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TriplePoint Venture Growth BDC (TriplePoint Venture Growth BDC) Piotroski F-Score : 3 (As of Apr. 26, 2024)


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What is TriplePoint Venture Growth BDC 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

TriplePoint Venture Growth BDC 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 TriplePoint Venture Growth BDC's Piotroski F-Score or its related term are showing as below:

TPVG' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 7
Current: 3

During the past 11 years, the highest Piotroski F-Score of TriplePoint Venture Growth BDC was 7. The lowest was 1. And the median was 4.


TriplePoint Venture Growth BDC Piotroski F-Score Historical Data

The historical data trend for TriplePoint Venture Growth BDC'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.

TriplePoint Venture Growth BDC Piotroski F-Score Chart

TriplePoint Venture Growth BDC Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.00 5.00 4.00 2.00 3.00

TriplePoint Venture Growth BDC Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial 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 2.00 1.00 1.00 3.00 3.00

Competitive Comparison of TriplePoint Venture Growth BDC's Piotroski F-Score

For the Asset Management subindustry, TriplePoint Venture Growth BDC'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.


TriplePoint Venture Growth BDC's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, TriplePoint Venture Growth BDC's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where TriplePoint Venture Growth BDC'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 7.679 + -20.855 + 2.148 + -28.793 = $-39.82 Mil.
Cash Flow from Operations was -32.96 + 25.466 + 70.523 + 43.119 = $106.15 Mil.
Revenue was 10.083 + -18.095 + 5.835 + -24.892 = $-27.07 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(1014.533 + 1046.397 + 1037.335 + 998.48 + 978.825) / 5 = $1015.114 Mil.
Total Assets at the begining of this year (Dec22) was $1,014.53 Mil.
Long-Term Debt & Capital Lease Obligation was $607.90 Mil.
Total Assets was $978.83 Mil.
Total Liabilities was $632.52 Mil.
Net Income was 5.705 + -14.413 + 0.432 + -11.794 = $-20.07 Mil.

Revenue was 8.19 + -11.867 + 3.116 + -8.949 = $-9.51 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(927.67 + 860.583 + 922.059 + 983.609 + 1014.533) / 5 = $941.6908 Mil.
Total Assets at the begining of last year (Dec21) was $927.67 Mil.
Long-Term Debt & Capital Lease Obligation was $566.98 Mil.
Total Assets was $1,014.53 Mil.
Total Liabilities was $594.59 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.

TriplePoint Venture Growth BDC's current Net Income (TTM) was -39.82. ==> 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.

TriplePoint Venture Growth BDC's current Cash Flow from Operations (TTM) was 106.15. ==> 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 (Dec22)
=-39.821/1014.533
=-0.03925057

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-20.07/927.67
=-0.02163485

TriplePoint Venture Growth BDC's return on assets of this year was -0.03925057. TriplePoint Venture Growth BDC's return on assets of last year was -0.02163485. ==> 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.

TriplePoint Venture Growth BDC's current Net Income (TTM) was -39.82. TriplePoint Venture Growth BDC's current Cash Flow from Operations (TTM) was 106.15. ==> 106.15 > -39.82 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=607.896/1015.114
=0.59884506

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=566.98/941.6908
=0.60208722

TriplePoint Venture Growth BDC's gearing of this year was 0.59884506. TriplePoint Venture Growth BDC's gearing of last year was 0.60208722. ==> 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: Dec23)=Total Assets/Total Liabilities
=978.825/632.519
=1.54750292

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=1014.533/594.593
=1.70626462

TriplePoint Venture Growth BDC's current ratio of this year was 1.54750292. TriplePoint Venture Growth BDC's current ratio of last year was 1.70626462. ==> 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.

TriplePoint Venture Growth BDC's number of shares in issue this year was 36.465. TriplePoint Venture Growth BDC's number of shares in issue last year was 35.312. ==> 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.

* 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
=-39.821/-27.069
=1.47109239

Net Margin (Last Year: TTM)=Net Income/Revenue
=-20.07/-9.51
=2.11041009

TriplePoint Venture Growth BDC's net margin of this year was 1.47109239. TriplePoint Venture Growth BDC's net margin of last year was 2.11041009. ==> Last year's net 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 (Dec22)
=-27.069/1014.533
=-0.02668124

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=-9.51/927.67
=-0.01025149

TriplePoint Venture Growth BDC's asset turnover of this year was -0.02668124. TriplePoint Venture Growth BDC's asset turnover of last year was -0.01025149. ==> 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+0+1+1+0+0+0+0
=3

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

TriplePoint Venture Growth BDC has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

TriplePoint Venture Growth BDC  (NYSE:TPVG) 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.


TriplePoint Venture Growth BDC Piotroski F-Score Related Terms

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TriplePoint Venture Growth BDC (TriplePoint Venture Growth BDC) Business Description

Traded in Other Exchanges
Address
2755 Sand Hill Road, Suite 150, Menlo Park, CA, USA, 94025
TriplePoint Venture Growth BDC Corp is a closed-end, non-diversified management investment company. Its investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation. The fund focuses on companies operating in the fields of biofuels, business applications software, wireless communications equipment, e-commerce, clothing and accessories, conferencing equipment and services, personal goods, financial institutions and services, entertainment, mixed retailing, and healthcare services. Geographically, all the operations of the firm function through the region of the US.
Executives
Cynthia M. Fornelli director 2755 SAND HILL ROAD, SUITE 150, MENLO PARK CA 94025
Katherine J Park director 2755 SAND HILL ROAD, SUITE 150, MENLO PARK CA 94025
Kimberley H Vogel director 63 CONSTITUTION DRIVE, CHICO CA 95973
Christopher M. Mathieu officer: Chief Financial Officer 312 FARMINGTON AVENUE, FARMINGTON CT 06032
Stephen Cassani director 700 EMERSON STREET, PALO ALTO CA 94301
Gilbert Ahye director 200 VESEY ST, NEW YORK NY 10285
Christopher Gastelu officer: See Remarks 920 WOODLAND AVENUE, ORADELL NJ 07649
James Labe director, officer: Chief Executive Officer 2755 SAND HILL ROAD, SUITE 150, MENLO PARK CA 94025
Sajal Srivastava director, officer: See Remarks 2755 SAND HILL ROAD, SUITE 150, MENLO PARK CA 94025
Steven Bird director 525 UNIVERSITY AVE, SUITE 225, PALO ALTO CA 94301
Andrew Olson officer: Chief Financial Officer C/O HERCULES TECHNOLOGY GROWTH CAPITAL, 400 HAMILTON AVENUE, SUITE 310, PALO ALTO CA 94301
Harold F Zagunis officer: Chief Financial Officer ONE BELVEDERE, SUITE 300, MILL VALLEY CA 94941
Boathouse Row Ii L P 10 percent owner 450 SANSOME STREET, SUITE 1500, SAN FRAN CA 94111
Philadelphia Financial Management Of San Francisco, Llc 10 percent owner 450 SANSOME STREET, SUITE 1500, SAN FRANCISCO CA 94111
Boathouse Row I, L.p. 10 percent owner 450 SANSOME STREET, SUITE 1500, SAN FRANCISCO CA 94111

TriplePoint Venture Growth BDC (TriplePoint Venture Growth BDC) Headlines

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