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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
Tronox Holdings 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 Tronox Holdings's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Tronox Holdings was 6. The lowest was 3. And the median was 6.
The historical data trend for Tronox Holdings'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.
For the Chemicals subindustry, Tronox Holdings'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 Chemicals industry and Basic Materials sector, Tronox Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Tronox Holdings'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 23 + -269 + -14 + -56 = $-316 Mil. Cash Flow from Operations was -79 + 136 + 17 + 110 = $184 Mil. Revenue was 708 + 794 + 662 + 686 = $2,850 Mil. Gross Profit was 133 + 157 + 94 + 78 = $462 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (6306 + 6359 + 6055 + 6040 + 6134) / 5 = $6178.8 Mil. Total Assets at the begining of this year (Dec22) was $6,306 Mil. Long-Term Debt & Capital Lease Obligation was $2,889 Mil. Total Current Assets was $2,135 Mil. Total Current Liabilities was $753 Mil. |
Net Income was 16 + 375 + 121 + -15 = $497 Mil. Revenue was 965 + 945 + 895 + 649 = $3,454 Mil. Gross Profit was 232 + 263 + 232 + 105 = $832 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (5987 + 6215 + 6220 + 6159 + 6306) / 5 = $6177.4 Mil. Total Assets at the begining of last year (Dec21) was $5,987 Mil. Long-Term Debt & Capital Lease Obligation was $2,574 Mil. Total Current Assets was $1,960 Mil. Total Current Liabilities was $850 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.
Tronox Holdings's current Net Income (TTM) was -316.
==> 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.
Tronox Holdings's current Cash Flow from Operations (TTM) was 184.
==> 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) |
= | -316 | / | 6306 | |
= | -0.05011101 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 497 | / | 5987 | |
= | 0.0830132 |
Tronox Holdings's return on assets of this year was -0.05011101. Tronox Holdings's return on assets of last year was 0.0830132.
==> 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.
Tronox Holdings's current Net Income (TTM) was -316. Tronox Holdings's current Cash Flow from Operations (TTM) was 184.
==> 184 > -316 ==> 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 |
= | 2889 | / | 6178.8 | |
= | 0.46756652 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 2574 | / | 6177.4 | |
= | 0.41668016 |
Tronox Holdings's gearing of this year was 0.46756652. Tronox Holdings's gearing of last year was 0.41668016.
==> 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 |
= | 2135 | / | 753 | |
= | 2.83532537 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 1960 | / | 850 | |
= | 2.30588235 |
Tronox Holdings's current ratio of this year was 2.83532537. Tronox Holdings's current ratio of last year was 2.30588235.
==> 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.
Tronox Holdings's number of shares in issue this year was 156.808. Tronox Holdings's number of shares in issue last year was 154.387.
==> 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 |
= | 462 | / | 2850 | |
= | 0.16210526 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 832 | / | 3454 | |
= | 0.24088014 |
Tronox Holdings's gross margin of this year was 0.16210526. Tronox Holdings's gross margin of last year was 0.24088014.
==> 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) |
= | 2850 | / | 6306 | |
= | 0.45195052 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 3454 | / | 5987 | |
= | 0.57691665 |
Tronox Holdings's asset turnover of this year was 0.45195052. Tronox Holdings's asset turnover of last year was 0.57691665.
==> 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 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Tronox Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Tronox Holdings (NYSE:TROX) 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 Tronox Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Vanessa Ann Guthrie | director | 263 TRESSER BLVD., SUITE 1100, STAMFORD CT 06901 |
Stephen J Jones | director | 7201 HAMILTON BOULEVARD, ALLENTOWN PA 18195-1501 |
Mutlaq Hamad Al-morished | director | 263 TRESSER BLVD., SUITE 1100, STAMFORD CT 06901 |
Moazzam A. Khan | director | 263 TRESSER BLVD., SUITE 1100, STAMFORD CT 06901 |
Timothy C Carlson | officer: Senior Vice President, CFO | 263 TRESSER BOULEVARD, SUITE 1100, STAMFORD CT 06901 |
Jonathan Flood | officer: Principal Accounting Officer | 263 TRESSER BLVD., SUITE 1100, STAMFORD CT 06901 |
Jean Francois Turgeon | officer: Executive Vice President | 263 TRESSER BOULEVARD, STAMFORD CT 06901 |
John D Romano | officer: SVP, Chief Commercial Officer | P. O. BOX 268859, OKLAHOMA CITY OK 73126 |
Jeffrey N Neuman | officer: SVP, General Counsel & Sec. | 115 TABOR ROAD, MORRIS PLAINS NJ 07950 |
John Srivisal | officer: SVP, Business Dev. and Finance | C/O TRONOX HOLDINGS PLC, 263 TRESSER BOULEVARD, SUITE 1100, STAMFORD CT 06901 |
Sipho Abednego Nkosi | director | EXXARO RESOURCES LTD, P.O. BOX 9229, PRETORIA T3 0001 |
Raoul Charles Mancini | officer: SVP, Chief HR Officer | 410 PARK AVE.; SUITE 1400, NEW YORK NY 10022 |
Ilan Kaufthal | director | 143 E LINDEN AVE, ENGLEWOOD NJ 07631 |
Wayne A Hinman | director | TRONOX LIMITED, ONE STAMFORD PLAZA, 263 TRESSER BLVD., SUITE 1100, STAMFORD CT 06901 |
Jeffry N Quinn | director | 12935 NORTH FORTY DRIVE, SUITE 201, ST. LOUIS MO 63141 |
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