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Carl Zeiss Meditec AG (Carl Zeiss Meditec AG) Piotroski F-Score

: 4 (As of Today)
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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

Carl Zeiss Meditec AG has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Carl Zeiss Meditec AG's Piotroski F-Score or its related term are showing as below:

CZMWF' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of Carl Zeiss Meditec AG was 7. The lowest was 3. And the median was 5.


Carl Zeiss Meditec AG Piotroski F-Score Historical Data

The historical data trend for Carl Zeiss Meditec AG'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.

Carl Zeiss Meditec AG Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 5.00 6.00 6.00 4.00

Carl Zeiss Meditec AG 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 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 5.00 4.00 4.00

Competitive Comparison

For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG'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.


Carl Zeiss Meditec AG Piotroski F-Score Distribution

For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Carl Zeiss Meditec AG'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 66.384 + 99.839 + 90.924 + 40.785 = $298 Mil.
Cash Flow from Operations was 31.69 + 0 + 0 + 1.091 = $33 Mil.
Revenue was 539.848 + 579.763 + 618.677 + 517.993 = $2,256 Mil.
Gross Profit was 312.817 + 342.334 + 363.143 + 275.354 = $1,294 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(2794.868 + 0 + 2925.188 + 0 + 3236.845) / 5 = $2985.63366667 Mil.
Total Assets at the begining of this year (Dec22) was $2,795 Mil.
Long-Term Debt & Capital Lease Obligation was $143 Mil.
Total Current Assets was $2,040 Mil.
Total Current Liabilities was $599 Mil.
Net Income was 99.921 + 66.101 + 101.692 + 54.025 = $322 Mil.

Revenue was 490.34 + 504.752 + 564.293 + 498.199 = $2,058 Mil.
Gross Profit was 295.787 + 300.053 + 339.008 + 272.669 = $1,208 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(2818.786 + 0 + 2781.945 + 0 + 2794.868) / 5 = $2798.533 Mil.
Total Assets at the begining of last year (Dec21) was $2,819 Mil.
Long-Term Debt & Capital Lease Obligation was $105 Mil.
Total Current Assets was $1,774 Mil.
Total Current Liabilities was $534 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.

Carl Zeiss Meditec AG's current Net Income (TTM) was 298. ==> 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.

Carl Zeiss Meditec AG's current Cash Flow from Operations (TTM) was 33. ==> 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)
=297.932/2794.868
=0.10659967

ROA (Last Year)=Net Income/Total Assets (Dec21)
=321.739/2818.786
=0.11414098

Carl Zeiss Meditec AG's return on assets of this year was 0.10659967. Carl Zeiss Meditec AG's return on assets of last year was 0.11414098. ==> 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.

Carl Zeiss Meditec AG's current Net Income (TTM) was 298. Carl Zeiss Meditec AG's current Cash Flow from Operations (TTM) was 33. ==> 33 <= 298 ==> CFROA <= ROA ==> Score 0.

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
=142.882/2985.63366667
=0.04785651

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=105.263/2798.533
=0.03761364

Carl Zeiss Meditec AG's gearing of this year was 0.04785651. Carl Zeiss Meditec AG's gearing of last year was 0.03761364. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=2040.264/599.409
=3.40379274

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1774.112/533.976
=3.32245644

Carl Zeiss Meditec AG's current ratio of this year was 3.40379274. Carl Zeiss Meditec AG's current ratio of last year was 3.32245644. ==> 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.

Carl Zeiss Meditec AG's number of shares in issue this year was 89.048. Carl Zeiss Meditec AG's number of shares in issue last year was 89.474. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1293.648/2256.281
=0.57335412

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1207.517/2057.584
=0.58686158

Carl Zeiss Meditec AG's gross margin of this year was 0.57335412. Carl Zeiss Meditec AG's gross margin of last year was 0.58686158. ==> 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 (Dec22)
=2256.281/2794.868
=0.8072943

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=2057.584/2818.786
=0.72995396

Carl Zeiss Meditec AG's asset turnover of this year was 0.8072943. Carl Zeiss Meditec AG's asset turnover of last year was 0.72995396. ==> 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+0+0+0+1+1+0+1
=5

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

Carl Zeiss Meditec AG has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Carl Zeiss Meditec AG  (OTCPK:CZMWF) 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.


Carl Zeiss Meditec AG Piotroski F-Score Related Terms

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Carl Zeiss Meditec AG (Carl Zeiss Meditec AG) Business Description

Address
Goschwitzer Strasse 51-52, Jena, TH, DEU, 07745
Carl Zeiss Meditec is one of the largest medical technology companies in the world and it operates in two segments: Ophthalmic devices and Microsurgery. OPT, which made up 75% of sales in 2022, includes refractive lasers, surgical ophthalmic devices, equipment for ophthalmic diagnostics, as well as a portfolio of intraocular lenses and disposable medical instruments. With a low-teens share of the market, Zeiss is the second-largest player in the space. MCS is composed of implants, surgical instruments, and visualization devices used during neurosurgery, spine surgery, and otolaryngology surgery. With over 60% market share, Zeiss is the clear leader in the microsurgery space.