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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
Sunoco LP 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 Sunoco LP's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Sunoco LP was 7. The lowest was 3. And the median was 5.
The historical data trend for Sunoco LP'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.
Sunoco LP Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 5.00 | 7.00 | 6.00 | 5.00 |
Sunoco LP 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 | 6.00 | 5.00 | 5.00 | 5.00 | 5.00 |
For the Oil & Gas Refining & Marketing subindustry, Sunoco LP'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 Oil & Gas industry and Energy sector, Sunoco LP's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Sunoco LP'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 120 + 66 + 251 + -126 = $311 Mil. Cash Flow from Operations was 326 + 91 + -1 + 184 = $600 Mil. Revenue was 5362 + 5745 + 6320 + 5641 = $23,068 Mil. Gross Profit was 327 + 265 + 483 + 103 = $1,178 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (6830 + 6554 + 6782 + 7367 + 6826) / 5 = $6871.8 Mil. Total Assets at the begining of this year (Dec22) was $6,830 Mil. Long-Term Debt & Capital Lease Obligation was $4,091 Mil. Total Current Assets was $1,927 Mil. Total Current Liabilities was $1,373 Mil. |
Net Income was 196 + 102 + 63 + 36 = $397 Mil. Revenue was 5402 + 7815 + 6594 + 5918 = $25,729 Mil. Gross Profit was 383 + 296 + 278 + 229 = $1,186 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (5815 + 6605 + 6923 + 6574 + 6830) / 5 = $6549.4 Mil. Total Assets at the begining of last year (Dec21) was $5,815 Mil. Long-Term Debt & Capital Lease Obligation was $4,099 Mil. Total Current Assets was $1,983 Mil. Total Current Liabilities was $1,406 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.
Sunoco LP's current Net Income (TTM) was 311.
==> 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.
Sunoco LP's current Cash Flow from Operations (TTM) was 600.
==> 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) |
= | 311 | / | 6830 | |
= | 0.04553441 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 397 | / | 5815 | |
= | 0.06827171 |
Sunoco LP's return on assets of this year was 0.04553441. Sunoco LP's return on assets of last year was 0.06827171.
==> 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.
Sunoco LP's current Net Income (TTM) was 311. Sunoco LP's current Cash Flow from Operations (TTM) was 600.
==> 600 > 311 ==> 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 |
= | 4091 | / | 6871.8 | |
= | 0.59533165 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 4099 | / | 6549.4 | |
= | 0.62585886 |
Sunoco LP's gearing of this year was 0.59533165. Sunoco LP's gearing of last year was 0.62585886.
==> 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 |
= | 1927 | / | 1373 | |
= | 1.40349599 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 1983 | / | 1406 | |
= | 1.41038407 |
Sunoco LP's current ratio of this year was 1.40349599. Sunoco LP's current ratio of last year was 1.41038407.
==> 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.
Sunoco LP's number of shares in issue this year was 85.262. Sunoco LP's number of shares in issue last year was 84.906.
==> 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 |
= | 1178 | / | 23068 | |
= | 0.05106641 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1186 | / | 25729 | |
= | 0.04609585 |
Sunoco LP's gross margin of this year was 0.05106641. Sunoco LP's gross margin of last year was 0.04609585.
==> 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 (Dec22) |
= | 23068 | / | 6830 | |
= | 3.37745242 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 25729 | / | 5815 | |
= | 4.42459157 |
Sunoco LP's asset turnover of this year was 3.37745242. Sunoco LP's asset turnover of last year was 4.42459157.
==> 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 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Sunoco LP has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Sunoco LP (NYSE:SUN) 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 Sunoco LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Arnold Dodderer | officer: General Counsel | 8020 PARK LANE, DALLAS TX 75231 |
Joseph Kim | officer: EVP-Chief Development Officer | 8020 PARK LANE, DALLAS TX 75231 |
Austin Harkness | officer: SVP - Pricing & REO | 8111 WESTCHESTER DRIVE., SUITE 600, DALLAS TX 75225 |
Ray W Washburne | director | 47 HIGHLAND PARK VILLAGE, SUITE 200, DALLAS TX 75205 |
Matthew S. Ramsey | director | 6002 DEERWOOD, HOUSTON TX 77057 |
David K Skidmore | director | 400 N. SAINT PAUL ST., STE. 800, DALLAS TX 75201 |
Imad K. Anbouba | director | 10440 N CENTRAL EXPWAY, SUITE 1010, DALLAS TX 75231 |
Dylan Bramhall | officer: CFO | 8111 WESTCHESTER DRIVE, SUITE 600, DALLAS TX 75225 |
Rick Raymer | officer: VP & Controller & POA | 8020 PARK LANE, SUITE 200, DALLAS TX 75231 |
Alison Gladwin | officer: SVP, Marketing & Admin. | 8111 WESTCHESTER DRIVE, SUITE 400, DALLAS TX 75225 |
Karl R Fails | officer: EVP, Supply & Trading | 8111 WESTCHESTER DRIVE, SUITE 500, DALLAS TX 75225 |
Brian A Hand | officer: SVP-Chief Dev. & Mktg. Officer | 910 BEECHWOOD LANE, FAIRVIEW TX 75069 |
Christopher Curia | director, officer: Sr. VP - Human Resources | 1250 VIA MILANO, SAN ANTONIO TX 78260 |
Thomas R Miller | officer: CFO | 2030 DONAHUE FERRY ROAD, PINEVILLE LA 71360 |
Camilla A. Harris | officer: VP, Controller & PAO | 8020 PARK LANE, DALLAS TX 75231 |
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