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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
Safeguard Scientifics 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 Safeguard Scientifics's Piotroski F-Score or its related term are showing as below:
The historical data trend for Safeguard Scientifics'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.
Safeguard Scientifics Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial |
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4.00 | 1.00 | 5.00 | 2.00 | 3.00 |
Safeguard Scientifics 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 |
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2.00 | 2.00 | 2.00 | 1.00 | 3.00 |
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 -3.484 + -2.862 + 0.932 + -4.414 = $-9.83 Mil. Cash Flow from Operations was -0.928 + -1.133 + -0.429 + -0.818 = $-3.31 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (37.692 + 33.727 + 31.082 + 32.427 + 22.836) / 5 = $31.5528 Mil. Total Assets at the begining of this year (Dec22) was $37.69 Mil. Long-Term Debt & Capital Lease Obligation was $0.76 Mil. Total Current Assets was $9.91 Mil. Total Current Liabilities was $2.05 Mil. |
Net Income was -6.709 + 0.483 + -3.164 + -4.873 = $-14.26 Mil. Revenue was 0 + 0 + 0 + 0 = $0.00 Mil. Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (54.028 + 46.198 + 45.958 + 43.39 + 37.692) / 5 = $45.4532 Mil. Total Assets at the begining of last year (Dec21) was $54.03 Mil. Long-Term Debt & Capital Lease Obligation was $1.25 Mil. Total Current Assets was $21.42 Mil. Total Current Liabilities was $1.82 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.
Safeguard Scientifics's current Net Income (TTM) was -9.83.
==> 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.
Safeguard Scientifics's current Cash Flow from Operations (TTM) was -3.31.
==> 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 (Dec22) |
= | -9.828 | / | 37.692 | |
= | -0.26074499 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | -14.263 | / | 54.028 | |
= | -0.26399274 |
Safeguard Scientifics's return on assets of this year was -0.26074499. Safeguard Scientifics's return on assets of last year was -0.26399274.
==> This year is higher. ==> Score 1.
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.
Safeguard Scientifics's current Net Income (TTM) was -9.83. Safeguard Scientifics's current Cash Flow from Operations (TTM) was -3.31.
==> -3.31 > -9.83 ==> 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 |
= | 0.76 | / | 31.5528 | |
= | 0.02408661 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 1.249 | / | 45.4532 | |
= | 0.02747881 |
Safeguard Scientifics's gearing of this year was 0.02408661. Safeguard Scientifics's gearing of last year was 0.02747881.
==> 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 |
= | 9.911 | / | 2.046 | |
= | 4.84408602 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 21.423 | / | 1.817 | |
= | 11.7903137 |
Safeguard Scientifics's current ratio of this year was 4.84408602. Safeguard Scientifics's current ratio of last year was 11.7903137.
==> 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.
Safeguard Scientifics's number of shares in issue this year was 16.383. Safeguard Scientifics's number of shares in issue last year was 16.133.
==> 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 |
= | 0 | / | 0 | |
= |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 0 | / | 0 | |
= |
Safeguard Scientifics's gross margin of this year was . Safeguard Scientifics's gross margin of last year was .
==> 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) |
= | 0 | / | 37.692 | |
= | 0 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 0 | / | 54.028 | |
= | 0 |
Safeguard Scientifics's asset turnover of this year was 0. Safeguard Scientifics's asset turnover of last year was 0.
==> 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 | + | 0 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Safeguard Scientifics has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Safeguard Scientifics (OTCPK:SFES) 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 Safeguard Scientifics's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Satterfield Thomas A Jr | 10 percent owner | 2609 CALDWELL MILL LN, BIRMINGHAM AL 35243 |
Beth Michelson | director | C/O CARTESIAN GROWTH CORPORATION II, 505 FIFTH AVENUE, 15TH FLOOR, NEW YORK NY 10017 |
Ross D Demont | director | 51 PICKWICK ROAD, NEWTON MA 02465 |
Manko Joseph M. Jr. | director | 1717 ARCH STREET, 37TH FLOOR, PHILADELPHIA PA 19103 |
Bob Rosenthal | director | 20 NEWBURY ST, BOSTON MA 02116 |
Mark Herndon | officer: SVP & Chief Financial Officer | C/O SAFEGUARD SCIENTIFICS, INC., 170 N. RADNOR-CHESTER ROAD, SUITE 200, RADNOR PA 19087 |
Eric Salzman | officer: Chief Restructuring Officer | C/O 8X8 INC., 675 CREEKSIDE WAY, CAMPCALL CA 95008 |
Ira M Lubert | director | C/O PENN. REAL ESTATE INVESTMENT TRUST, 200 S. BROAD ST., THE BELLEVUE, PHILADEPHIA PA 19102 |
John Joseph Roberts | director | 1007 CANTERBURY LANE, VILLANOVA PA 19085 |
Brian J Sisko | officer: Senior V.P. & General Counsel | 435 DEVON PARK DRIVE, BUILDING 800, WAYNE PA 19087 |
Russell D Glass | director | 170 N. RADNOR-CHESTER ROAD, SUITE 200, RADNOR PA 19087 |
David A Kille | officer: Senior VP & CFO | C/O SAFEGUARD SCIENTIFICS, INC., 170 N. RADNOR-CHESTER ROAD, SUITE 200, RADNOR PA 19087 |
Maureen F Morrison | director | C/O ASBURY AUTOMOTIVE GROUP, 2905 PREMIERE PKWY, STE 300, DULUTH GA 30097 |
Stephen T Zarrilli | officer: Acting Sr VP & Acting CFO | FIBERLINK COMMUNICATIONS CORP., 794 PENLLYN PIKE, BLUE BELL PA 19422 |
Andrew E Lietz | director | P O BOX 738, RYE NH 03870 |
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