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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
Redfin 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 Redfin's Piotroski F-Score or its related term are showing as below:
During the past 11 years, the highest Piotroski F-Score of Redfin was 6. The lowest was 1. And the median was 3.
The historical data trend for Redfin'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.
Redfin Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial |
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6.00 | 1.00 | 3.00 | 4.00 | 3.00 |
Redfin Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Piotroski F-Score | Get a 7-Day Free Trial |
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4.00 | 4.00 | 6.00 | 3.00 | 3.00 |
For the Real Estate Services subindustry, Redfin'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 Real Estate industry and Real Estate sector, Redfin's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Redfin'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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Net Income was -66.774 + -27.88 + -33.782 + -36.365 = $-165 Mil. Cash Flow from Operations was -45.98 + -7.948 + -42.118 + 63.739 = $-32 Mil. Revenue was 225.479 + 295.203 + 278.015 + 244.282 = $1,043 Mil. Gross Profit was 70.812 + 109.586 + 101.863 + 81.94 = $364 Mil. Average Total Assets from the begining of this year (Dec23) to the end of this year (Dec24) was (1153.648 + 1071.107 + 1181.484 + 1151.073 + 1012.457) / 5 = $1113.9538 Mil. Total Assets at the begining of this year (Dec23) was $1,154 Mil. Long-Term Debt & Capital Lease Obligation was $762 Mil. Total Current Assets was $375 Mil. Total Current Liabilities was $333 Mil. |
Net Income was -60.798 + -27.358 + -18.972 + -22.898 = $-130 Mil. Revenue was 214.083 + 275.556 + 268.956 + 218.077 = $977 Mil. Gross Profit was 58.138 + 100.19 + 98.34 + 73.151 = $330 Mil. Average Total Assets from the begining of last year (Dec22) to the end of last year (Dec23) was (1574.204 + 1354.441 + 1303.605 + 1125.865 + 1153.648) / 5 = $1302.3526 Mil. Total Assets at the begining of last year (Dec22) was $1,574 Mil. Long-Term Debt & Capital Lease Obligation was $842 Mil. Total Current Assets was $445 Mil. Total Current Liabilities was $268 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.
Redfin's current Net Income (TTM) was -165.
==> 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.
Redfin's current Cash Flow from Operations (TTM) was -32.
==> 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 (Dec23) |
= | -164.801 | / | 1153.648 | |
= | -0.14285207 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec22) |
= | -130.026 | / | 1574.204 | |
= | -0.08259794 |
Redfin's return on assets of this year was -0.14285207. Redfin's return on assets of last year was -0.08259794.
==> 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.
Redfin's current Net Income (TTM) was -165. Redfin's current Cash Flow from Operations (TTM) was -32.
==> -32 > -165 ==> 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: Dec24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec23 to Dec24 |
= | 761.89 | / | 1113.9538 | |
= | 0.68395117 |
Gearing (Last Year: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 842.237 | / | 1302.3526 | |
= | 0.64670428 |
Redfin's gearing of this year was 0.68395117. Redfin's gearing of last year was 0.64670428.
==> 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: Dec24) | = | Total Current Assets | / | Total Current Liabilities |
= | 375.438 | / | 332.563 | |
= | 1.12892294 |
Current Ratio (Last Year: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 445.045 | / | 268.44 | |
= | 1.65789376 |
Redfin's current ratio of this year was 1.12892294. Redfin's current ratio of last year was 1.65789376.
==> 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.
Redfin's number of shares in issue this year was 125.052. Redfin's number of shares in issue last year was 116.187.
==> 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 |
= | 364.201 | / | 1042.979 | |
= | 0.34919303 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 329.819 | / | 976.672 | |
= | 0.33769679 |
Redfin's gross margin of this year was 0.34919303. Redfin's gross margin of last year was 0.33769679.
==> This year's gross margin is higher. ==> Score 1.
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 (Dec23) |
= | 1042.979 | / | 1153.648 | |
= | 0.90407039 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec22) |
= | 976.672 | / | 1574.204 | |
= | 0.62042277 |
Redfin's asset turnover of this year was 0.90407039. Redfin's asset turnover of last year was 0.62042277.
==> 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 | + | 0 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Redfin has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Redfin (NAS:RDFN) 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 Redfin's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Christian John Taubman | officer: Chief Product Officer | C/O REDFIN CORPORATION, 1099 STEWART STREET SUITE 600, SEATTLE WA 98101 |
Bridget Frey | officer: Chief Technology Officer | C/O REDFIN CORPORATION, 1099 STEWART STREET, SUITE 600, SEATTLE WA 98101 |
Anthony Ray Kappus | officer: Chief Legal Officer | C/O REDFIN CORPORATION, 1099 STEWART STREET, SUITE 600, SEATTLE WA 98101 |
Anna Stevens | officer: Chief Human Resources Officer | 3400 CUMBERLAND BOULEVARD, ATLANTA GA 30339 |
Glenn Kelman | director, officer: See Remarks | 500 SANSOME STREET, SAN FRANCISCO CA 94111 |
Christopher John Nielsen | officer: Chief Financial Officer | C/O REDFIN CORPORATION, 1099 STEWART STREET, SUITE 600, SEATTLE WA 98101 |
James Slavet | director | C/O DFJ VENTURE CAPITAL, 2882 SAND HILL ROAD, SUITE 150, MENLO PARK CA 94025 |
David H Lissy | director | C/O BRIGHT HORIZONS FAMILY SOLUTIONS, 2 WELLS AVENUE, NEWTON MA 02459 |
Bradley E Singer | director | ONE LETTERMAN DRIVE, BUILDING D, 4TH FLOOR, SAN FRANCISCO CA 94129 |
Mylod Robert J Jr | director | |
Scott Nagel | officer: See Remarks | C/O REDFIN CORPORATION, 1099 STEWART STREET, SUITE 600, SEATTLE WA 98101 |
Adam Wiener | officer: Chief Growth Officer | C/O REDFIN CORPORATION, 1099 STEWART STREET, SUITE 600, SEATTLE WA 98101 |
Selina Tobaccowala | director | C/O REDFIN CORPORATION, 1099 STEWART STREET, SUITE 600, SEATTLE WA 98101 |
Kerry D Chandler | director | 1020 HULL STREET, BALTIMORE MD 21230 |
Robert J Bass | director | C/O GROUPON, INC., 600 WEST CHICAGO AVENUE, SUITE 620, CHICAGO IL 60654 |
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