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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
William Lyon Homes has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for William Lyon Homes's Piotroski F-Score or its related term are showing as below:
The historical data trend for William Lyon Homes'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.
William Lyon Homes Annual Data | |||||||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 1.00 | 3.00 | 5.00 | 7.00 | 7.00 |
William Lyon Homes Quarterly Data | ||||||||||||||||||||
Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 7.00 | 5.00 | 5.00 | 4.00 |
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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Net Income was 34.255 + 8.119 + 10.451 + 9.48 = $62 Mil. Cash Flow from Operations was 212.599 + -31.027 + -28.776 + -79.128 = $74 Mil. Revenue was 659.647 + 455.864 + 465.469 + 466.889 = $2,048 Mil. Gross Profit was 123.457 + 72.851 + 74.201 + 70.253 = $341 Mil. Average Total Assets from the begining of this year (Sep18) to the end of this year (Sep19) was (2944.048 + 2929.774 + 2895.013 + 2946.122 + 3019.004) / 5 = $2946.7922 Mil. Total Assets at the begining of this year (Sep18) was $2,944 Mil. Long-Term Debt & Capital Lease Obligation was $1,407 Mil. Total Current Assets was $2,601 Mil. Total Current Liabilities was $217 Mil. |
Net Income was 11.763 + 8.328 + 22.455 + 26.558 = $69 Mil. Revenue was 624.643 + 373.368 + 519.452 + 534.704 = $2,052 Mil. Gross Profit was 118.03 + 65.077 + 92.921 + 97.272 = $373 Mil. Average Total Assets from the begining of last year (Sep17) to the end of last year (Sep18) was (2100.859 + 2061.104 + 2626.406 + 2878.247 + 2944.048) / 5 = $2522.1328 Mil. Total Assets at the begining of last year (Sep17) was $2,101 Mil. Long-Term Debt & Capital Lease Obligation was $1,516 Mil. Total Current Assets was $2,709 Mil. Total Current Liabilities was $220 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.
William Lyon Homes's current Net Income (TTM) was 62.
==> 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.
William Lyon Homes's current Cash Flow from Operations (TTM) was 74.
==> 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 (Sep18) |
= | 62.305 | / | 2944.048 | |
= | 0.02116304 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep17) |
= | 69.104 | / | 2100.859 | |
= | 0.03289321 |
William Lyon Homes's return on assets of this year was 0.02116304. William Lyon Homes's return on assets of last year was 0.03289321.
==> Last year is higher ==> Score 0.
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.
William Lyon Homes's current Net Income (TTM) was 62. William Lyon Homes's current Cash Flow from Operations (TTM) was 74.
==> 74 > 62 ==> 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: Sep19) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep18 to Sep19 |
= | 1407.191 | / | 2946.7922 | |
= | 0.47753316 |
Gearing (Last Year: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep17 to Sep18 |
= | 1516.249 | / | 2522.1328 | |
= | 0.60117731 |
William Lyon Homes's gearing of this year was 0.47753316. William Lyon Homes's gearing of last year was 0.60117731.
==> 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: Sep19) | = | Total Current Assets | / | Total Current Liabilities |
= | 2600.574 | / | 217.073 | |
= | 11.98018178 |
Current Ratio (Last Year: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
= | 2708.982 | / | 220.153 | |
= | 12.30499698 |
William Lyon Homes's current ratio of this year was 11.98018178. William Lyon Homes's current ratio of last year was 12.30499698.
==> 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.
William Lyon Homes's number of shares in issue this year was 39.172. William Lyon Homes's number of shares in issue last year was 39.161.
==> 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 |
= | 340.762 | / | 2047.869 | |
= | 0.16639834 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 373.3 | / | 2052.167 | |
= | 0.18190527 |
William Lyon Homes's gross margin of this year was 0.16639834. William Lyon Homes's gross margin of last year was 0.18190527.
==> Last year's gross margin is higher ==> Score 0.
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 (Sep18) |
= | 2047.869 | / | 2944.048 | |
= | 0.69559634 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep17) |
= | 2052.167 | / | 2100.859 | |
= | 0.97682281 |
William Lyon Homes's asset turnover of this year was 0.69559634. William Lyon Homes's asset turnover of last year was 0.97682281.
==> 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 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
William Lyon Homes has an F-score of 4 indicating the company's financial situation is typical for a stable company.
William Lyon Homes (NYSE:WLH) 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.
Thank you for viewing the detailed overview of William Lyon Homes's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Douglas K Ammerman | director | 601 RIVERSIDE AVENUE, JACKSONVILLE FL 32204 |
William H Lyon | director, 10 percent owner, officer: Executive Chairman | C/O TAYLOR MORRISON HOME CORP., 4900 N. SCOTTSDALE ROAD, SUITE 2000, SCOTTSDALE AZ 85251 |
Matthew R Zaist | director, officer: President & CEO | C/O WILLIAM LYON HOMES, 4695 MACARTHUR COURT, 8TH FLOOR, NEWPORT BEACH CA 92660 |
Gary H Hunt | director | C/O WILLIAM LYON HOMES, 4695 MACARTHUR COURT, 8TH FLOOR, NEWPORT BEACH CA 92660 |
Bay Resource Partners Lp | 10 percent owner | 2300 WINDY RIDGE PARKWAY, SUITE 550 SOUTH, ATLANTA GA 30339 |
Thomas E Claugus | 10 percent owner | GMT CAPITAL CORP, 2300 WINDY RIDGE PARKWAY SUITE 550 SOUTH, ATLANTA GA 30339 |
Gmt Capital Corp | 10 percent owner | GMT CAPITAL CORP, 2300 WINDY RIDGE PARKWAY SUITE 550 SOUTH, ATLANTA GA 30339 |
Bay Ii Resource Partners Lp | 10 percent owner | 2300 WINDY RIDGE PARKWAY, SUITE 550 SOUTH, ATLANTA GA 30339 |
Bay Resource Partners Offshore Master Fund, L.p. | 10 percent owner | 2300 WINDY RIDGE PARKWAY, SUITE 550 SOUTH, ATLANTA GA 30339 |
William Lyon | director, officer: Executive Chairman | C/O WILLIAM LYON HOMES INC, 4490 VON KARMAN AVE, NEWPORT BEACH CA 92660 |
Lcg Holdings Llc | 10 percent owner | 7 TIMES SQUARE, 43RD FLOOR, NEW YORK NY 10036 |
Luxor Capital Group, Lp | 10 percent owner | 7 TIMES SQUARE, 43RD FLOOR, NEW YORK NY 10036 |
Luxor Capital Partners, Lp | 10 percent owner | 7 TIMES SQUARE, 43RD FLOOR, NEW YORK NY 10036 |
Luxor Wavefront, Lp | 10 percent owner | 7 TIMES SQUARE, 43RD FLOOR, NEW YORK NY 10036 |
Luxor Capital Partners Offshore Ltd | 10 percent owner | C/O MAPLES CORPORATE SERVICES LTD., PO BOX 309, UGLAND HOUSE, GEORGE TOWN E9 KY1-1104 |
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