Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Toyota Tsusho has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Toyota Tsusho's Piotroski F-Score or its related term are showing as below:
TSE:8015'
s Piotroski F-Score Range Over the Past 10 Years
Min: 2 Med: 6 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of Toyota Tsusho was 8. The lowest was 2. And the median was 6.
Toyota Tsusho Piotroski F-Score Historical Data
The historical data trend for Toyota Tsusho'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 Toyota Tsusho's Piotroski F-Score
For the Conglomerates subindustry, Toyota Tsusho'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.
Toyota Tsusho's Piotroski F-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Toyota Tsusho's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Toyota Tsusho'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 (Mar24) TTM:
Last Year (Mar23) TTM:
Net Income was 92716 + 85040 + 93100 + 60586 = 円331,442 Mil. Cash Flow from Operations was 92202 + 111074 + 168030 + 170819 = 円542,125 Mil. Revenue was 2540752 + 2594482 + 2574946 + 2478798 = 円10,188,978 Mil. Gross Profit was 257090 + 263489 + 271688 + 260107 = 円1,052,374 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(6377064 + 6974437 + 7027651 + 6853143 + 7059994) / 5 = 円6858457.8 Mil. Total Assets at the begining of this year (Mar23) was 円6,377,064 Mil. Long-Term Debt & Capital Lease Obligation was 円1,361,558 Mil. Total Current Assets was 円4,196,573 Mil. Total Current Liabilities was 円2,595,607 Mil.
Net Income was 74834 + 76445 + 84148 + 48727 = 円284,154 Mil.
Revenue was 2375630 + 2532116 + 2459654 + 2481159 = 円9,848,559 Mil. Gross Profit was 239081 + 244352 + 251969 + 233443 = 円968,845 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(6143125 + 6564911 + 6694263 + 6515892 + 6377064) / 5 = 円6459051 Mil. Total Assets at the begining of last year (Mar22) was 円6,143,125 Mil. Long-Term Debt & Capital Lease Obligation was 円1,275,032 Mil. Total Current Assets was 円4,068,756 Mil. Total Current Liabilities was 円2,676,775 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.
Toyota Tsusho's current Net Income (TTM) was 331,442.
==> 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.
Toyota Tsusho's return on assets of this year was 0.05197407. Toyota Tsusho's return on assets of last year was 0.04625561.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Toyota Tsusho's gearing of this year was 0.19852247. Toyota Tsusho's gearing of last year was 0.19740237.
==> 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
Toyota Tsusho's current ratio of this year was 1.61679831. Toyota Tsusho's current ratio of last year was 1.52002167.
==> 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.
Toyota Tsusho's number of shares in issue this year was 351.879. Toyota Tsusho's number of shares in issue last year was 351.865.
==> 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.
Toyota Tsusho's gross margin of this year was 0.10328553. Toyota Tsusho's gross margin of last year was 0.09837429.
==> 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
Toyota Tsusho's asset turnover of this year was 1.59775376. Toyota Tsusho's asset turnover of last year was 1.60318388.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Toyota Tsusho has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Toyota Tsusho (TSE:8015) 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.
Toyota Tsusho Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Toyota Tsusho's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Toyota Tsusho Corporation is a trading company. The company has six major divisions. The Metal division processes and distributes various steel products, and others. Global Parts and Logistics division is engaged in warehousing and logistics services and others. Automobile division is engaged in automobile parts selling, used vehicles and parts exporting/importing, and others. Machinery, Energy and Plant Project division provides mechanical equipment, various industrial machineries, petroleum products and others. Chemical and Electronics division provides semiconductors, electronic devices, software, chemicals, resins and others. Food and Customer Services division manufactures and sells apparel, food and others. Asian market accounts for majority of the company's sales.
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