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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Arch Resources 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 Arch Resources's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Arch Resources was 8. The lowest was 1. And the median was 6.
The historical data trend for Arch Resources'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.
Arch Resources Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 3.00 | 6.00 | 7.00 | 6.00 |
Arch Resources Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | 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 | 8.00 | 5.00 | 4.00 | 6.00 | 6.00 |
For the Coking Coal subindustry, Arch Resources'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 Steel industry and Basic Materials sector, Arch Resources's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Arch Resources'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 77.353 + 73.691 + 114.886 + 55.953 = $322 Mil. Cash Flow from Operations was 196.765 + 130.932 + 181.556 + 128.266 = $638 Mil. Revenue was 757.294 + 744.601 + 774.017 + 680.19 = $2,956 Mil. Gross Profit was 115.09 + 110.995 + 315.087 + 112.467 = $654 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (2432.659 + 2386.901 + 2365.858 + 2484.173 + 2434.686) / 5 = $2420.8554 Mil. Total Assets at the begining of this year (Mar23) was $2,433 Mil. Long-Term Debt & Capital Lease Obligation was $108 Mil. Total Current Assets was $863 Mil. Total Current Liabilities was $327 Mil. |
Net Income was 407.563 + 181.007 + 470.471 + 198.108 = $1,257 Mil. Revenue was 1133.358 + 863.835 + 859.464 + 869.931 = $3,727 Mil. Gross Profit was 460.818 + 219.85 + 377.561 + 298.194 = $1,356 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (2150.885 + 2313.647 + 2319.862 + 2433.108 + 2432.659) / 5 = $2330.0322 Mil. Total Assets at the begining of last year (Mar22) was $2,151 Mil. Long-Term Debt & Capital Lease Obligation was $111 Mil. Total Current Assets was $863 Mil. Total Current Liabilities was $335 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.
Arch Resources's current Net Income (TTM) was 322.
==> 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.
Arch Resources's current Cash Flow from Operations (TTM) was 638.
==> 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 (Mar23) |
= | 321.883 | / | 2432.659 | |
= | 0.13231735 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 1257.149 | / | 2150.885 | |
= | 0.58447988 |
Arch Resources's return on assets of this year was 0.13231735. Arch Resources's return on assets of last year was 0.58447988.
==> 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.
Arch Resources's current Net Income (TTM) was 322. Arch Resources's current Cash Flow from Operations (TTM) was 638.
==> 638 > 322 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 107.959 | / | 2420.8554 | |
= | 0.04459539 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 110.899 | / | 2330.0322 | |
= | 0.04759548 |
Arch Resources's gearing of this year was 0.04459539. Arch Resources's gearing of last year was 0.04759548.
==> 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: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 862.569 | / | 326.82 | |
= | 2.6392785 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 862.916 | / | 334.538 | |
= | 2.57942595 |
Arch Resources's current ratio of this year was 2.6392785. Arch Resources's current ratio of last year was 2.57942595.
==> 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.
Arch Resources's number of shares in issue this year was 18.775. Arch Resources's number of shares in issue last year was 19.784.
==> 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 |
= | 653.639 | / | 2956.102 | |
= | 0.22111517 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1356.423 | / | 3726.588 | |
= | 0.36398523 |
Arch Resources's gross margin of this year was 0.22111517. Arch Resources's gross margin of last year was 0.36398523.
==> 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) |
= | 2956.102 | / | 2432.659 | |
= | 1.21517319 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 3726.588 | / | 2150.885 | |
= | 1.73258356 |
Arch Resources's asset turnover of this year was 1.21517319. Arch Resources's asset turnover of last year was 1.73258356.
==> 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 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Arch Resources has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Arch Resources (NYSE:ARCH) 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 Arch Resources's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Rosemary L Klein | officer: Sr. VP, General Counsel & Sec | 575 MARYVILLE CENTRE DRIVE, ST. LOUIS MO 63141 |
Paul T. Demzik | officer: Chief Commercial Officer | ONE CITYPLACE DRIVE, SUITE 300, ST. LOUIS MO 63141 |
John A. Ziegler | officer: Chief Commercial Officer | ONE CITYPLACE DRIVE, SUITE 300, ST. LOUIS MO 63141 |
Deck Slone | officer: Sr. VP - Strategy & Public Pol | ONE CITYPLACE DRIVE, ST. LOUIS MO 63141 |
Matthew C. Giljum | officer: Sr. VP and CFO | C/O ARCH COAL, INC., ONE CITYPLACE DRIVE, SUITE 300, ST. LOUIS MO 63141 |
Pamela R Butcher | director | P. O. BOX 116, ELK RAPIDS MI 49629 |
John W Lorson | officer: Controller | CITYPLACE ONE SUITE 300, ARCH MINERAL CORP, CREVE COEUR MO 63141 |
Bartels Patrick J Jr | director | C/O WCI COMMUNITIES, INC., 24301 WALDEN CENTER DRIVE, BONITA SPRINGS FL 34134 |
James N Chapman | director | 14 ALPINE ROAD, GREENWICH CT 06830 |
Peifang Zhang | director | 21640 E. BRIARWOOD DR., AURORA CO 80016 |
Robert B. Hamill | director | ONE CITYPLACE DRIVE, SUITE 300, ST. LOUIS MO 63141 |
Holly K Koeppel | director | 401 NORTH MAIN STREET, WINSTON-SALEM NC 27101 |
Paul A Lang | officer: President & COO | ONE CITYPLACE DRIVE, SUITE 300, ST. LOUIS MO 63141 |
John T. Drexler | officer: Sr. V.P. and CFO | ONE CITY PLACE DRIVE, SUITE 300, ST. LOUIS MO 63141 |
John W Eaves | director, officer: Chief Executive Officer | 1 CITYPLACE ONE STE 300, ST LOUIS MO 63141 |
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