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Markforged Holding (Markforged Holding) Piotroski F-Score : 1 (As of May. 01, 2024)


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What is Markforged Holding Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 1 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

Markforged Holding has an F-score of 1. It is a bad or low score, which usually implies poor business operation.

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

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

During the past 4 years, the highest Piotroski F-Score of Markforged Holding was 1. The lowest was 1. And the median was 1.


Markforged Holding Piotroski F-Score Historical Data

The historical data trend for Markforged Holding'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.

Markforged Holding Piotroski F-Score Chart

Markforged Holding Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A - 1.00

Markforged Holding Quarterly Data
Sep20 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 - N/A N/A 2.00 1.00

Competitive Comparison of Markforged Holding's Piotroski F-Score

For the Computer Hardware subindustry, Markforged Holding'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.


Markforged Holding's Piotroski F-Score Distribution in the Hardware Industry

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

* The bar in red indicates where Markforged Holding'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 -19.019 + -18.988 + -51.362 + -14.198 = $-103.57 Mil.
Cash Flow from Operations was -15.542 + -15.158 + -9.324 + -8.876 = $-48.90 Mil.
Revenue was 24.09 + 25.449 + 20.075 + 24.17 = $93.78 Mil.
Gross Profit was 11.582 + 11.973 + 9.168 + 11.691 = $44.41 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(345.941 + 327.887 + 304.867 + 257.444 + 247.952) / 5 = $296.8182 Mil.
Total Assets at the begining of this year (Dec22) was $345.94 Mil.
Long-Term Debt & Capital Lease Obligation was $35.77 Mil.
Total Current Assets was $172.46 Mil.
Total Current Liabilities was $40.75 Mil.
Net Income was 4.239 + 4.075 + -22.97 + -10.732 = $-25.39 Mil.

Revenue was 21.859 + 24.227 + 25.208 + 29.664 = $100.96 Mil.
Gross Profit was 11.606 + 12.925 + 12.249 + 13.926 = $50.71 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(337.314 + 329.662 + 356.138 + 351.866 + 345.941) / 5 = $344.1842 Mil.
Total Assets at the begining of last year (Dec21) was $337.31 Mil.
Long-Term Debt & Capital Lease Obligation was $40.61 Mil.
Total Current Assets was $229.82 Mil.
Total Current Liabilities was $40.96 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.

Markforged Holding's current Net Income (TTM) was -103.57. ==> 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.

Markforged Holding's current Cash Flow from Operations (TTM) was -48.90. ==> 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 (Dec22)
=-103.567/345.941
=-0.29937764

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-25.388/337.314
=-0.07526518

Markforged Holding's return on assets of this year was -0.29937764. Markforged Holding's return on assets of last year was -0.07526518. ==> 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.

Markforged Holding's current Net Income (TTM) was -103.57. Markforged Holding's current Cash Flow from Operations (TTM) was -48.90. ==> -48.90 > -103.57 ==> 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
=35.771/296.8182
=0.12051485

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=40.608/344.1842
=0.11798334

Markforged Holding's gearing of this year was 0.12051485. Markforged Holding's gearing of last year was 0.11798334. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=172.464/40.748
=4.23245313

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=229.816/40.964
=5.61019432

Markforged Holding's current ratio of this year was 4.23245313. Markforged Holding's current ratio of last year was 5.61019432. ==> 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.

Markforged Holding's number of shares in issue this year was 198.41. Markforged Holding's number of shares in issue last year was 194.313. ==> 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
=44.414/93.784
=0.47357758

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=50.706/100.958
=0.50224846

Markforged Holding's gross margin of this year was 0.47357758. Markforged Holding's gross margin of last year was 0.50224846. ==> 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)
=93.784/345.941
=0.27109825

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=100.958/337.314
=0.29929976

Markforged Holding's asset turnover of this year was 0.27109825. Markforged Holding's asset turnover of last year was 0.29929976. ==> 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+0+1+0+0+0+0+0
=1

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

Markforged Holding has an F-score of 1. It is a bad or low score, which usually implies poor business operation.

Markforged Holding  (NYSE:MKFG) 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.


Markforged Holding Piotroski F-Score Related Terms

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Markforged Holding (Markforged Holding) Business Description

Traded in Other Exchanges
N/A
Address
480 Pleasant Street, Watertown, MA, USA, 02472
Markforged Holding Corp transforms manufacturing with 3D metal and continuous carbon fiber printers capable of producing parts tough enough for the factory floor. The Markforged Digital Forge brings the power and speed of agile software development to industrial manufacturing, combining hardware, software, and materials to eliminate the barriers between design and functional parts. The company's geographical segments include the Americas; Europe, the Middle East, Africa; and Asia-Pacific.
Executives
Aaron Vandevender director 1 TOWER PLACE, SUITE 850, SOUTH SAN FRANCISCO CA 94080
Assaf Zipori officer: Acting Chief Financial Officer MARKFORGED HOLDING CORP, 60 TOWER ROAD, WALTHAM MA 02451
Shai Terem director, officer: President and CEO C/O MARKFORGED, INC., 480 PLEASANT STREET, WATERTOWN MA 02472
Mark Joseph Schwartz officer: Chief Financial Officer 4104 24TH STREET #345, SAN FRANCISCO CA 94114
Gregory Mark 10 percent owner C/O MARKFORGED, INC., 480 PLEASANT STREET, WATERTOWN MA 02472
David Benhaim officer: Chief Technology Officer C/O MARKFORGED, 480 PLEASANT STREET, WATERTWON MA 02472
Stephen Karp officer: General Counsel C/O MARKFORGED, INC., 480 PLEASANT STREET, WATERTOWN MA 02472
Carol Meyers director 3 BATTERY WHARF, UNIT 3408, BOSTON MA 02109
Alan Masarek director C/O VONAGE HOLDINGS CORP., 23 MAIN STREET, HOLMDEL NJ 07733
Richard A Damore 10 percent owner C/O NORTHBRIDGE VENTURE PARTNERS, 950 WINTER ST STE 4600, WALTHAM MA 02451
North Bridge Venture Partners 7, L.p. 10 percent owner 60 WILLIAM STREET, SUITE 350, WELLESLEY MA 02481
North Bridge Venture Management 7, L.p. 10 percent owner 60 WILLIAM STREET, SUITE 350, WELLESLEY MA 02481
Michael Medici director C/O MARKFORGED, INC., 480 PLEASANT STREET, WATERTOWN MA 02472
Matrix Ix Management Co. Llc 10 percent owner 101 MAIN STREET, 17TH FLOOR, CAMBRIDGE MA 02142
Antonio L. Rodriguez director MATRIX PARTNERS, 101 MAIN STREET, 17TH FLOOR, CAMBRIDGE MA 02142

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