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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
Aspen Group has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Aspen Group's Piotroski F-Score or its related term are showing as below:
The historical data trend for Aspen Group's Piotroski F-Score 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.
Aspen Group Annual Data | |||||||||||||||||||||
Trend | Feb12 | Apr14 | Apr15 | Apr16 | Apr17 | Apr18 | Apr19 | Apr20 | Apr21 | Apr22 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 2.00 | 2.00 | 3.00 | 3.00 | 2.00 |
Aspen Group Quarterly Data | ||||||||||||||||||||
Apr18 | Jul18 | Oct18 | Jan19 | Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 2.00 | 2.00 | - | 1.00 | 3.00 |
How is the Piotroski F-Score calculated?
* 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.
This Year (Jan23) TTM: | Last Year (Jan22) TTM: |
Net Income was -2.129 + -3.715 + -2.294 + -1.555 = $-9.69 Mil. Cash Flow from Operations was -3.558 + -3.616 + 0.99 + -1.83 = $-8.01 Mil. Revenue was 19.378 + 18.894 + 17.075 + 15.574 = $70.92 Mil. Gross Profit was 10.777 + 8.688 + 10.728 + 10.18 = $40.37 Mil. Average Total Assets from the begining of this year (Jan22) to the end of this year (Jan23) was (81.83 + 91.066 + 88.156 + 91.109 + 87.835) / 5 = $87.9992 Mil. Total Assets at the begining of this year (Jan22) was $81.83 Mil. Long-Term Debt & Capital Lease Obligation was $27.83 Mil. Total Current Assets was $31.02 Mil. Total Current Liabilities was $24.07 Mil. |
Net Income was -2.32 + -0.871 + -2.852 + -3.734 = $-9.78 Mil. Revenue was 19.051 + 19.431 + 18.94 + 18.945 = $76.37 Mil. Gross Profit was 10.33 + 10.837 + 10.151 + 9.669 = $40.99 Mil. Average Total Assets from the begining of last year (Jan21) to the end of last year (Jan22) was (74.044 + 80.807 + 78.391 + 89.114 + 81.83) / 5 = $80.8372 Mil. Total Assets at the begining of last year (Jan21) was $74.04 Mil. Long-Term Debt & Capital Lease Obligation was $17.32 Mil. Total Current Assets was $28.45 Mil. Total Current Liabilities was $20.54 Mil. |
*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.
Aspen Group's current Net Income (TTM) was -9.69.
==> Negative ==> Score 0.
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.
Aspen Group's current Cash Flow from Operations (TTM) was -8.01.
==> Negative ==> Score 0.
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 (Jan22) |
= | -9.693 | / | 81.83 | |
= | -0.11845289 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jan21) |
= | -9.777 | / | 74.044 | |
= | -0.13204311 |
Aspen Group's return on assets of this year was -0.11845289. Aspen Group's return on assets of last year was -0.13204311.
==> 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.
Aspen Group's current Net Income (TTM) was -9.69. Aspen Group's current Cash Flow from Operations (TTM) was -8.01.
==> -8.01 > -9.69 ==> 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.
Gearing (This Year: Jan23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jan22 to Jan23 |
= | 27.827 | / | 87.9992 | |
= | 0.31621878 |
Gearing (Last Year: Jan22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jan21 to Jan22 |
= | 17.317 | / | 80.8372 | |
= | 0.21422068 |
Aspen Group's gearing of this year was 0.31621878. Aspen Group's gearing of last year was 0.21422068.
==> 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
Current Ratio (This Year: Jan23) | = | Total Current Assets | / | Total Current Liabilities |
= | 31.021 | / | 24.071 | |
= | 1.28872918 |
Current Ratio (Last Year: Jan22) | = | Total Current Assets | / | Total Current Liabilities |
= | 28.445 | / | 20.541 | |
= | 1.38479139 |
Aspen Group's current ratio of this year was 1.28872918. Aspen Group's current ratio of last year was 1.38479139.
==> 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.
Aspen Group's number of shares in issue this year was 25.382. Aspen Group's number of shares in issue last year was 25.042.
==> 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 |
= | 40.373 | / | 70.921 | |
= | 0.56926721 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 40.987 | / | 76.367 | |
= | 0.53671088 |
Aspen Group's gross margin of this year was 0.56926721. Aspen Group's gross margin of last year was 0.53671088.
==> This year's gross margin is higher. ==> Score 1.
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 (Jan22) |
= | 70.921 | / | 81.83 | |
= | 0.86668703 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jan21) |
= | 76.367 | / | 74.044 | |
= | 1.03137324 |
Aspen Group's asset turnover of this year was 0.86668703. Aspen Group's asset turnover of last year was 1.03137324.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aspen Group has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Aspen Group (OTCPK:ASPU) 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.
Thank you for viewing the detailed overview of Aspen Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael L Koehneman | director | 276 FIFTH AVENUE, SUITE 505, NEW YORK NY 10001 |
Douglas Kass | director | C/O EMPIRE RESOURCES, INC., ONE PARKER PLAZA, FORT LEE NJ 07024 |
Matthew Lavay | officer: Chief Financial Officer | C/O ELLIE MAE, INC., 4420 ROSEWOOD DRIVE, 5TH FL, PLEASANTON CA 94588 |
Cheri St. Arnauld | officer: Chief Academic Officer | 720 SOUTH COLORADO BOULEVARD, SUITE 1150N, DENVER CO 80246 |
Michael Mathews | director, officer: Chief Executive Officer | 257 PARK AVENUE SOUTH, SUITE 602, NEW YORK NY 10010 |
Robert Alessi | officer: Chief Accounting Officer | 276 FIFTH AVENUE, SUITE 505, NEW YORK NY 10001 |
Joan Marie Prince | director | 276 FIFTH AVENUE, SUITE 505, NEW YORK NY 10001 |
Gerard Wendolowski | officer: Chief Operating Officer | 720 SOUTH COLORADO BOULEVARD, SUITE 1150N, DENVER CO 80246 |
C James Jensen | director | C/O ASPEN GROUP, INC., 276 FIFTH AVENUE, SUITE 505, NEW YORK NY 10001 |
Frank J Cotroneo | director | 4400 MAIN ST, KANSAS CITY MO 64111 |
Anne M Mcnamara | officer: Chief Nursing Officer | 276 FIFTH AVENUE, SUITE 505, NEW YORK NY 10001 |
Sanford Rich | director | 26 BEACH DRIVE, DARIEN CT 06820 |
Maclean Malcolm F Iv | director | C/O ASPEN GROUP, INC., 1660 SOUTH ALBION STREET, SUITE 525, DENVER CO 80222 |
Joseph L. Sevely | officer: Chief Financial Officer | 276 FIFTH AVENUE, SUITE 306, NEW YORK NY 10001 |
Janet Gill | officer: Executive Vice President | 720 SOUTH COLORADO BOULEVARD, SUITE 1150N, DENVER CO 80246 |
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