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Modec (TSE:6269) Piotroski F-Score : 7 (As of Apr. 03, 2025)


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What is Modec Piotroski F-Score?

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

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

TSE:6269' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Modec was 7. The lowest was 3. And the median was 5.


Modec Piotroski F-Score Historical Data

The historical data trend for Modec'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.

Modec Piotroski F-Score Chart

Modec Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 4.00 4.00 7.00 7.00

Modec Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 7.00 7.00 7.00 8.00 7.00

Competitive Comparison of Modec's Piotroski F-Score

For the Oil & Gas Equipment & Services subindustry, Modec'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.


Modec's Piotroski F-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Modec's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Modec's Piotroski F-Score falls into.


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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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 9368.906 + 9705.706 + 6717.837 + 7597.196 = 円33,390 Mil.
Cash Flow from Operations was 16043.025 + 42407.195 + -57060.518 + 89877.079 = 円91,267 Mil.
Revenue was 123280.631 + 166523.356 + 159675.473 + 183307.115 = 円632,787 Mil.
Gross Profit was 11970.956 + 18598.592 + 14464.943 + 14443.778 = 円59,478 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(559788.7 + 589284.342 + 632320.856 + 602568.409 + 691649.226) / 5 = 円615122.3066 Mil.
Total Assets at the begining of this year (Dec23) was 円559,789 Mil.
Long-Term Debt & Capital Lease Obligation was 円70,583 Mil.
Total Current Assets was 円370,807 Mil.
Total Current Liabilities was 円420,659 Mil.
Net Income was 413.958 + 2925.689 + 1790.403 + 8729.886 = 円13,860 Mil.

Revenue was 99564.933 + 119272.028 + 132615.487 + 156837.177 = 円508,290 Mil.
Gross Profit was 3869.314 + 8048.223 + 8369.801 + 15533.3 = 円35,821 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(423121.547 + 401536.781 + 454704.624 + 531234.733 + 559788.7) / 5 = 円474077.277 Mil.
Total Assets at the begining of last year (Dec22) was 円423,122 Mil.
Long-Term Debt & Capital Lease Obligation was 円73,856 Mil.
Total Current Assets was 円293,082 Mil.
Total Current Liabilities was 円323,109 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.

Modec's current Net Income (TTM) was 33,390. ==> 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.

Modec's current Cash Flow from Operations (TTM) was 91,267. ==> 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 (Dec23)
=33389.645/559788.7
=0.05964687

ROA (Last Year)=Net Income/Total Assets (Dec22)
=13859.936/423121.547
=0.03275639

Modec's return on assets of this year was 0.05964687. Modec's return on assets of last year was 0.03275639. ==> 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.

Modec's current Net Income (TTM) was 33,390. Modec's current Cash Flow from Operations (TTM) was 91,267. ==> 91,267 > 33,390 ==> 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: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=70583.075/615122.3066
=0.11474641

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=73855.887/474077.277
=0.15578871

Modec's gearing of this year was 0.11474641. Modec's gearing of last year was 0.15578871. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=370807.055/420659.039
=0.88149076

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=293081.543/323109.029
=0.90706702

Modec's current ratio of this year was 0.88149076. Modec's current ratio of last year was 0.90706702. ==> 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.

Modec's number of shares in issue this year was 68.344. Modec's number of shares in issue last year was 68.42. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=59478.269/632786.575
=0.0939942

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=35820.638/508289.625
=0.07047289

Modec's gross margin of this year was 0.0939942. Modec's gross margin of last year was 0.07047289. ==> 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 (Dec23)
=632786.575/559788.7
=1.13040255

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=508289.625/423121.547
=1.20128514

Modec's asset turnover of this year was 1.13040255. Modec's asset turnover of last year was 1.20128514. ==> 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+1+1+0
=7

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

Modec has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Modec  (TSE:6269) 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.


Modec Piotroski F-Score Related Terms

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Modec Business Description

Traded in Other Exchanges
N/A
Address
3-10 Nihonbashi Maruzen Tokyu Building 4th & 5th Floors, 2-chome Chuo-ku, Nihonbashi, Tokyo, JPN, 100-0027
Modec Inc operates as a general contractor with specialization in engineering, procurement, construction, and installation of floating production systems. It offers floating production storage and offloading vessels, floating storage and offloading vessels, tension leg platforms, semisubmersibles, and mobile offshore production units. The company also offers operation of its production systems and maintenance services across the globe. Although Modec services offshore markets worldwide, the majority of revenue is derived from Brazilian markets. Modec's vessels are designed to retrieve fluids and gases from reservoirs ranging from subsea to deepwater.

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