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Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Silver Spike Investment has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Silver Spike Investment's Piotroski F-Score or its related term are showing as below:
During the past 3 years, the highest Piotroski F-Score of Silver Spike Investment was 7. The lowest was 7. And the median was 7.
The historical data trend for Silver Spike Investment'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.
Silver Spike Investment Annual Data | |||||||
Trend | Mar21 | Mar22 | Dec23 | ||||
Piotroski F-Score | - | N/A | N/A |
Silver Spike Investment Quarterly Data | ||||||||||
Jun21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | N/A | N/A | N/A | N/A | 7.00 |
For the Drug Manufacturers - Specialty & Generic subindustry, Silver Spike Investment'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 Drug Manufacturers industry and Healthcare sector, Silver Spike Investment's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Silver Spike Investment'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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was 1.211 + 1.274 + 2.498 + 0.52 = $5.50 Mil. Cash Flow from Operations was 0.352 + 0.84 + 7.139 + 2.103 = $10.43 Mil. Revenue was 1.643 + 1.909 + 3.62 + 2.994 = $10.17 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (89.99 + 91.336 + 89.185 + 88.576 + 90.351) / 5 = $89.8876 Mil. Total Assets at the begining of this year (Mar23) was $89.99 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Assets was $90.35 Mil. Total Liabilities was $5.83 Mil. |
Net Income was 0.212 + 0.56 + 1.152 + 2.357 = $4.28 Mil. Revenue was 0.745 + 1.08 + 1.602 + 2.859 = $6.29 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (85.032 + 85.309 + 85.896 + 0 + 89.99) / 5 = $86.55675 Mil. Total Assets at the begining of last year (Mar22) was $85.03 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Total Assets was $89.99 Mil. Total Liabilities was $1.16 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.
Silver Spike Investment's current Net Income (TTM) was 5.50.
==> Positive ==> Score 1.
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.
Silver Spike Investment's current Cash Flow from Operations (TTM) was 10.43.
==> 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 (Mar23) |
= | 5.503 | / | 89.99 | |
= | 0.06115124 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 4.281 | / | 85.032 | |
= | 0.05034575 |
Silver Spike Investment's return on assets of this year was 0.06115124. Silver Spike Investment's return on assets of last year was 0.05034575.
==> 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.
Silver Spike Investment's current Net Income (TTM) was 5.50. Silver Spike Investment's current Cash Flow from Operations (TTM) was 10.43.
==> 10.43 > 5.50 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 0 | / | 89.8876 | |
= | 0 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 0 | / | 86.55675 | |
= | 0 |
Silver Spike Investment's gearing of this year was 0. Silver Spike Investment's gearing of last year was 0.
==> 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
* 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: Mar24) | = | Total Assets | / | Total Liabilities |
= | 90.351 | / | 5.832 | |
= | 15.49228395 |
Current Ratio (Last Year: Mar23) | = | Total Assets | / | Total Liabilities |
= | 89.99 | / | 1.157 | |
= | 77.77873812 |
Silver Spike Investment's current ratio of this year was 15.49228395. Silver Spike Investment's current ratio of last year was 77.77873812.
==> 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.
Silver Spike Investment's number of shares in issue this year was 6.215. Silver Spike Investment's number of shares in issue last year was 6.215.
==> 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.
* 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 |
= | 5.503 | / | 10.166 | |
= | 0.54131418 |
Net Margin (Last Year: TTM) | = | Net Income | / | Revenue |
= | 4.281 | / | 6.286 | |
= | 0.68103723 |
Silver Spike Investment's net margin of this year was 0.54131418. Silver Spike Investment's net margin of last year was 0.68103723.
==> Last year's net 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 (Mar23) |
= | 10.166 | / | 89.99 | |
= | 0.11296811 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 6.286 | / | 85.032 | |
= | 0.07392511 |
Silver Spike Investment's asset turnover of this year was 0.11296811. Silver Spike Investment's asset turnover of last year was 0.07392511.
==> 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 |
= | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Silver Spike Investment has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Silver Spike Investment (NAS:SSIC) 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 Silver Spike Investment's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Umesh Mahajan | officer: Chief Financial Officer | 600 MADISON AVENUE, SUITE 1800, NEW YORK NY 10022 |
Scott Gordon | director, 10 percent owner, officer: Chief Executive Officer | 1114 6TH AVE, 41ST FLOOR, NEW YORK NY 10036 |
Gregory M. Gentile | 10 percent owner, officer: CFO, CCO & Sec. | 1114 6TH AVE, 41ST FLOOR, NEW YORK NY 10036 |
Silver Spike Capital, Llc | 10 percent owner | 600 MADISON AVE, SUITE 1800, NEW YORK NY 10022 |
Warson Tracey Brophy | director | 1350 AVENUE OF THE AMERICAS, NEW YORK NY 10019 |
Silver Spike Holdings, Lp | 10 percent owner | 600 MADISON AVENUE, SUITE 1800, NEW YORK NY 10022 |
Michael William Chorske | director | 660 MADISON AVENUE, SUITE 1600, NEW YORK NY 10065 |
Vivek Bunty Bohra | director | 660 MADISON AVENUE, SUITE 1600, NEW YORK NY 10065 |
Silver Spike Holdings Gp, Llc | 10 percent owner | 660 MADISON AVENUE, SUITE 1600, NEW YORK NY 10065 |
Da Corte Americo | director | 660 MADISON AVENUE, SUITE 1600, NEW YORK NY 10065 |
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