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Universal Display Piotroski F-Score

: 6 (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

Universal Display has an F-score of 6 indicating the company's financial situation is typical for a stable company.

NAS:OLED' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Max: 8
Current: 6

2
8

During the past 13 years, the highest Piotroski F-Score of Universal Display was 8. The lowest was 2. And the median was 4.


Universal Display 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.

Universal Display Annual Data
Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 7.00 6.00 4.00

Universal Display Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
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 4.00 4.00 4.00 4.00 6.00

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.


Universal Display Piotroski F-Score Distribution

* The bar in red indicates where Universal Display'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 (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was 22.818 + 19.249 + 31.474 + 43.44 = $117.0 Mil.
Cash Flow from Operations was 45.004 + 26.84 + 34.05 + 49.829 = $155.7 Mil.
Revenue was 77.55 + 70.143 + 87.765 + 118.168 = $353.6 Mil.
Gross Profit was 61.427 + 51.818 + 71.951 + 94.096 = $279.3 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was
(833.249 + 883.744 + 933.424 + 968.19 + 1011.08) / 5 = $925.9374 Mil.
Total Assets at the begining of this year (Jun18) was $833.2 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Total Current Assets was $688.7 Mil.
Total Current Liabilities was $139.7 Mil.
Net Income was 13.52 + 32.813 + 5.959 + 10.814 = $63.1 Mil.

Revenue was 61.683 + 115.867 + 43.572 + 56.149 = $277.3 Mil.
Gross Profit was 48.218 + 98.931 + 36.114 + 44.514 = $227.8 Mil.
Average Net Income from the begining of last year (Jun17)
to the end of last year (Jun18) was
(707.635 + 727.17 + 779.956 + 795.14 + 833.249) / 5 = $768.63 Mil.
Total Assets at the begining of last year (Jun17) was $707.6 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Total Current Assets was $569.4 Mil.
Total Current Liabilities was $101.5 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.

Universal Display's current Net Income (TTM) was 117.0. ==> 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.

Universal Display's current Cash Flow from Operations (TTM) was 155.7. ==> 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(Jun18)
=116.981/833.249
=0.14039141

ROA (Last Year)=Net Income/Total Assets(Jun17)
=63.106/707.635
=0.08917874

Universal Display's return on assets of this year was 0.14039141. Universal Display's return on assets of last year was 0.08917874. ==> 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.

Universal Display's current Net Income (TTM) was 117.0. Universal Display's current Cash Flow from Operations (TTM) was 155.7. ==> 155.7 > 117.0 ==> 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.

Universal Display's gearing of this year was 0. Universal Display's gearing of last year was 0. ==> 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: Jun19)=Total Current Assets/Total Current Liabilities
=688.694/139.736
=4.92853667

Current Ratio (Last Year: Jun18)=Total Current Assets/Total Current Liabilities
=569.365/101.54
=5.60729762

Universal Display's current ratio of this year was 4.92853667. Universal Display's current ratio of last year was 5.60729762. ==> 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.

Universal Display's number of shares in issue this year was 47. Universal Display's number of shares in issue last year was 46.9. ==> 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
=279.292/353.626
=0.78979487

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=227.777/277.271
=0.82149594

Universal Display's gross margin of this year was 0.78979487. Universal Display's gross margin of last year was 0.82149594. ==> 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 (Jun18)
=353.626/833.249
=0.42439415

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=277.271/707.635
=0.39182771

Universal Display's asset turnover of this year was 0.42439415. Universal Display's asset turnover of last year was 0.39182771. ==> 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+0+1
=6

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

Universal Display has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Universal Display  (NAS:OLED) 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.


Universal Display Piotroski F-Score Related Terms


Universal Display Piotroski F-Score Headlines

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