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.
Steel Excel's Sloan Ratio for the quarter that ended in Jun. 2016 was -36.26%.
As of Jun. 2016, Steel Excel has a Sloan Ratio of -36.26%, indicating earnings are more likely to be made up of accruals.
Steel Excel Sloan Ratio % Historical Data
The historical data trend for Steel Excel'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 Steel Excel's Sloan Ratio %
For the Oil & Gas Equipment & Services subindustry, Steel Excel'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.
Steel Excel's Sloan Ratio % Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Steel Excel's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Steel Excel's Sloan Ratio % falls into.
Steel Excel 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.
Steel Excel's Sloan Ratio for the fiscal year that ended in Dec. 2015 is calculated as
Steel Excel's Net Income for the trailing twelve months (TTM) ended in Jun. 2016 was -10.536 (Jun. 2015 ) + -14.474 (Sep. 2015 ) + -65.147 (Dec. 2015 ) + -0.539 (Jun. 2016 ) = $-90.7 Mil.
Steel Excel's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2016 was 5.1 (Jun. 2015 ) + 2.05 (Sep. 2015 ) + 4.052 (Dec. 2015 ) + -80.386 (Jun. 2016 ) = $-69.2 Mil.
Steel Excel's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2016 was -1.585 (Jun. 2015 ) + 11.814 (Sep. 2015 ) + -15.66 (Dec. 2015 ) + 101.525 (Jun. 2016 ) = $96.1 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.
Steel Excel (OTCPK:SXCL) 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 Jun. 2016, Steel Excel has a Sloan Ratio of -36.26%, indicating earnings are more likely to be made up of accruals.
Steel Excel Sloan Ratio % Related Terms
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Steel Excel Inc formerly known as Adaptec Inc was incorporated in California on 1981. The Company together with it subsidiaries operates in two segments Energy and Sports. The Company's Energy business provides drilling and production services to the oil and gas industry. Its Sports business provides event-based sports services and other health-related services. The Company also continues to identify business acquisition opportunities in other unrelated industries. The Energy business provides various services to exploration and production companies in the oil and gas business. The services provided include well completion and recompletion, snubbing, flow testing, well maintenance and workover, down hole pumping, plug and abatement, and rental of auxiliary equipment. The Sports business provides baseball facility services, soccer camps and leagues, and strength and conditioning services. The baseball facility services, which include tournaments, camps, field rentals and player and umpire instruction, are provided at its facility that is equipped with four full-sized outdoor fields, three smaller youth-sized outdoor fields, and an indoor facility. Soccer camps and leagues are run at facilities owned by municipalities or schools and are run either in conjunction with local youth soccer leagues or as a stand-alone offering. Strength and conditioning services are provided at the two CrossFit facilities. The Company's businesses are subject to multiple federal, state, and local laws and regulations pertaining to worker safety, the handling of hazardous materials, transportation standards, and the environment.
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