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Skechers USA (Skechers USA) Piotroski F-Score

: 9 (As of Today)
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Good Sign:

Piotroski F-Score is 9, indicates a very healthy situation.

The zones of discrimination were as such:

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

Skechers USA has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

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

SKX' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 9
Current: 9

During the past 13 years, the highest Piotroski F-Score of Skechers USA was 9. The lowest was 4. And the median was 6.


Skechers USA Piotroski F-Score Historical Data

The historical data trend for Skechers USA'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.

Skechers USA Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 6.00 5.00 9.00

Skechers USA Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 7.00 7.00 9.00

Competitive Comparison

For the Footwear & Accessories subindustry, Skechers USA'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.


Skechers USA Piotroski F-Score Distribution

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Skechers USA's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Skechers USA'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 160.443 + 152.759 + 145.415 + 87.182 = $546 Mil.
Cash Flow from Operations was 235.12 + 340.139 + 343.428 + 312.477 = $1,231 Mil.
Revenue was 2001.928 + 2012.516 + 2024.958 + 1960.94 = $8,000 Mil.
Gross Profit was 978.579 + 1060.524 + 1071.918 + 1041.383 = $4,152 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(6893.487 + 7044.471 + 7107.657 + 7239.264 + 7547.351) / 5 = $7166.446 Mil.
Total Assets at the begining of this year (Dec22) was $6,893 Mil.
Long-Term Debt & Capital Lease Obligation was $1,351 Mil.
Total Current Assets was $3,953 Mil.
Total Current Liabilities was $1,661 Mil.
Net Income was 121.223 + 90.404 + 85.886 + 75.515 = $373 Mil.

Revenue was 1819.594 + 1867.804 + 1878.367 + 1878.785 = $7,445 Mil.
Gross Profit was 824.163 + 897.579 + 883.935 + 909.68 = $3,515 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(6491.28 + 6545.11 + 6676.596 + 6678.639 + 6893.487) / 5 = $6657.0224 Mil.
Total Assets at the begining of last year (Dec21) was $6,491 Mil.
Long-Term Debt & Capital Lease Obligation was $1,280 Mil.
Total Current Assets was $3,646 Mil.
Total Current Liabilities was $1,613 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.

Skechers USA's current Net Income (TTM) was 546. ==> 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.

Skechers USA's current Cash Flow from Operations (TTM) was 1,231. ==> 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)
=545.799/6893.487
=0.07917604

ROA (Last Year)=Net Income/Total Assets (Dec21)
=373.028/6491.28
=0.05746602

Skechers USA's return on assets of this year was 0.07917604. Skechers USA's return on assets of last year was 0.05746602. ==> 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.

Skechers USA's current Net Income (TTM) was 546. Skechers USA's current Cash Flow from Operations (TTM) was 1,231. ==> 1,231 > 546 ==> 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
=1351.054/7166.446
=0.18852497

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=1280.16/6657.0224
=0.19230219

Skechers USA's gearing of this year was 0.18852497. Skechers USA's gearing of last year was 0.19230219. ==> 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
=3952.604/1660.867
=2.37984378

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=3646.273/1613.04
=2.26049757

Skechers USA's current ratio of this year was 2.37984378. Skechers USA's current ratio of last year was 2.26049757. ==> 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.

Skechers USA's number of shares in issue this year was 155.536. Skechers USA's number of shares in issue last year was 156.29. ==> 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
=4152.404/8000.342
=0.51902831

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=3515.357/7444.55
=0.47220544

Skechers USA's gross margin of this year was 0.51902831. Skechers USA's gross margin of last year was 0.47220544. ==> 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 (Dec22)
=8000.342/6893.487
=1.16056533

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=7444.55/6491.28
=1.14685393

Skechers USA's asset turnover of this year was 1.16056533. Skechers USA's asset turnover of last year was 1.14685393. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+1+1+1
=9

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

Skechers USA has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.

Skechers USA  (NYSE:SKX) 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.


Skechers USA Piotroski F-Score Related Terms

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Skechers USA (Skechers USA) Business Description

Traded in Other Exchanges
Address
228 Manhattan Beach Boulevard, Manhattan Beach, CA, USA, 90266
Skechers USA Inc is a lifestyle footwear company under the Skechers GO brand name. Products offered include various styles of women's shoes, men's shoes, girl's shoes, boy's shoes, performance shoes, and work shoes. Allied products offered are apparel, bags, eyewear, toys, and more. Its products are available for sale at department and specialty stores, athletic and independent retailers, boutiques, and internet retailers. The company's operating segments include Wholesale, and Direct-to-Consumer. It generates maximum revenue from the Wholesale segment.
Executives
Robert Greenberg director, 10 percent owner, officer: Chief Executive Officer SKECHERS USA INC, 228 MANHATTAN BEACH BLVD, MANHATTAN BEACH CA 90266
Michael Greenberg director, officer: President SKECHERS USA INC, 228 MANHATTAN BEACH BLVD, MANHATTAN BEACH CA 90266
Phillip Paccione officer: General Counsel & Secretary
Katherine J. Blair director 228 MANHATTAN BEACH BOULEVARD, MANHATTAN BEACH CA 90266
Richard Siskind director C/O R SISKIND & CO, 1385 BROADWAY, NEW YORK NY 10018
Mark A Nason officer: Executive VP
David Weinberg director, officer: Chief Operating Officer
Yolanda Macias director 228 MANHATTAN BEACH BLVD., MANHATTAN BEACH CA 90266
Zulema Garcia director 228 MANHATTAN BEACH BLVD., MANHATTAN BEACH CA 90266
Jeffrey Greenberg director
Thomas Walsh director 12548 W. FETLOCK TRAIL, PEORIA AZ 85383
Richard Rappaport director 1900 AVENUE OF THE STARS, SUITE 301, LOS ANGELES CA 90067
John M Vandemore officer: Chief Financial Officer 6355 S. BUFFALO DRIVE, LAS VEGAS NV 89521
Morton D Erlich director 228 MANHATTAN BEACH BLVD., MANHATTAN BEACH CA 90266
Geyer Kosinski director