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AT&T Piotroski F-Score

: 6 (As of Today)
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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

AT&T has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for AT&T's Piotroski F-Score or its related term are showing as below:

T' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 6   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of AT&T was 9. The lowest was 1. And the median was 6.


AT&T Piotroski F-Score Historical Data

The historical data trend for AT&T'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.

AT&T Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 5.00 4.00 5.00

AT&T Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.00 3.00 5.00 6.00 6.00

Competitive Comparison

For the Telecom Services subindustry, AT&T'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.

   

AT&T Piotroski F-Score Distribution

For the Telecommunication Services industry and Communication Services sector, AT&T's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where AT&T'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 (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 5918 + 5043 + 4810 + 4157 = $19,928 Mil.
Cash Flow from Operations was 9866 + 11254 + 5732 + 5907 = $32,759 Mil.
Revenue was 39922 + 40958 + 38105 + 29643 = $148,628 Mil.
Gross Profit was 22096 + 21163 + 20548 + 17302 = $81,109 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(544710 + 547107 + 551622 + 577195 + 426433) / 5 = $529413.4 Mil.
Total Assets at the begining of this year (Jun21) was $544,710 Mil.
Long-Term Debt & Capital Lease Obligation was $148,496 Mil.
Total Current Assets was $34,485 Mil.
Total Current Liabilities was $49,189 Mil.
Net Income was 2816 + -13883 + 7550 + 1570 = $-1,947 Mil.

Revenue was 42340 + 45691 + 43939 + 35740 = $167,710 Mil.
Gross Profit was 22501 + 22781 + 22852 + 19582 = $87,716 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(547898 + 538553 + 525761 + 546985 + 544710) / 5 = $540781.4 Mil.
Total Assets at the begining of last year (Jun20) was $547,898 Mil.
Long-Term Debt & Capital Lease Obligation was $177,404 Mil.
Total Current Assets was $62,869 Mil.
Total Current Liabilities was $82,126 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.

AT&T's current Net Income (TTM) was 19,928. ==> 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.

AT&T's current Cash Flow from Operations (TTM) was 32,759. ==> 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 (Jun21)
=19928/544710
=0.0365846

ROA (Last Year)=Net Income/Total Assets (Jun20)
=-1947/547898
=-0.00355358

AT&T's return on assets of this year was 0.0365846. AT&T's return on assets of last year was -0.00355358. ==> 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.

AT&T's current Net Income (TTM) was 19,928. AT&T's current Cash Flow from Operations (TTM) was 32,759. ==> 32,759 > 19,928 ==> 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: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=148496/529413.4
=0.28049158

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=177404/540781.4
=0.32805122

AT&T's gearing of this year was 0.28049158. AT&T's gearing of last year was 0.32805122. ==> 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: Jun22)=Total Current Assets/Total Current Liabilities
=34485/49189
=0.70107138

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=62869/82126
=0.76551884

AT&T's current ratio of this year was 0.70107138. AT&T's current ratio of last year was 0.76551884. ==> 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.

AT&T's number of shares in issue this year was 7611. AT&T's number of shares in issue last year was 7484. ==> 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
=81109/148628
=0.54571817

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=87716/167710
=0.52302188

AT&T's gross margin of this year was 0.54571817. AT&T's gross margin of last year was 0.52302188. ==> 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 (Jun21)
=148628/544710
=0.27285712

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=167710/547898
=0.30609712

AT&T's asset turnover of this year was 0.27285712. AT&T's asset turnover of last year was 0.30609712. ==> 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+1+1+1+0+0+1+0
=6

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

AT&T has an F-score of 6 indicating the company's financial situation is typical for a stable company.

AT&T  (NYSE:T) 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.


AT&T Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of AT&T's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


AT&T Business Description

AT&T logo
Address
208 S. Akard Street, Dallas, TX, USA, 75202
Wireless is AT&T's largest business,contributing about 40% of revenue. The firm is the third- largest U.S. wireless carrier, connecting 66 million postpaid and 17 million prepaid phone customers. WarnerMedia contributes a bit less than 20% of revenue with media assets that include HBO, the Turner cable networks, and the Warner Brothers studios. AT&T plans to spin Warner off and merge it with Discovery to create a new stand-alone media firm. The firm recently sold a 30% stake in its traditional television business, which serves 15 million customers and generates about 17% of sales. This business will be removed from AT&T's financials going forward. Fixed-line telecom services provided to businesses and consumers account for about 20% of revenue, serving about 15 million broadband customers.
Executives
Legg Jeremy Alan officer: Chief Technology Officer 208 S. AKARD STREET DALLAS TX 75202
Smith Kenny Kellyn officer: Chief Marketing & Growth Ofcr 4511 CATHEDRAL AVE NW WASHINGTON DC 20016
Gillespie Edward W officer: SrEVP-Ext & Legal Affairs 208 S. AKARD DALLAS TX 75202
Santone Angela officer: Sr. Exec VP-Human Resources 208 S. AKARD ST DALLAS TX 75202
Mcelfresh Jeffery S. officer: CEO, AT&T Communications, LLC 208 S. AKARD 29TH FLOOR DALLAS TX 75202
Mcatee David R Ii officer: Sr. Exec. VP and Gen. Counsel 208 S. AKARD ROOM 3023 DALLAS TX 75202
Huntley David S. officer: SEVP&Chief Compliance Officer 208 S. AKARD ROOM 3023 DALLAS TX 75202
Lee Lori M officer: CEO-AT&T LatAm&GlobalMktgOfcr 208 S. AKARD ST., ROOM 3025 DALLAS TX 75202
Desroches Pascal officer: Sr. Exec VP and CFO TIME WARNER INC. ONE TIME WARNER CENTER NEW YORK NY 10019
Ubinas Luis A director 209 REDWOOD SHORES PARKWAY REDWOOD CITY CA 94065-1175
Kilar Jason officer: CEO, Warner Media, LLC 208 S. AKARD ST DALLAS TX 75202
Luczo Stephen J director
Lee Debra L director C/O BLACK ENTERTAINMENT 1 BET PLZ. 1900W PLACE N.W. WASHINGTON DC 20018
Lesser Brian D officer: CEO-AT&T Advertising&Analytics 208 S. AKARD DALLAS TX 75202
Arroyo F. Thaddeus officer: CEO - Bus. Solutions and Int'l 208 S. AKARD DALLAS TX 75202

AT&T Headlines

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