* 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.
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Atlas Air Worldwide Holdings Piotroski F-Score Chart
* 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
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.
Atlas Air Worldwide Holdings's current Net Income (TTM) was 356.
==> 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.
Atlas Air Worldwide Holdings's current Cash Flow from Operations (TTM) was 838.
==> 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.
Atlas Air Worldwide Holdings's return on assets of this year was 0.05523306. Atlas Air Worldwide Holdings's return on assets of last year was 0.08182147.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Atlas Air Worldwide Holdings's gearing of this year was 0.30810062. Atlas Air Worldwide Holdings's gearing of last year was 0.29494481.
==> 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
Atlas Air Worldwide Holdings's current ratio of this year was 0.9604152. Atlas Air Worldwide Holdings's current ratio of last year was 0.93378083.
==> 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.
Atlas Air Worldwide Holdings's number of shares in issue this year was 34.331. Atlas Air Worldwide Holdings's number of shares in issue last year was 31.821.
==> 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.
Atlas Air Worldwide Holdings's gross margin of this year was 0.21922757. Atlas Air Worldwide Holdings's gross margin of last year was 0.27759749.
==> 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
Atlas Air Worldwide Holdings's asset turnover of this year was 0.70602707. Atlas Air Worldwide Holdings's asset turnover of last year was 0.66855255.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Que. 1
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1
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Atlas Air Worldwide Holdings has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Atlas Air Worldwide Holdings (NAS:AAWW) 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.
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.
Atlas Air Worldwide Holdings Piotroski F-Score Related Terms
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Atlas Air Worldwide Holdings (Atlas Air Worldwide Holdings) Business Description
Atlas Air Worldwide Holdings Inc is a provider of outsourced aircraft and aviation operating services and the outsourced airfreight provider in the world. Company operates a fleet of 747 freighters and provides customers with a broad array of 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations. The company has operations in Africa, Asia, Australia, Europe, the Middle East, North America and South America. The company's business is organized into two operating segments based on service offerings: 1) Airline Operations include providing cargo aircraft outsourcing services to customers on an ACMI, CMI and Charter basis. 2) Dry Leasing business provides aircraft and engines to customers, including CMI customers, for a fixed monthly amount.
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