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D2L (TSX:DTOL) Piotroski F-Score : 7 (As of Dec. 16, 2024)


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What is D2L 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

D2L 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 D2L's Piotroski F-Score or its related term are showing as below:

TSX:DTOL' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 7

During the past 6 years, the highest Piotroski F-Score of D2L was 7. The lowest was 4. And the median was 6.


D2L Piotroski F-Score Historical Data

The historical data trend for D2L'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.

D2L Piotroski F-Score Chart

D2L Annual Data
Trend Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Piotroski F-Score
Get a 7-Day Free Trial N/A N/A N/A 4.00 6.00

D2L Quarterly Data
Jan19 Jan20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24
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 5.00 6.00 6.00 7.00 7.00

Competitive Comparison of D2L's Piotroski F-Score

For the Software - Application subindustry, D2L'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.


D2L's Piotroski F-Score Distribution in the Software Industry

For the Software industry and Technology sector, D2L's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where D2L'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 (Oct24) TTM:Last Year (Oct23) TTM:
Net Income was 0.756 + 0.782 + -0.361 + 7.631 = C$8.8 Mil.
Cash Flow from Operations was -7.399 + -20.273 + 43.121 + 15.71 = C$31.2 Mil.
Revenue was 63.853 + 66.312 + 67.429 + 74.699 = C$272.3 Mil.
Gross Profit was 43.001 + 44.683 + 45.768 + 51.437 = C$184.9 Mil.
Average Total Assets from the begining of this year (Oct23)
to the end of this year (Oct24) was
(266.397 + 264.6 + 243.877 + 299.569 + 300.222) / 5 = C$274.933 Mil.
Total Assets at the begining of this year (Oct23) was C$266.4 Mil.
Long-Term Debt & Capital Lease Obligation was C$14.7 Mil.
Total Current Assets was C$198.4 Mil.
Total Current Liabilities was C$193.6 Mil.
Net Income was -8.302 + 1.497 + -6.378 + -0.532 = C$-13.7 Mil.

Revenue was 57.292 + 59.637 + 58.749 + 63.23 = C$238.9 Mil.
Gross Profit was 36.678 + 40.29 + 39.212 + 41.959 = C$158.1 Mil.
Average Total Assets from the begining of last year (Oct22)
to the end of last year (Oct23) was
(250.813 + 237.046 + 219.893 + 254.144 + 266.397) / 5 = C$245.6586 Mil.
Total Assets at the begining of last year (Oct22) was C$250.8 Mil.
Long-Term Debt & Capital Lease Obligation was C$16.0 Mil.
Total Current Assets was C$216.8 Mil.
Total Current Liabilities was C$171.6 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.

D2L's current Net Income (TTM) was 8.8. ==> 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.

D2L's current Cash Flow from Operations (TTM) was 31.2. ==> 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 (Oct23)
=8.808/266.397
=0.03306344

ROA (Last Year)=Net Income/Total Assets (Oct22)
=-13.715/250.813
=-0.05468217

D2L's return on assets of this year was 0.03306344. D2L's return on assets of last year was -0.05468217. ==> 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.

D2L's current Net Income (TTM) was 8.8. D2L's current Cash Flow from Operations (TTM) was 31.2. ==> 31.2 > 8.8 ==> 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: Oct24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct23 to Oct24
=14.665/274.933
=0.05334027

Gearing (Last Year: Oct23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Oct22 to Oct23
=15.957/245.6586
=0.064956

D2L's gearing of this year was 0.05334027. D2L's gearing of last year was 0.064956. ==> 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: Oct24)=Total Current Assets/Total Current Liabilities
=198.406/193.626
=1.02468677

Current Ratio (Last Year: Oct23)=Total Current Assets/Total Current Liabilities
=216.761/171.552
=1.26352943

D2L's current ratio of this year was 1.02468677. D2L's current ratio of last year was 1.26352943. ==> 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.

D2L's number of shares in issue this year was 56.033. D2L's number of shares in issue last year was 53.704. ==> 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
=184.889/272.293
=0.67900754

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=158.139/238.908
=0.66192426

D2L's gross margin of this year was 0.67900754. D2L's gross margin of last year was 0.66192426. ==> 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 (Oct23)
=272.293/266.397
=1.02213238

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Oct22)
=238.908/250.813
=0.95253436

D2L's asset turnover of this year was 1.02213238. D2L's asset turnover of last year was 0.95253436. ==> 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+0+0+1+1
=7

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

D2L has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

D2L  (TSX:DTOL) 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.


D2L Piotroski F-Score Related Terms

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D2L Business Description

Traded in Other Exchanges
Address
137 Glasgow Street, Suite 560, Kitchener, ON, CAN, N2G 4X8
D2L Inc is a learning innovation company. It provides cloud-based learning software for higher education institutions, kindergarten to grade 12 (K-12) schools and districts, and private sector enterprises. The company serves K-12, higher education, associations, and the corporate sector. Its product includes D2L Brightspace and D2L Wave.

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