Comprehensive Healthcare Systems (TSXV:CHS) Piotroski F-Score : 3 (As of May. 31, 2024)

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What is Comprehensive Healthcare Systems Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

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

Comprehensive Healthcare Systems has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

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

TSXV:CHS' s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 3 Max: 4
Current: 3

During the past 4 years, the highest Piotroski F-Score of Comprehensive Healthcare Systems was 4. The lowest was 2. And the median was 3.

Comprehensive Healthcare Systems Piotroski F-Score Historical Data

The historical data trend for Comprehensive Healthcare Systems'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.

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Comprehensive Healthcare Systems Piotroski F-Score Chart

Comprehensive Healthcare Systems Annual Data

Trend

Jan19

Jan20

Jan21

Dec22

Piotroski F-Score

N/A

4.00

Comprehensive Healthcare Systems Quarterly Data
	Oct18	Apr19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Piotroski F-Score	Get a 7-Day Free Trial														3.00	4.00	4.00	4.00	3.00

Competitive Comparison of Comprehensive Healthcare Systems's Piotroski F-Score

For the Health Information Services subindustry, Comprehensive Healthcare Systems'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.

Comprehensive Healthcare Systems's Piotroski F-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Comprehensive Healthcare Systems's Piotroski F-Score distribution charts can be found below:

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

How is the Piotroski F-Score calculated?

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Net Income was -2.569 + -1.305 + -1.686 + -1.522 = C$-7.08 Mil.
Cash Flow from Operations was -1.308 + -1.312 + -0.573 + 0.156 = C$-3.04 Mil.
Revenue was 1.39 + 1.456 + 1.237 + 1.327 = C$5.41 Mil.
Gross Profit was 0.47 + 0.758 + 0.472 + 0.244 = C$1.94 Mil.
Average Total Assets from the begining of this year (Sep22)
to the end of this year (Sep23) was
(1.215 + 2.866 + 2.612 + 1.802 + 1.946) / 5 = C$2.0882 Mil.
Total Assets at the begining of this year (Sep22) was C$1.22 Mil.
Long-Term Debt & Capital Lease Obligation was C$1.69 Mil.
Total Current Assets was C$0.86 Mil.
Total Current Liabilities was C$7.92 Mil.

Net Income was -2.866 + -1.3 + -0.895 + -1.988 = C$-7.05 Mil.

Revenue was 1.242 + 1.375 + 1.581 + 1.282 = C$5.48 Mil.
Gross Profit was 0.207 + 0.239 + 0.871 + 0.249 = C$1.57 Mil.
Average Total Assets from the begining of last year (Jul21)
to the end of last year (Sep22) was
(0.315 + 5.256 + 3.376 + 2.421 + 1.215) / 5 = C$2.5166 Mil.
Total Assets at the begining of last year (Jul21) was C$0.32 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.37 Mil.
Total Current Assets was C$0.80 Mil.
Total Current Liabilities was C$4.31 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.

Comprehensive Healthcare Systems's current Net Income (TTM) was -7.08. ==> Negative ==> Score 0.

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.

Comprehensive Healthcare Systems's current Cash Flow from Operations (TTM) was -3.04. ==> Negative ==> Score 0.

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 (Sep22)
	=	-7.082	/	1.215
	=	-5.82880658

ROA (Last Year)	=	Net Income	/	Total Assets (Jul21)
	=	-7.049	/	0.315
	=	-22.37777778

Comprehensive Healthcare Systems's return on assets of this year was -5.82880658. Comprehensive Healthcare Systems's return on assets of last year was -22.37777778. ==> 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.

Comprehensive Healthcare Systems's current Net Income (TTM) was -7.08. Comprehensive Healthcare Systems's current Cash Flow from Operations (TTM) was -3.04. ==> -3.04 > -7.08 ==> 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: Sep23)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Sep22 to Sep23
	=	1.69	/	2.0882
	=	0.80930945

Gearing (Last Year: Sep22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Jul21 to Sep22
	=	0.369	/	2.5166
	=	0.1466264

Comprehensive Healthcare Systems's gearing of this year was 0.80930945. Comprehensive Healthcare Systems's gearing of last year was 0.1466264. ==> 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: Sep23)	=	Total Current Assets	/	Total Current Liabilities
	=	0.858	/	7.924
	=	0.10827865

Current Ratio (Last Year: Sep22)	=	Total Current Assets	/	Total Current Liabilities
	=	0.795	/	4.311
	=	0.18441197

Comprehensive Healthcare Systems's current ratio of this year was 0.10827865. Comprehensive Healthcare Systems's current ratio of last year was 0.18441197. ==> 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.

Comprehensive Healthcare Systems's number of shares in issue this year was 124.024. Comprehensive Healthcare Systems's number of shares in issue last year was 69.504. ==> 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
	=	1.944	/	5.41
	=	0.35933457

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	1.566	/	5.48
	=	0.28576642

Comprehensive Healthcare Systems's gross margin of this year was 0.35933457. Comprehensive Healthcare Systems's gross margin of last year was 0.28576642. ==> 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 (Sep22)
	=	5.41	/	1.215
	=	4.4526749

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Jul21)
	=	5.48	/	0.315
	=	17.3968254

Comprehensive Healthcare Systems's asset turnover of this year was 4.4526749. Comprehensive Healthcare Systems's asset turnover of last year was 17.3968254. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score

Que. 1

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Que. 3

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Que. 9

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

Comprehensive Healthcare Systems has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Comprehensive Healthcare Systems (TSXV:CHS) 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.

Comprehensive Healthcare Systems Piotroski F-Score Related Terms

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