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Electronic Systems Technology (Electronic Systems Technology) Piotroski F-Score : 5 (As of May. 17, 2024)


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What is Electronic Systems Technology Piotroski F-Score?

The zones of discrimination were as such:

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

Electronic Systems Technology has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Electronic Systems Technology's Piotroski F-Score or its related term are showing as below:

ELST' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Electronic Systems Technology was 8. The lowest was 1. And the median was 5.


Electronic Systems Technology Piotroski F-Score Historical Data

The historical data trend for Electronic Systems Technology'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.

Electronic Systems Technology Piotroski F-Score Chart

Electronic Systems Technology Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 1.00 8.00 5.00 4.00

Electronic Systems Technology Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 5.00 4.00 5.00

Competitive Comparison of Electronic Systems Technology's Piotroski F-Score

For the Communication Equipment subindustry, Electronic Systems Technology'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.


Electronic Systems Technology's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Electronic Systems Technology's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Electronic Systems Technology'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 (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 0.059 + -0.043 + -0.085 + -0.086 = $-0.16 Mil.
Cash Flow from Operations was -0.051 + 0.039 + 0.065 + -0.051 = $0.00 Mil.
Revenue was 0.585 + 0.343 + 0.312 + 0.356 = $1.60 Mil.
Gross Profit was 0.317 + 0.164 + 0.149 + 0.195 = $0.83 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(1.852 + 1.955 + 1.822 + 1.731 + 1.633) / 5 = $1.7986 Mil.
Total Assets at the begining of this year (Mar23) was $1.85 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $1.60 Mil.
Total Current Liabilities was $0.09 Mil.
Net Income was -0.019 + 0.073 + 0.097 + -0.092 = $0.06 Mil.

Revenue was 0.417 + 0.487 + 0.534 + 0.305 = $1.74 Mil.
Gross Profit was 0.225 + 0.277 + 0.264 + 0.166 = $0.93 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(1.739 + 1.697 + 1.842 + 2.046 + 1.852) / 5 = $1.8352 Mil.
Total Assets at the begining of last year (Mar22) was $1.74 Mil.
Long-Term Debt & Capital Lease Obligation was $0.02 Mil.
Total Current Assets was $1.78 Mil.
Total Current Liabilities was $0.14 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.

Electronic Systems Technology's current Net Income (TTM) was -0.16. ==> 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.

Electronic Systems Technology's current Cash Flow from Operations (TTM) was 0.00. ==> 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 (Mar23)
=-0.155/1.852
=-0.0836933

ROA (Last Year)=Net Income/Total Assets (Mar22)
=0.059/1.739
=0.03392754

Electronic Systems Technology's return on assets of this year was -0.0836933. Electronic Systems Technology's return on assets of last year was 0.03392754. ==> 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.

Electronic Systems Technology's current Net Income (TTM) was -0.16. Electronic Systems Technology's current Cash Flow from Operations (TTM) was 0.00. ==> 0.00 > -0.16 ==> 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: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=0/1.7986
=0

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=0.02/1.8352
=0.01089799

Electronic Systems Technology's gearing of this year was 0. Electronic Systems Technology's gearing of last year was 0.01089799. ==> 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: Mar24)=Total Current Assets/Total Current Liabilities
=1.595/0.092
=17.33695652

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=1.782/0.136
=13.10294118

Electronic Systems Technology's current ratio of this year was 17.33695652. Electronic Systems Technology's current ratio of last year was 13.10294118. ==> 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.

Electronic Systems Technology's number of shares in issue this year was 4.947. Electronic Systems Technology's number of shares in issue last year was 4.947. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=0.825/1.596
=0.51691729

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0.932/1.743
=0.53471027

Electronic Systems Technology's gross margin of this year was 0.51691729. Electronic Systems Technology's gross margin of last year was 0.53471027. ==> 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 (Mar23)
=1.596/1.852
=0.86177106

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=1.743/1.739
=1.00230017

Electronic Systems Technology's asset turnover of this year was 0.86177106. Electronic Systems Technology's asset turnover of last year was 1.00230017. ==> 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+1+1+0+0
=5

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

Electronic Systems Technology has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Electronic Systems Technology  (OTCPK:ELST) 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.


Electronic Systems Technology Piotroski F-Score Related Terms

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Electronic Systems Technology (Electronic Systems Technology) Business Description

Traded in Other Exchanges
N/A
Address
415 N. Roosevelt Street, STE B1, Kennewick, WA, USA, 99336
Electronic Systems Technology Inc is engaged in the development and manufacturing of digital data (non-voice) radio transceivers for use in industrial wireless networking applications. It designs, develops, manufactures, and markets industrial wireless products and accessories. The company's products provide communication solutions for applications underutilized by conventional, commercial-grade communication systems. It offers product lines in markets for process automation in commercial, industrial, and government arenas domestically as well as internationally.
Executives
Daniel M. Tolley director C/O ELECTRONIC SYSTEMS TECHNOLOGY, INC., 415 N. ROOSEVELT ST., STE B1, KENNEWICH WA 99336
Michael William Eller director, officer: President 415 N QUAY, BLDG B1, KENNEWICK WA 99336
Partners Lllp Edco 10 percent owner 4605 S DENICE DR, ENGLEWOOD CO 80111
Zeff Capital, Lp 10 percent owner 400 S. MCCADDEN PL., LOS ANGELES CA 90020
Theodore Deinard director C/O ARC WIRELESS SOLUTIONS, INC., 6330 NORTH WASHINGTON ST., SUITE 13, DENVER CO 80216
Donald E. Siecke director, 10 percent owner 12441 W 49TH AVE., UNIT 4, WHEAT RIDGE CO 80033
Thomas J. Schaefer director 6800 EAST HIGHLAND AVE, SCOTTSDALE AZ 85251
Vern D Kornelsen director, 10 percent owner 4605 S. DENICE DR, ENGLEWOOD CO 80111
Electronic Systems Technology Inc director, officer: Secretary/Treasurer 415 N. ROOSEVELT ST., STE B1, KENNEWICK WA 99336
Hummingbird Value Fund Lp 10 percent owner, other: see footnote #1 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Management Llc 10 percent owner, other: see footnote #1 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Paul D Sonkin 10 percent owner, other: see footnote #1 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Microcap Value Fund Lp 10 percent owner, other: see footnote #1 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Capital Llc 10 percent owner, other: see footnote #1 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Tarsier Nanocap Value Fund, Lp 10 percent owner, other: see footnote #1 C/O HUMMINGBIRD MANAGEMENT, LLC, 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022

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