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Qorvo (QRVO) 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

Qorvo 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 Qorvo's Piotroski F-Score or its related term are showing as below:

QRVO' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 4

During the past 11 years, the highest Piotroski F-Score of Qorvo was 9. The lowest was 3. And the median was 6.


Qorvo Piotroski F-Score Historical Data

The historical data trend for Qorvo'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.

Qorvo Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 9.00 7.00 5.00

Qorvo 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 6.00 5.00 3.00 4.00 4.00

Competitive Comparison

For the Semiconductors subindustry, Qorvo'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.


Qorvo Piotroski F-Score Distribution

For the Semiconductors industry and Technology sector, Qorvo's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Qorvo'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 -138.416 + -43.58 + 97.461 + -126.938 = $-211 Mil.
Cash Flow from Operations was 65.443 + 44.889 + 93.009 + 492.947 = $696 Mil.
Revenue was 632.703 + 651.164 + 1103.493 + 1073.861 = $3,461 Mil.
Gross Profit was 114.714 + 229.07 + 489.69 + 387.878 = $1,221 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(7076.219 + 6691.903 + 6686.592 + 6718.52 + 6699.388) / 5 = $6774.5244 Mil.
Total Assets at the begining of this year (Dec22) was $7,076 Mil.
Long-Term Debt & Capital Lease Obligation was $1,550 Mil.
Total Current Assets was $2,428 Mil.
Total Current Liabilities was $1,280 Mil.
Net Income was 212.275 + 68.884 + 188.615 + -15.931 = $454 Mil.

Revenue was 1166.158 + 1035.358 + 1158.057 + 743.281 = $4,103 Mil.
Gross Profit was 570.339 + 375.25 + 538.927 + 268.051 = $1,753 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(7626.585 + 7509.072 + 7330.521 + 7374.732 + 7076.219) / 5 = $7383.4258 Mil.
Total Assets at the begining of last year (Dec21) was $7,627 Mil.
Long-Term Debt & Capital Lease Obligation was $2,048 Mil.
Total Current Assets was $2,258 Mil.
Total Current Liabilities was $614 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.

Qorvo's current Net Income (TTM) was -211. ==> 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.

Qorvo's current Cash Flow from Operations (TTM) was 696. ==> 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)
=-211.473/7076.219
=-0.02988503

ROA (Last Year)=Net Income/Total Assets (Dec21)
=453.843/7626.585
=0.05950802

Qorvo's return on assets of this year was -0.02988503. Qorvo's return on assets of last year was 0.05950802. ==> 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.

Qorvo's current Net Income (TTM) was -211. Qorvo's current Cash Flow from Operations (TTM) was 696. ==> 696 > -211 ==> 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
=1550.438/6774.5244
=0.228863

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=2047.743/7383.4258
=0.27734321

Qorvo's gearing of this year was 0.228863. Qorvo's gearing of last year was 0.27734321. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=2428.368/1280.333
=1.89666907

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=2257.7/613.59
=3.67949282

Qorvo's current ratio of this year was 1.89666907. Qorvo's current ratio of last year was 3.67949282. ==> 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.

Qorvo's number of shares in issue this year was 97.152. Qorvo's number of shares in issue last year was 100.943. ==> 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
=1221.352/3461.221
=0.35286738

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1752.567/4102.854
=0.42715802

Qorvo's gross margin of this year was 0.35286738. Qorvo's gross margin of last year was 0.42715802. ==> 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)
=3461.221/7076.219
=0.48913424

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=4102.854/7626.585
=0.53796739

Qorvo's asset turnover of this year was 0.48913424. Qorvo's asset turnover of last year was 0.53796739. ==> 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+1+0+0
=4

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

Qorvo has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Qorvo  (NAS:QRVO) 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.


Qorvo Piotroski F-Score Related Terms

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Qorvo (QRVO) Business Description

Traded in Other Exchanges
Address
7628 Thorndike Road, Greensboro, NC, USA, 27409-9421
Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world's most advanced smartphones. Qorvo also has a suite of products sold into a variety of nonsmartphone end markets, such as wireless base stations, cable TV and networking equipment, and infrastructure and military applications.
Executives
Steven E Creviston officer: VP and Pres. Mobile Products
Gina Harrison officer: VP and Corporate Controller 7628 THORNDIKE ROAD, GREENSBORO NC 27409
Philip Chesley officer: Pres. Infra & Defense 7628 THORNDIKE ROAD, GREENSBORO NC 27409
Walden C Rhines director C/O TRIQUINT SEMICONDUCTOR INC, 2300 NE BROOKWOOD PKWY, HILLSBORO OR 97124
Paul J Fego officer: VP, Global Operations 15 SECOR ROAD, PO BOX 5226, BROOKFIELD CT 06804
Frank P. Stewart officer: SVP, Advanced Cellular 7628 THORNDIKE ROAD, GREENSBORO NC 27409
Roderick Nelson director 2300 NE BROOKWOOD PARKWAY, HILLSBORO OR 97124
Robert A Bruggeworth director, officer: President and CEO C/O RF MICRO DEVICES, INC., 7628 THORNDIKE ROAD, GREENSBORO NC 27409
John R Harding director C/O MARIMBA INC, 440 CLYDE AVENUE, MOUNTAINVIEW CA 94043
Grant Brown officer: SVP & Chief Financial Officer 7628 THORNDIKE ROAD, GREENSBORO NC 27409
Jeffery R Gardner director ONE ALLIED DRIVE, LITTLE ROCK AR 72202
James L Klein officer: VP and Pres. Infra. & Defense 2300NE BROOKWOOD PKWY, HILLSBORO OR 97124
Susan Louise Spradley director C/O NORTEL NETWORKS, 8200 DIXIE ROAD STE 100, BRAMPTON ONTARIO A6 L6T 5PT
Walter H Wilkinson director C/O RF MICRO DEVICES, INC., 7628 THORNDIKE ROAD, GREENSBORO NC 27409
Mark J. Murphy officer: Chief Financial Officer DELPHI AUTOMOTIVE PLC, 5725 DELPHI DRIVE, TROY MI 48098

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