Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Oxford Instruments's Sloan Ratio for the quarter that ended in Sep. 2024 was 10.52%.
As of Sep. 2024, Oxford Instruments has a Sloan Ratio of 10.52%, indicating there is a warning stage of accrual build up.
Oxford Instruments Sloan Ratio % Historical Data
The historical data trend for Oxford Instruments's Sloan Ratio % 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.
Competitive Comparison of Oxford Instruments's Sloan Ratio %
For the Semiconductor Equipment & Materials subindustry, Oxford Instruments's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Oxford Instruments's Sloan Ratio % Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Oxford Instruments's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Oxford Instruments's Sloan Ratio % falls into.
Oxford Instruments Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Oxford Instruments's Sloan Ratio for the fiscal year that ended in Mar. 2024 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Oxford Instruments's Net Income for the trailing twelve months (TTM) ended in Sep. 2024 was 28.4 (Mar. 2024 ) + 24.1 (Sep. 2024 ) = £52.5 Mil.
Oxford Instruments's Cash Flow from Operations for the trailing twelve months (TTM) ended in Sep. 2024 was 43.4 (Mar. 2024 ) + -7.3 (Sep. 2024 ) = £36.1 Mil.
Oxford Instruments's Cash Flow from Investing for the trailing twelve months (TTM) ended in Sep. 2024 was -22.2 (Mar. 2024 ) + -23.7 (Sep. 2024 ) = £-45.9 Mil.
* 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.
Oxford Instruments (LSE:OXIG) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Sep. 2024, Oxford Instruments has a Sloan Ratio of 10.52%, indicating there is a warning stage of accrual build up.
Oxford Instruments Sloan Ratio % Related Terms
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Oxford Instruments PLC is engaged in researching, developing, manufacturing, renting, selling, and servicing high-technology tools and systems. The company's operating segment includes Materials and Characterisation; Research and Discovery and Service and Healthcare. It generates maximum revenue from the Materials and Characterisation segment. The Materials and Characterisation segment focuses on applied R&D and commercial customers, enabling the fabrication and characterization of materials and devices down to the atomic scale. Geographically, it derives a majority of its revenue from Asia and also has a presence in Europe, North America, and the Rest of the World.
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