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TIPT (Tiptree) Piotroski F-Score : 8 (As of Dec. 15, 2024)


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What is Tiptree Piotroski F-Score?

Good Sign:

Piotroski F-Score is 8, 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

Tiptree has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Tiptree's Piotroski F-Score or its related term are showing as below:

TIPT' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 8

During the past 13 years, the highest Piotroski F-Score of Tiptree was 8. The lowest was 3. And the median was 6.


Tiptree Piotroski F-Score Historical Data

The historical data trend for Tiptree'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.

Tiptree Piotroski F-Score Chart

Tiptree Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 7.00 4.00 7.00

Tiptree Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial 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 6.00 7.00 7.00 7.00 8.00

Competitive Comparison of Tiptree's Piotroski F-Score

For the Insurance - Specialty subindustry, Tiptree'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.


Tiptree's Piotroski F-Score Distribution in the Insurance Industry

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

* The bar in red indicates where Tiptree'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 6.871 + 9.05 + 12.851 + 11.915 = $41 Mil.
Cash Flow from Operations was -22.114 + 62.704 + 46.878 + 61.217 = $149 Mil.
Revenue was 446.374 + 498.221 + 546.673 + 494.362 = $1,986 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(4827.391 + 5139.313 + 5189.939 + 5304.71 + 5505.733) / 5 = $5193.4172 Mil.
Total Assets at the begining of this year (Sep23) was $4,827 Mil.
Long-Term Debt & Capital Lease Obligation was $224 Mil.
Total Assets was $5,506 Mil.
Total Liabilities was $4,850 Mil.
Net Income was 0.871 + -1.062 + 5.989 + 2.153 = $8 Mil.

Revenue was 369.528 + 381.625 + 404.518 + 416.514 = $1,572 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(3994.084 + 4039.563 + 4307.958 + 4634.449 + 4827.391) / 5 = $4360.689 Mil.
Total Assets at the begining of last year (Sep22) was $3,994 Mil.
Long-Term Debt & Capital Lease Obligation was $217 Mil.
Total Assets was $4,827 Mil.
Total Liabilities was $4,284 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.

Tiptree's current Net Income (TTM) was 41. ==> 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.

Tiptree's current Cash Flow from Operations (TTM) was 149. ==> 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 (Sep23)
=40.687/4827.391
=0.00842836

ROA (Last Year)=Net Income/Total Assets (Sep22)
=7.951/3994.084
=0.00199069

Tiptree's return on assets of this year was 0.00842836. Tiptree's return on assets of last year was 0.00199069. ==> 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.

Tiptree's current Net Income (TTM) was 41. Tiptree's current Cash Flow from Operations (TTM) was 149. ==> 149 > 41 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=224.154/5193.4172
=0.04316118

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=217.004/4360.689
=0.0497637

Tiptree's gearing of this year was 0.04316118. Tiptree's gearing of last year was 0.0497637. ==> 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: Sep24)=Total Assets/Total Liabilities
=5505.733/4849.533
=1.135312

Current Ratio (Last Year: Sep23)=Total Assets/Total Liabilities
=4827.391/4283.818
=1.12688984

Tiptree's current ratio of this year was 1.135312. Tiptree's current ratio of last year was 1.12688984. ==> 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.

Tiptree's number of shares in issue this year was 37.818. Tiptree's number of shares in issue last year was 37.684. ==> 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
=40.687/1985.63
=0.02049073

Net Margin (Last Year: TTM)=Net Income/Revenue
=7.951/1572.185
=0.00505729

Tiptree's net margin of this year was 0.02049073. Tiptree's net margin of last year was 0.00505729. ==> 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 (Sep23)
=1985.63/4827.391
=0.4113257

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=1572.185/3994.084
=0.39362843

Tiptree's asset turnover of this year was 0.4113257. Tiptree's asset turnover of last year was 0.39362843. ==> 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+1+0+1+1
=8

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

Tiptree has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

Tiptree  (NAS:TIPT) 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.


Tiptree Piotroski F-Score Related Terms

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Tiptree Business Description

Traded in Other Exchanges
N/A
Address
660 Steamboat Road, 2nd Floor, Greenwich, CT, USA, 06830
Tiptree Inc is a United States-based company that provides specialty insurance products and related services. It has two reportable segments: Insurance and Mortgage. Company has non reportable segment such as Tiptree Capital - Other and Corporate. It generates maximum revenue from the Insurance segment. The insurance segment provides specialty insurance, warranty products and related administration services; and the Mortgage segment originates, sell and service conventional, conforming agency and government-insured residential mortgage loans. Tiptree Capital - Other is the remainder of companies operations aggregated from mortgage and insurance. Corporate activities include holding company interest expense, corporate employee compensation and benefits, and other expenses.
Executives
Jonathan Ilany director PO BOX 180, WINCHESTER CENTER CT 06094
Neil Charles Rifkind officer: General Counsel and Secretary C/O TIPTREE INC., 660 STEAMBOAT ROAD, 2ND FL, GREENWICH CT 06830
Scott T. Mckinney officer: Chief Financial Officer 660 STEAMBOAT ROAD, 2ND FLOOR, GREENWICH CT 06830
Sandra Bell officer: Chief Financial Officer C/O TIPTREE INC., 660 STEAMBOAT ROAD, 2ND FL, GREENWICH CT 06830
Randy Maultsby officer: President C/O TIPTREE INC., 660 STEAMBOAT ROAD, 2ND FL, GREENWICH CT 06830
Arif Inayatullah 10 percent owner C/O TIPTREE INC., 660 STEAMBOAT ROAD, 2ND FL, GREENWICH CT 06830
Paul M Friedman director 11 DEERFIELD LANE, SCARSDALE NY 10583
Dominique Mielle director C/O ANWORTH MORTGAGE ASSET CORPORATION, 1299 OCEAN AVENUE, SECOND FLOOR, SANTA MONICA CA 90401
Michael Gene Barnes director, officer: Vice Chairman of the Board TRICADIA CAPITAL, 299 PARK AVENUE, 13TH FLOOR, NEW YORK NY 10171
Nomura Securities Co Ltd 10 percent owner 13-1, NIHONBASHI 1-CHOME, CHUO-KU, TOKYO M0 103-8011
Prosight Specialty Insurance Group, Inc. 10 percent owner 412 MT. KEMBLE AVENUE, SUITE 300C, MORRISTOWN NJ 07960
New York Marine & General Insurance Co 10 percent owner 412 MT. KEMBLE AVENUE, SUITE 300C, MORRISTOWN NJ 07960
Prosight Global, Inc. 10 percent owner 412 MT. KEMBLE AVENUE, SUITE 300C, MORRISTOWN NJ 07960
Gotham Insurance Co 10 percent owner 412 MT. KEMBLE AVENUE, SUITE 300C, MORRISTOWN NJ 07960
Southwest Marine & General Insurance Co 10 percent owner 412 MT. KEMBLE AVENUE, SUITE 300C, MORRISTOWN NJ 07960