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Innovid (Innovid) Piotroski F-Score : 3 (As of May. 04, 2024)


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What is Innovid Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Innovid 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 Innovid's Piotroski F-Score or its related term are showing as below:

CTV' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 3   Max: 3
Current: 3

During the past 5 years, the highest Piotroski F-Score of Innovid was 3. The lowest was 2. And the median was 3.


Innovid Piotroski F-Score Historical Data

The historical data trend for Innovid'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.

* Premium members only.

Innovid Piotroski F-Score Chart

Innovid Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A N/A 2.00 3.00

Innovid Quarterly Data
Dec19 Jun20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.00 N/A 5.00 N/A 3.00

Competitive Comparison of Innovid's Piotroski F-Score

For the Advertising Agencies subindustry, Innovid's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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.


Innovid's Piotroski F-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Innovid's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Innovid's Piotroski F-Score falls into.


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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -8.563 + -18.959 + -2.731 + -1.658 = $-31.9 Mil.
Cash Flow from Operations was 0.368 + 0.58 + 6.489 + 5.003 = $12.4 Mil.
Revenue was 30.485 + 34.546 + 36.234 + 38.617 = $139.9 Mil.
Gross Profit was 22.22 + 25.955 + 27.806 + 30.096 = $106.1 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(259.605 + 257.313 + 243.334 + 245.229 + 249.955) / 5 = $251.0872 Mil.
Total Assets at the begining of this year (Dec22) was $259.6 Mil.
Long-Term Debt & Capital Lease Obligation was $20.6 Mil.
Total Current Assets was $101.6 Mil.
Total Current Liabilities was $25.5 Mil.
Net Income was -7.449 + 4.3 + -11.832 + -3.429 = $-18.4 Mil.

Revenue was 25.862 + 33.088 + 34.469 + 33.698 = $127.1 Mil.
Gross Profit was 19.936 + 25.737 + 25.935 + 25.322 = $96.9 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(205.532 + 258.639 + 255.846 + 255.875 + 259.605) / 5 = $247.0994 Mil.
Total Assets at the begining of last year (Dec21) was $205.5 Mil.
Long-Term Debt & Capital Lease Obligation was $21.6 Mil.
Total Current Assets was $93.8 Mil.
Total Current Liabilities was $21.2 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.

Innovid's current Net Income (TTM) was -31.9. ==> 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.

Innovid's current Cash Flow from Operations (TTM) was 12.4. ==> 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.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-31.911/259.605
=-0.12292136

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-18.41/205.532
=-0.08957243

Innovid's return on assets of this year was -0.12292136. Innovid's return on assets of last year was -0.08957243. ==> Last year is higher ==> Score 0.

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.

Innovid's current Net Income (TTM) was -31.9. Innovid's current Cash Flow from Operations (TTM) was 12.4. ==> 12.4 > -31.9 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=20.634/251.0872
=0.08217862

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=21.636/247.0994
=0.08755991

Innovid's gearing of this year was 0.08217862. Innovid's gearing of last year was 0.08755991. ==> This year is lower or equal to last year. ==> Score 1.

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: Dec23)=Total Current Assets/Total Current Liabilities
=101.62/25.496
=3.98572325

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=93.834/21.186
=4.42905692

Innovid's current ratio of this year was 3.98572325. Innovid's current ratio of last year was 4.42905692. ==> 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.

Innovid's number of shares in issue this year was 140.833. Innovid's number of shares in issue last year was 133.72. ==> 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
=106.077/139.882
=0.75833202

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=96.93/127.117
=0.76252586

Innovid's gross margin of this year was 0.75833202. Innovid's gross margin of last year was 0.76252586. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=139.882/259.605
=0.53882629

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=127.117/205.532
=0.6184779

Innovid's asset turnover of this year was 0.53882629. Innovid's asset turnover of last year was 0.6184779. ==> 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+1+0+1+1+0+0+0+0
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Innovid has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Innovid  (NYSE:CTV) 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.


Innovid Piotroski F-Score Related Terms

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Innovid (Innovid) Business Description

Traded in Other Exchanges
N/A
Address
30 Irving Place, 12th Floor, New York, NY, USA, 10003
Innovid Corp is a software platform that provides ad serving, measurement and creative services for the creation, delivery, and measurement of TV ads across connected TV, mobile TV and desktop TV environments to advertisers, publishers and media agencies. It is engaged in ad serving, measurement and creative services.
Executives
Anthony Callini officer: Chief Financial Officer C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
David Helmreich officer: Chief Commercial Officer C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Zvika Netter director, officer: Chief Executive Officer C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Gilad Shany director 89 MEDINAT HAYEHUDIM, HERZLIYA L3 4676672
Rachel Lam director C/O TREMOR VIDEO, INC., 53 WEST 23RD STREET, NEW YORK NY 10010
Genevieve Juillard director C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Genesis Partners Iii Lp 10 percent owner POB 12866, HERTZLYIA PITUACH L3 46733
Eddy Shalev 10 percent owner C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Eyal Kishon 10 percent owner C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Kenneth Markus officer: Chief Operating Officer C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Tanya Andreev-kaspin officer: Chief Financial Officer C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Tal Chalozin officer: Chief Technology Officer C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Brian F. Hughes director 124 COLONIAL RIDGE DRIVE, HADDONFIELD NJ 08033
Jonathan Saacks director C/O INNOVID, INC., 30 IRVING PLACE, 12TH FLOOR, NEW YORK NY 10003
Haim Sadger 10 percent owner C/O SEQUOIA CAPITAL, 2800 SAND HILL RD, SUITE 101, MENLO PARK CA 94025