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Gold Fields Sloan Ratio %

: 2.93% (As of Dec. 2020)
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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.

Gold Fields's Sloan Ratio for the quarter that ended in Dec. 2020 was 2.93%.

As of Dec. 2020, Gold Fields has a Sloan Ratio of 2.93%, indicating the company is in the safe zone and there is no funny business with accruals.


Gold Fields Sloan Ratio % Historical Data

* 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.

Gold Fields Annual Data
Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Sloan Ratio % Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.72 2.43 -0.51 -3.61 2.93

Gold Fields Semi-Annual Data
Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20
Sloan Ratio % 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 -0.51 2.63 -3.61 -3.99 2.93

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.


Gold Fields Sloan Ratio % Distribution

* The bar in red indicates where Gold Fields's Sloan Ratio % falls into.



Gold Fields 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.

Gold Fields's Sloan Ratio for the fiscal year that ended in Dec. 2020 is calculated as

Sloan Ratio=(Net Income (A: Dec. 2020 )-Cash Flow from Operations (A: Dec. 2020 )
-Cash Flow from Investing (A: Dec. 2020 ))/Total Assets (A: Dec. 2020 )
=(723-1111.4
--607.4)/7472.8
=2.93%

Gold Fields's Sloan Ratio for the quarter that ended in Dec. 2020 is calculated as

Sloan Ratio=(Net Income (TTM)-Cash Flow from Operations (TTM})
-Cash Flow from Investing (TTM))/Total Assets (Q: Dec. 2020 )
=(723-1111.4
--607.4)/7472.8
=2.93%

For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data. Gold Fields's Net Income for the trailing twelve months (TTM) ended in Dec. 2020 was 155.5 (Jun. 2020 ) + 567.5 (Dec. 2020 ) = $723 Mil.
Gold Fields's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2020 was 548.6 (Jun. 2020 ) + 562.8 (Dec. 2020 ) = $1,111 Mil.
Gold Fields's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2020 was -251.3 (Jun. 2020 ) + -356.1 (Dec. 2020 ) = $-607 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.


Gold Fields  (NYSE:GFI) 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.

According to How to Beat the Market with the Sloan Ratio:

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 Dec. 2020, Gold Fields has a Sloan Ratio of 2.93%, indicating the company is in the safe zone and there is no funny business with accruals.


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