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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
Energy XXI has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Energy XXI's Piotroski F-Score or its related term are showing as below:
During the past 11 years, the highest Piotroski F-Score of Energy XXI was 8. The lowest was 2. And the median was 4.
The historical data trend for Energy XXI'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.
For the Oil & Gas E&P subindustry, Energy XXI'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.
For the Oil & Gas industry and Energy sector, Energy XXI's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Energy XXI'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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Net Income was -1310.583 + 160.776 + -195.552 + -131.146 = $-1,476.51 Mil. Cash Flow from Operations was -20.691 + -108.978 + 32.247 + 20.151 = $-77.27 Mil. Revenue was 184.615 + 116.285 + 147.804 + 142.611 = $591.32 Mil. Gross Profit was 79.17 + 19.865 + 56.586 + 59.528 = $215.15 Mil. Average Total Assets from the begining of this year (Sep15) to the end of this year (Sep16) was (3558.629 + 1764.237 + 1202.445 + 1025.434 + 924.659) / 5 = $1695.0808 Mil. Total Assets at the begining of this year (Sep15) was $3,558.63 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Current Assets was $354.54 Mil. Total Current Liabilities was $280.08 Mil. |
Net Income was -275.963 + -495.061 + -1690.004 + -573.392 = $-3,034.42 Mil. Revenue was 502.971 + 221.58 + 219.46 + 257.823 = $1,201.83 Mil. Gross Profit was 376.571 + 108.207 + 121.035 + 147.466 = $753.28 Mil. Average Total Assets from the begining of last year (Sep14) to the end of last year (Sep15) was (7496.583 + 7224.043 + 6755.826 + 4690.829 + 3558.629) / 5 = $5945.182 Mil. Total Assets at the begining of last year (Sep14) was $7,496.58 Mil. Long-Term Debt & Capital Lease Obligation was $4,007.08 Mil. Total Current Assets was $732.11 Mil. Total Current Liabilities was $345.02 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.
Energy XXI's current Net Income (TTM) was -1,476.51.
==> 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.
Energy XXI's current Cash Flow from Operations (TTM) was -77.27.
==> 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 (Sep15) |
= | -1476.505 | / | 3558.629 | |
= | -0.41490838 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep14) |
= | -3034.42 | / | 7496.583 | |
= | -0.40477375 |
Energy XXI's return on assets of this year was -0.41490838. Energy XXI's return on assets of last year was -0.40477375.
==> 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.
Energy XXI's current Net Income (TTM) was -1,476.51. Energy XXI's current Cash Flow from Operations (TTM) was -77.27.
==> -77.27 > -1,476.51 ==> 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: Sep16) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep15 to Sep16 |
= | 0 | / | 1695.0808 | |
= | 0 |
Gearing (Last Year: Sep15) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep14 to Sep15 |
= | 4007.081 | / | 5945.182 | |
= | 0.67400477 |
Energy XXI's gearing of this year was 0. Energy XXI's gearing of last year was 0.67400477.
==> 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
Current Ratio (This Year: Sep16) | = | Total Current Assets | / | Total Current Liabilities |
= | 354.542 | / | 280.081 | |
= | 1.26585523 |
Current Ratio (Last Year: Sep15) | = | Total Current Assets | / | Total Current Liabilities |
= | 732.112 | / | 345.015 | |
= | 2.12197151 |
Energy XXI's current ratio of this year was 1.26585523. Energy XXI's current ratio of last year was 2.12197151.
==> 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.
Energy XXI's number of shares in issue this year was 0. Energy XXI's number of shares in issue last year was 0.
==> 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 |
= | 215.149 | / | 591.315 | |
= | 0.36384837 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 753.279 | / | 1201.834 | |
= | 0.62677458 |
Energy XXI's gross margin of this year was 0.36384837. Energy XXI's gross margin of last year was 0.62677458.
==> 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 (Sep15) |
= | 591.315 | / | 3558.629 | |
= | 0.16616371 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep14) |
= | 1201.834 | / | 7496.583 | |
= | 0.16031757 |
Energy XXI's asset turnover of this year was 0.16616371. Energy XXI's asset turnover of last year was 0.16031757.
==> 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 |
= | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Energy XXI has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Energy XXI (OTCPK:EXIXQ.PFD) 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 Energy XXI's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Norman Louie | director | 280 PARK AVENUE 4TH FLOOR EAST, NEW YORK NY 10017 |
James Lachance | director | C/O FRIENDFINDER NETWORKS INC., 6800 BROKEN SOUND PKWY., BOCA RATON FL 33487 |
Bruce W Busmire | officer: Chief Financial Officer | 1201 LAKE ROBBINS DRIVE, THE WOODLANDS TX 77380 |
Scott A Griffiths | director | 2220 DUNSTAN ROAD, HOUSTON TX 77005 |
Todd Reid | officer: Sr VP, Marketing & Risk Mgmt | 1021 MAIN ST, SUITE 2626, HOUSTON TX 77002 |
Pinho Antonio De | officer: Sr. VP, JV, OBO, Technology | 1021 MAIN ST. SUITE 2626, HOUSTON TX 77002 |
Kevin S Flannery | director | |
Dupre Ii Cornelius | director | 510 BERING, STE 455, HOUSTON TX 77057 |
Third Point Offshore Fund, Ltd. | 10 percent owner | C/O INTERNATIONAL FUND SERVICES(IRELAND), BISHOP'S SQUARE, REDMOND'S HILL, DUBLIN 2 L2 00000 |
Hugh A Menown | officer: Vice Pres, Chief Acct Officer | 808 TRAVIS, SUITE 850, HOUSTON TX 77002 |
Paul Davison | director | SELWOOD RICKFORD WORPLESDON, SURREY X0 GU3 3PJ |
Hill A Feinberg | director | 3131 MAPLE AVENUE #14-E, DALLAS TX 75201-1206 |
Stewart Lawrence | officer: Vice President, Inv. Relations | 1021 MAIN (ONE CITY CENTRE), SUITE 2626, HOUSTON TX 77002 |
Rick D Fox | other: Controller | 1021 MAIN (ONE CITY CENTRE), SUITE 2626, HOUSTON TX 77002 |
David M Dunwoody | director | 3417 MILAM, HOUSTON TX 77002 |
From GuruFocus
By Myra Ramdenbourg 03-15-2015
By GuruFocus Editor 10-13-2010
By GuruFocus Editor 12-20-2010
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