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Aiphone Co (TSE:6718) Piotroski F-Score : 6 (As of Mar. 15, 2025)


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What is Aiphone Co Piotroski F-Score?

The zones of discrimination were as such:

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

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

TSE:6718' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Aiphone Co was 8. The lowest was 2. And the median was 5.


Aiphone Co Piotroski F-Score Historical Data

The historical data trend for Aiphone Co'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.

Aiphone Co Piotroski F-Score Chart

Aiphone Co Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 5.00 7.00 4.00 6.00

Aiphone Co Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 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 -

Competitive Comparison of Aiphone Co's Piotroski F-Score

For the Communication Equipment subindustry, Aiphone Co'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.


Aiphone Co's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Aiphone Co's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Aiphone Co'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 円4,645 Mil.
Cash Flow from Operations was 円9,056 Mil.
Revenue was 円61,334 Mil.
Gross Profit was 円26,530 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (70597 + 78416) / 2 = 円74506.5 Mil.
Total Assets at the begining of this year (Mar23) was 円70,597 Mil.
Long-Term Debt & Capital Lease Obligation was 円250 Mil.
Total Current Assets was 円57,833 Mil.
Total Current Liabilities was 円10,441 Mil.
Net Income was 円2,929 Mil.

Revenue was 円52,811 Mil.
Gross Profit was 円22,581 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (69453 + 70597) / 2 = 円70025 Mil.
Total Assets at the begining of last year (Mar22) was 円69,453 Mil.
Long-Term Debt & Capital Lease Obligation was 円189 Mil.
Total Current Assets was 円51,070 Mil.
Total Current Liabilities was 円9,139 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.

Aiphone Co's current Net Income (TTM) was 4,645. ==> 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.

Aiphone Co's current Cash Flow from Operations (TTM) was 9,056. ==> 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)
=4645/70597
=0.065796

ROA (Last Year)=Net Income/Total Assets (Mar22)
=2929/69453
=0.0421724

Aiphone Co's return on assets of this year was 0.065796. Aiphone Co's return on assets of last year was 0.0421724. ==> 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.

Aiphone Co's current Net Income (TTM) was 4,645. Aiphone Co's current Cash Flow from Operations (TTM) was 9,056. ==> 9,056 > 4,645 ==> 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
=250/74506.5
=0.00335541

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=189/70025
=0.00269904

Aiphone Co's gearing of this year was 0.00335541. Aiphone Co's gearing of last year was 0.00269904. ==> Last year is lower than this year ==> Score 0.

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: Mar24)=Total Current Assets/Total Current Liabilities
=57833/10441
=5.53902883

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=51070/9139
=5.58813875

Aiphone Co's current ratio of this year was 5.53902883. Aiphone Co's current ratio of last year was 5.58813875. ==> 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.

Aiphone Co's number of shares in issue this year was 16.357. Aiphone Co's number of shares in issue last year was 16.336. ==> 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
=26530/61334
=0.43254965

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=22581/52811
=0.42758138

Aiphone Co's gross margin of this year was 0.43254965. Aiphone Co's gross margin of last year was 0.42758138. ==> 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 (Mar23)
=61334/70597
=0.86879046

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=52811/69453
=0.76038472

Aiphone Co's asset turnover of this year was 0.86879046. Aiphone Co's asset turnover of last year was 0.76038472. ==> 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+0+0+0+1+1
=6

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

Aiphone Co has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Aiphone Co  (TSE:6718) 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.


Aiphone Co Piotroski F-Score Related Terms

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Aiphone Co Business Description

Traded in Other Exchanges
N/A
Address
2-18 Jinno-Cho, Atsuta-ku, Nagoya, JPN, 456-8666
Aiphone Co Ltd is a Japanese company engaged in manufacturing and selling communication and security systems. It operates in two business divisions including security business and care business. In the security business, it offers security systems for detached houses, apartment houses, schools, public facilities, and commercial facilities. Its products include TV (television) door phone, emergency caller, wireless paging system, interphone application, among others. In the care business, it manufactures products including nurse call for medical facilities, nurse call for welfare facilities, and multi-housing system for elderly people.

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