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SHF Holdings (NAS:SHFS) Piotroski F-Score

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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

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

During the past 3 years, the highest Piotroski F-Score of SHF Holdings was 3. The lowest was 3. And the median was 3.


SHF Holdings Piotroski F-Score Historical Data

The historical data trend for SHF Holdings'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.

SHF Holdings Annual Data
Trend Dec20 Dec21 Dec22
Piotroski F-Score
N/A N/A N/A

SHF Holdings Quarterly Data
Dec20 Mar21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A N/A 3.00 N/A N/A

Competitive Comparison

For the Banks - Regional subindustry, SHF Holdings'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.


SHF Holdings Piotroski F-Score Distribution

For the Banks industry and Financial Services sector, SHF Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where SHF Holdings'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 (Sep23) TTM:Last Year (Sep22) TTM:
Net Income was -37.022 + -1.413 + -17.605 + -0.748 = $-56.79 Mil.
Cash Flow from Operations was -0.27 + -0.226 + -0.719 + 0.72 = $-0.50 Mil.
Revenue was -38.838 + 3.779 + 4.229 + 3.115 = $-27.72 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was
(98.877 + 99.343 + 89.121 + 72.08 + 72.378) / 5 = $86.3598 Mil.
Total Assets at the begining of this year (Sep22) was $98.88 Mil.
Long-Term Debt & Capital Lease Obligation was $12.67 Mil.
Total Assets was $72.38 Mil.
Total Liabilities was $45.35 Mil.
Net Income was 0.718 + 0.502 + 0.336 + 1.056 = $2.61 Mil.

Revenue was 1.708 + 1.671 + 1.853 + 2.61 = $7.84 Mil.
Average Total Assets from the begining of last year (Sep21)
to the end of last year (Sep22) was
(0 + 7.521 + 8.162 + 9.102 + 98.877) / 5 = $30.9155 Mil.
Total Assets at the begining of last year (Sep21) was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Assets was $98.88 Mil.
Total Liabilities was $68.18 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.

SHF Holdings's current Net Income (TTM) was -56.79. ==> 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.

SHF Holdings's current Cash Flow from Operations (TTM) was -0.50. ==> 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 (Sep22)
=-56.788/98.877
=-0.57432972

ROA (Last Year)=Net Income/Total Assets (Sep21)
=2.612/0
=

SHF Holdings's return on assets of this year was -0.57432972. SHF Holdings's return on assets of last year was . ==> 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.

SHF Holdings's current Net Income (TTM) was -56.79. SHF Holdings's current Cash Flow from Operations (TTM) was -0.50. ==> -0.50 > -56.79 ==> 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: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=12.667/86.3598
=0.14667704

Gearing (Last Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=0/30.9155
=0

SHF Holdings's gearing of this year was 0.14667704. SHF Holdings's gearing of last year was 0. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Sep23)=Total Assets/Total Liabilities
=72.378/45.354
=1.59584601

Current Ratio (Last Year: Sep22)=Total Assets/Total Liabilities
=98.877/68.18
=1.45023467

SHF Holdings's current ratio of this year was 1.59584601. SHF Holdings's current ratio of last year was 1.45023467. ==> 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.

SHF Holdings's number of shares in issue this year was 49.258. SHF Holdings's number of shares in issue last year was 20.761. ==> 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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=-56.788/-27.715
=2.04899874

Net Margin (Last Year: TTM)=Net Income/Revenue
=2.612/7.842
=0.3330783

SHF Holdings's net margin of this year was 2.04899874. SHF Holdings's net margin of last year was 0.3330783. ==> This year's net 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 (Sep22)
=-27.715/98.877
=-0.28029774

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep21)
=7.842/0
=

SHF Holdings's asset turnover of this year was -0.28029774. SHF Holdings's asset turnover of last year was . ==> 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+1+1+0+1+0+1+1
=5

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

SHF Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.

SHF Holdings  (NAS:SHFS) 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.


SHF Holdings Piotroski F-Score Related Terms

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SHF Holdings (NAS:SHFS) Business Description

Traded in Other Exchanges
N/A
Address
1526 Cole Boulevard, Suite 250, Golden, CO, USA, 80410
SHF Holdings Inc is a financial services provider to cannabis-related businesses. It offers reliable access to banking solutions for cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. The group, through its financial institution clients, implements accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Its services include Program Management Support, Customer Lead Generation, Ongoing Program Auditing, and Compliance Monitoring among others.
Executives
Doug Fagan director 1526 COLE BLVD, SUITE 250, GOLDEN CO 80401
Sundie Seefried officer: Chief Executive Officer 5269 W. 62ND AVENUE, ARVADA CO 80003
Dan Roda officer: EVP / Chief Operating Officer 1526 COLE BLVD, SUITE 250, GOLDEN CO 80401
Jonathon Niehaus director 5269 W. 62ND AVENUE, ARVADA CO 80003
Jonathan Summers director 909 BANNOCK STREET, DENVER CO 80204
Donald Emmi officer: Chief Legal Officer 5269 W. 62ND AVENUE, ARVADA CO 80003
Richard Carleton director 5269 W. 62ND AVENUE, ARVADA CO 80003
John Darwin director 909 BANNOCK STREET, DENVER CO 80204
Jennifer Meyers director 5269 W. 62ND AVENUE, ARVADA CO 80003
Jim Dennedy officer: Chief Financial Officer 5269 W. 62ND AVENUE, ARVADA CO 80003
Partner Colorado Credit Union 10 percent owner 6221 SHERIDAN BLVD, ARVADA CO 80003
Karl Racine director 5269 W. 62ND AVENUE, ARVADA CO 80003
Tyler Beuerlein officer: Chief Business Develop Officer 5269 W. 62ND AVENUE, ARVADA CO 80003
Midtown East Management Nl Llc 10 percent owner ONE ROCKEFELLER PLAZA, 32ND FLOOR, NEW YORK NY 10020
Atalaya Special Purpose Investment Fund Ii Lp 10 percent owner C/O ATALAYA CAPITAL MANAGEMENT LP, ONE ROCKEFELLER PLAZA, 32ND FLOOR, NEW YORK NY 10020