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Eaton Vance Piotroski F-Score

: 5 (As of Today)
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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

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

NYSE:EV' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 8
Current: 5

1
8

During the past 13 years, the highest Piotroski F-Score of Eaton Vance was 8. The lowest was 1. And the median was 5.


Eaton Vance Piotroski F-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Eaton Vance Annual Data
Oct10 Oct11 Oct12 Oct13 Oct14 Oct15 Oct16 Oct17 Oct18 Oct19
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 5.00 5.00 4.00

Eaton Vance Quarterly Data
Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 5.00 4.00 5.00

Competitive Comparison
* 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.


Eaton Vance Piotroski F-Score Distribution

* The bar in red indicates where Eaton Vance's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jan20) TTM:Last Year (Jan19) TTM:
Net Income was 101.807 + 102.221 + 109.206 + 103.985 = $417 Mil.
Cash Flow from Operations was 185.324 + 160.256 + 131.906 + 17.691 = $495 Mil.
Revenue was 411.861 + 431.235 + 433.74 + 452.554 = $1,729 Mil.
Gross Profit was 196.468 + 206.486 + 206.281 + 210.814 = $820 Mil.
Average Total Assets from the begining of this year (Jan19)
to the end of this year (Jan20) was
(3336.105 + 3633.178 + 4218.865 + 4253.629 + 4048.437) / 5 = $3898.0428 Mil.
Total Assets at the begining of this year (Jan19) was $3,336 Mil.
Long-Term Debt & Capital Lease Obligation was $2,154 Mil.
Total Current Assets was $808 Mil.
Total Current Liabilities was $221 Mil.
Net Income was 96.601 + 101.794 + 105.487 + 86.801 = $391 Mil.

Revenue was 412.7 + 428.691 + 430.795 + 406.416 = $1,679 Mil.
Gross Profit was 198.434 + 207.272 + 213.743 + 189.503 = $809 Mil.
Average Net Income from the begining of last year (Jan18)
to the end of last year (Jan19) was
(2397.009 + 2498.208 + 3086.232 + 3599.328 + 3336.105) / 5 = $2983.3764 Mil.
Total Assets at the begining of last year (Jan18) was $2,397 Mil.
Long-Term Debt & Capital Lease Obligation was $1,529 Mil.
Total Current Assets was $724 Mil.
Total Current Liabilities was $206 Mil.

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.

Eaton Vance's current Net Income (TTM) was 417. ==> 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.

Eaton Vance's current Cash Flow from Operations (TTM) was 495. ==> 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(Jan19)
=417.219/3336.105
=0.12506171

ROA (Last Year)=Net Income/Total Assets(Jan18)
=390.683/2397.009
=0.16298771

Eaton Vance's return on assets of this year was 0.12506171. Eaton Vance's return on assets of last year was 0.16298771. ==> 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.

Eaton Vance's current Net Income (TTM) was 417. Eaton Vance's current Cash Flow from Operations (TTM) was 495. ==> 495 > 417 ==> 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: Jan20)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jan19 to Jan20
=2153.784/3898.0428
=0.55252959

Gearing (Last Year: Jan19)=Long-Term Debt & Capital Lease Obligation/Total Assetsfrom Jan18 to Jan19
=1529.274/2983.3764
=0.51259841

Eaton Vance's gearing of this year was 0.55252959. Eaton Vance's gearing of last year was 0.51259841. ==> 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: Jan20)=Total Current Assets/Total Current Liabilities
=808.132/220.842
=3.65932205

Current Ratio (Last Year: Jan19)=Total Current Assets/Total Current Liabilities
=723.95/206.195
=3.51099687

Eaton Vance's current ratio of this year was 3.65932205. Eaton Vance's current ratio of last year was 3.51099687. ==> This year's current ratio is higher. ==> Score 1.

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.

Eaton Vance's number of shares in issue this year was 114.7. Eaton Vance's number of shares in issue last year was 115.5. ==> 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
=820.049/1729.39
=0.47418396

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=808.952/1678.602
=0.48192007

Eaton Vance's gross margin of this year was 0.47418396. Eaton Vance's gross margin of last year was 0.48192007. ==> 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 (Jan19)
=1729.39/3336.105
=0.51838596

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jan18)
=1678.602/2397.009
=0.70029024

Eaton Vance's asset turnover of this year was 0.51838596. Eaton Vance's asset turnover of last year was 0.70029024. ==> 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+0+1+1+0+0
=5

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

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

Eaton Vance  (NYSE:EV) 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.


Eaton Vance Piotroski F-Score Related Terms

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