. TRYON STREET, SUITE 1000, CHARLOTTE NC 28246
William B Miller officer: Managing Director Acct Finance C/O SUNLIGHT FINANCIAL HOLDINGS INC., 101 N. TRYON STREET, SUITE 1000, CHARLOTTE NC 28246
Scott Mulloy officer: EVP and CIO 101 N. TRYON STREET, STE. 1000, CHARLOTTE NC 28246
Kenneth Shea director 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Tiger Infrastructure Partners Co-invest B Lp 10 percent owner 717 FIFTH AVENUE, FLOOR 12A, NEW YORK NY 10022
Ftv V, L.p. 10 percent owner 555 CALIFORNIA STREET, SUITE 2900, SAN FRANCISCO CA 94104

Sunlight Financial Holdings (Sunlight Financial Holdings) Headlines

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