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Synthetica AD (XBUL:SYN) Piotroski F-Score : 5 (As of Jul. 22, 2025)


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What is Synthetica AD 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

Synthetica AD has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

XBUL:SYN' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Synthetica AD was 7. The lowest was 4. And the median was 6.


Synthetica AD Piotroski F-Score Historical Data

The historical data trend for Synthetica AD'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.

Synthetica AD Piotroski F-Score Chart

Synthetica AD 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 7.00 6.00 6.00 5.00 5.00

Synthetica AD Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Dec23 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 6.00 7.00 8.00 5.00 5.00

Competitive Comparison of Synthetica AD's Piotroski F-Score

For the Conglomerates subindustry, Synthetica AD'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.


Synthetica AD's Piotroski F-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Synthetica AD's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Synthetica AD'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 (Dec22) TTM:
Net Income was -1.321 + 1.257 + 0 + 0 = лв-0.06 Mil.
Cash Flow from Operations was 2.075 + 2.879 + 0 + 0 = лв4.95 Mil.
Revenue was 3.839 + 6.1 + 0 + 0 = лв9.94 Mil.
Gross Profit was 1.033 + -0.328 + 0 + 0 = лв0.71 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec24) was
(161.066 + 113.398 + 133.125 + 200.74 + 166.713) / 5 = лв155.0084 Mil.
Total Assets at the begining of this year (Dec22) was лв161.07 Mil.
Long-Term Debt & Capital Lease Obligation was лв26.36 Mil.
Total Current Assets was лв39.47 Mil.
Total Current Liabilities was лв104.98 Mil.
Net Income was 0.345 + -0.911 + 0.938 + -2.038 = лв-1.67 Mil.

Revenue was 3.618 + 2.929 + 4.185 + 24.583 = лв35.32 Mil.
Gross Profit was 0.69 + 0.877 + 2.381 + 3.024 = лв6.97 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(80.543 + 82.541 + 139.93 + 161.73 + 161.066) / 5 = лв125.162 Mil.
Total Assets at the begining of last year (Dec21) was лв80.54 Mil.
Long-Term Debt & Capital Lease Obligation was лв56.65 Mil.
Total Current Assets was лв33.38 Mil.
Total Current Liabilities was лв58.43 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.

Synthetica AD's current Net Income (TTM) was -0.06. ==> 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.

Synthetica AD's current Cash Flow from Operations (TTM) was 4.95. ==> 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 (Dec22)
=-0.064/161.066
=-0.00039735

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-1.666/80.543
=-0.0206846

Synthetica AD's return on assets of this year was -0.00039735. Synthetica AD's return on assets of last year was -0.0206846. ==> 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.

Synthetica AD's current Net Income (TTM) was -0.06. Synthetica AD's current Cash Flow from Operations (TTM) was 4.95. ==> 4.95 > -0.06 ==> 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 Dec22 to Dec24
=26.359/155.0084
=0.17004885

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=56.651/125.162
=0.4526214

Synthetica AD's gearing of this year was 0.17004885. Synthetica AD's gearing of last year was 0.4526214. ==> 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
=39.472/104.982
=0.37598826

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=33.382/58.433
=0.57128677

Synthetica AD's current ratio of this year was 0.37598826. Synthetica AD's current ratio of last year was 0.57128677. ==> 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.

Synthetica AD's number of shares in issue this year was 3. Synthetica AD's number of shares in issue last year was 3. ==> 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
=0.705/9.939
=0.07093269

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6.972/35.315
=0.19742319

Synthetica AD's gross margin of this year was 0.07093269. Synthetica AD's gross margin of last year was 0.19742319. ==> 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 (Dec22)
=9.939/161.066
=0.06170762

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=35.315/80.543
=0.43846144

Synthetica AD's asset turnover of this year was 0.06170762. Synthetica AD's asset turnover of last year was 0.43846144. ==> 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
=0+1+1+1+1+0+1+0+0
=5

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

Synthetica AD has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Synthetica AD  (XBUL:SYN) 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.


Synthetica AD Piotroski F-Score Related Terms

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Synthetica AD Business Description

Traded in Other Exchanges
N/A
Address
N. Vaptzarov No 47, Sofia, BGR, 1407
Synthetica AD is a holding company. It operates in various sectors such as property management in the hospitality and tourism, production and marketing of flexible packaging, biaxially oriented polypropylene film and manufacture of hemodialysis products.

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