Piotroski F-Score is 8, 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
Subaru has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Subaru's Piotroski F-Score or its related term are showing as below:
TSE:7270'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 9
Current: 8
During the past 13 years, the highest Piotroski F-Score of Subaru was 9. The lowest was 2. And the median was 6.
Subaru Piotroski F-Score Historical Data
The historical data trend for Subaru'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.
Competitive Comparison of Subaru's Piotroski F-Score
For the Auto Manufacturers subindustry, Subaru'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.
Subaru's Piotroski F-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Subaru's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Subaru'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 46012 + 73242 + 77706 + 147911 = 円344,871 Mil. Cash Flow from Operations was 178086 + 129614 + 137810 + 200456 = 円645,966 Mil. Revenue was 966484 + 1082140 + 1131315 + 1282943 = 円4,462,882 Mil. Gross Profit was 184369 + 200967 + 238321 + 308493 = 円932,150 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(3847504 + 3944150 + 4108396 + 4366531 + 4354883) / 5 = 円4124292.8 Mil. Total Assets at the begining of this year (Dec22) was 円3,847,504 Mil. Long-Term Debt & Capital Lease Obligation was 円289,000 Mil. Total Current Assets was 円2,702,904 Mil. Total Current Liabilities was 円1,085,312 Mil.
Net Income was 7139 + 27212 + 50646 + 76561 = 円161,558 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.
Subaru's current Net Income (TTM) was 344,871.
==> 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.
Subaru's current ratio of this year was 2.49043962. Subaru's current ratio of last year was 2.31474483.
==> 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.
Subaru's number of shares in issue this year was 751.818. Subaru's number of shares in issue last year was 767.011.
==> 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.
Subaru's gross margin of this year was 0.20886727. Subaru's gross margin of last year was 0.19050406.
==> 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
Subaru's asset turnover of this year was 1.15994213. Subaru's asset turnover of last year was 1.04455935.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Subaru has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Subaru (TSE:7270) 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.
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.
Subaru Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Subaru's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Subaru Corp is a Japan-based company engaged in the automobile manufacturing business. The company is split into three segments: Automotive Business Unit, Aerospace Company, and Other Businesses. The Automotive Business, which constitutes the vast majority of the company's revenue, manufactures, repairs, and sells passenger cars and their components under the Subaru brand. The Aerospace Company includes airplanes and aerospace-related machinery and components. The Other Businesses segment consists of Industrial product, and real estate lease, among others. A vast majority of the sales is derived from North America.
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