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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
Open Lending 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 Open Lending's Piotroski F-Score or its related term are showing as below:
During the past 6 years, the highest Piotroski F-Score of Open Lending was 7. The lowest was 5. And the median was 5.
The historical data trend for Open Lending'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.
Open Lending Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Piotroski F-Score | Get a 7-Day Free Trial | N/A | N/A | 7.00 | 5.00 | 5.00 |
Open Lending Quarterly Data | ||||||||||||||||||||
Dec18 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
For the Credit Services subindustry, Open Lending'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.
For the Credit Services industry and Financial Services sector, Open Lending's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Open Lending'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 12.538 + 11.371 + 3.003 + -4.842 = $22.1 Mil. Cash Flow from Operations was 29.508 + 16.071 + 20.324 + 16.755 = $82.7 Mil. Revenue was 38.361 + 38.154 + 26.006 + 14.939 = $117.5 Mil. Gross Profit was 32.93 + 32.037 + 20.637 + 9.574 = $95.2 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (379.631 + 372.898 + 386.8 + 383.38 + 374.037) / 5 = $379.3492 Mil. Total Assets at the begining of this year (Dec22) was $379.6 Mil. Long-Term Debt & Capital Lease Obligation was $142.8 Mil. Total Current Assets was $289.9 Mil. Total Current Liabilities was $20.6 Mil. |
Net Income was 23.154 + 23.126 + 24.529 + -4.189 = $66.6 Mil. Revenue was 50.068 + 52.044 + 50.661 + 26.821 = $179.6 Mil. Gross Profit was 45.28 + 46.959 + 45.462 + 21.925 = $159.6 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (318.825 + 342.732 + 366.813 + 398.963 + 379.631) / 5 = $361.3928 Mil. Total Assets at the begining of last year (Dec21) was $318.8 Mil. Long-Term Debt & Capital Lease Obligation was $147.8 Mil. Total Current Assets was $280.7 Mil. Total Current Liabilities was $15.1 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.
Open Lending's current Net Income (TTM) was 22.1.
==> 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.
Open Lending's current Cash Flow from Operations (TTM) was 82.7.
==> 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) |
= | 22.07 | / | 379.631 | |
= | 0.0581354 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 66.62 | / | 318.825 | |
= | 0.20895476 |
Open Lending's return on assets of this year was 0.0581354. Open Lending's return on assets of last year was 0.20895476.
==> 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.
Open Lending's current Net Income (TTM) was 22.1. Open Lending's current Cash Flow from Operations (TTM) was 82.7.
==> 82.7 > 22.1 ==> 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 |
= | 142.807 | / | 379.3492 | |
= | 0.37645262 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 147.765 | / | 361.3928 | |
= | 0.40887644 |
Open Lending's gearing of this year was 0.37645262. Open Lending's gearing of last year was 0.40887644.
==> 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 |
= | 289.876 | / | 20.59 | |
= | 14.0784847 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 280.744 | / | 15.107 | |
= | 18.58370292 |
Open Lending's current ratio of this year was 14.0784847. Open Lending's current ratio of last year was 18.58370292.
==> 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.
Open Lending's number of shares in issue this year was 119.702. Open Lending's number of shares in issue last year was 126.379.
==> 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 |
= | 95.178 | / | 117.46 | |
= | 0.81030138 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 159.626 | / | 179.594 | |
= | 0.88881588 |
Open Lending's gross margin of this year was 0.81030138. Open Lending's gross margin of last year was 0.88881588.
==> 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) |
= | 117.46 | / | 379.631 | |
= | 0.30940571 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 179.594 | / | 318.825 | |
= | 0.56329962 |
Open Lending's asset turnover of this year was 0.30940571. Open Lending's asset turnover of last year was 0.56329962.
==> 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 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Open Lending has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Open Lending (NAS:LPRO) 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 Open Lending's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
John Joseph Flynn | director, officer: See Remarks | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Shawna Kelley Shelor | officer: Chief People Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Thomas K Hegge | director | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Shubhi Suryaji Rao | director | OPEN LENDING CORPORATION, BARTON OAKS ONE 901 S MOPAC EXPRESSWAY, AUSTIN TX 78746 |
Matthew Stark | officer: EVP and General Counsel | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Matthew Roe | officer: Chief Revenue Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Thinh Nguyen | officer: Chief Information Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Simona Fillarini | officer: Chief Human Resources Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Cecilia Camarillo | officer: Chief Accounting Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Sarah Lackey | officer: Chief Technology Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Keith Jezek | director, officer: Chief Executive Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Charles D Jehl | officer: Chief Financial Officer | C/O OPEN LENDING CORPORATION, 1501 S. MOPAC EXPRESSWAY, SUITE 450, AUSTIN TX 78746 |
Ross M. Jessup | director, officer: See Remarks | BARTON OAKS ONE, 901 S. MOPAC EXPRESSWAY, BLDG 1 STE 510, AUSTIN TX 78746 |
Bregal Sagemount I, L.p. | 10 percent owner | SECOND FLOOR, WINDWARD HOUSE, LA ROUTE DE LA LIBERATION, ST. HELIER Y9 JE2 3BQ |
Blair J. Greenberg | director | C/O BREGAL INVESTEMENTS, INC., SECOND FLOOR, WINDWARD HOUSE, LA ROUTE D, ST. HELIER CHANNEL ISLANDS Y9 JE2 3BQ |
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