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Warning Sign:
Piotroski F-Score of 0 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
Frontier Group Holdings has an F-score of 0. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Frontier Group Holdings's Piotroski F-Score or its related term are showing as below:
During the past 9 years, the highest Piotroski F-Score of Frontier Group Holdings was 6. The lowest was 0. And the median was 4.
The historical data trend for Frontier Group 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.
Frontier Group Holdings Annual Data | |||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | ||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | N/A | N/A | 6.00 | 4.00 | 2.00 |
Frontier Group Holdings Quarterly Data | ||||||||||||||||||||
Mar17 | Dec18 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 4.00 | 4.00 | 2.00 | - |
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 71 + -32 + -37 + -26 = $-24 Mil. Cash Flow from Operations was -9 + -173 + -54 + -22 = $-258 Mil. Revenue was 967 + 883 + 891 + 865 = $3,606 Mil. Gross Profit was 176 + 27 + 57 + 8 = $268 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (4670 + 4708 + 4935 + 4993 + 5206) / 5 = $4902.4 Mil. Total Assets at the begining of this year (Mar23) was $4,670 Mil. Long-Term Debt & Capital Lease Obligation was $2,766 Mil. Total Current Assets was $903 Mil. Total Current Liabilities was $1,797 Mil. |
Net Income was 13 + 31 + 40 + -13 = $71 Mil. Revenue was 909 + 906 + 906 + 848 = $3,569 Mil. Gross Profit was 101 + 127 + 116 + 42 = $386 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (4136 + 4245 + 4246 + 4499 + 4670) / 5 = $4359.2 Mil. Total Assets at the begining of last year (Mar22) was $4,136 Mil. Long-Term Debt & Capital Lease Obligation was $2,364 Mil. Total Current Assets was $1,042 Mil. Total Current Liabilities was $1,680 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.
Frontier Group Holdings's current Net Income (TTM) was -24.
==> 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.
Frontier Group Holdings's current Cash Flow from Operations (TTM) was -258.
==> 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 (Mar23) |
= | -24 | / | 4670 | |
= | -0.00513919 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 71 | / | 4136 | |
= | 0.01716634 |
Frontier Group Holdings's return on assets of this year was -0.00513919. Frontier Group Holdings's return on assets of last year was 0.01716634.
==> 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.
Frontier Group Holdings's current Net Income (TTM) was -24. Frontier Group Holdings's current Cash Flow from Operations (TTM) was -258.
==> -258 <= -24 ==> CFROA <= ROA ==> Score 0.
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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 2766 | / | 4902.4 | |
= | 0.56421345 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 2364 | / | 4359.2 | |
= | 0.54230134 |
Frontier Group Holdings's gearing of this year was 0.56421345. Frontier Group Holdings's gearing of last year was 0.54230134.
==> 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: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 903 | / | 1797 | |
= | 0.50250417 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 1042 | / | 1680 | |
= | 0.6202381 |
Frontier Group Holdings's current ratio of this year was 0.50250417. Frontier Group Holdings's current ratio of last year was 0.6202381.
==> 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.
Frontier Group Holdings's number of shares in issue this year was 223.429. Frontier Group Holdings's number of shares in issue last year was 218.181.
==> 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 |
= | 268 | / | 3606 | |
= | 0.07432058 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 386 | / | 3569 | |
= | 0.10815354 |
Frontier Group Holdings's gross margin of this year was 0.07432058. Frontier Group Holdings's gross margin of last year was 0.10815354.
==> 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 (Mar23) |
= | 3606 | / | 4670 | |
= | 0.77216274 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 3569 | / | 4136 | |
= | 0.86291103 |
Frontier Group Holdings's asset turnover of this year was 0.77216274. Frontier Group Holdings's asset turnover of last year was 0.86291103.
==> 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 | + | 0 | + | 0 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 0 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Frontier Group Holdings has an F-score of 0. It is a bad or low score, which usually implies poor business operation.
Frontier Group Holdings (NAS:ULCC) 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 Frontier Group Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
James G. Dempsey | officer: EVP & Chief Financial Officer | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Howard Diamond | officer: SVP, GC & Secretary | C/O FRONTIER AIRLINES, 7001 TOWER ROAD, DENVER CO 80249 |
Rajat Khanna | officer: See Remarks | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80239 |
Barry Biffle | director, officer: See Remarks | C/O SPIRIT AIRLINES, 2800 EXECUTIVE WAY, MIRAMAR FL 30325 |
Jacob F. Filene | officer: See Remarks | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Daniel M. Shurz | officer: See Remarks | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Josh A Wetzel | officer: VP & CAO | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80239 |
Ofelia Kumpf | director | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Mark Christopher Mitchell | officer: Chief Accounting Officer | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Robert J. Genise | director | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Indigo Frontier Holdings Company, Llc | 10 percent owner | C/O INDIGO PARTNERS, 2525 EAST CAMELBACK ROAD, SUITE 900, PHOENIX AZ 85016 |
Josh T. Connor | director | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
Patricia Salas Pineda | director | C/O LEVI STRAUSS & CO., 1155 BATTERY STREET, SAN FRANCISCO CA 94111 |
William A Franke | director, 10 percent owner | |
Trevor J. Stedke | officer: See Remarks | C/O FRONTIER GROUP HOLDINGS, INC., 4545 AIRPORT WAY, DENVER CO 80238 |
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