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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
Altra Industrial Motion 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 Altra Industrial Motion's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Altra Industrial Motion was 8. The lowest was 3. And the median was 5.
The historical data trend for Altra Industrial Motion'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.
Altra Industrial Motion Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 5.00 | 6.00 | 6.00 |
Altra Industrial Motion Quarterly Data | ||||||||||||||||||||
Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 7.00 | 7.00 | 6.00 |
For the Specialty Industrial Machinery subindustry, Altra Industrial Motion'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 Industrial Products industry and Industrials sector, Altra Industrial Motion's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Altra Industrial Motion'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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Net Income was 44.8 + 26.3 + 33.6 + 22.3 = $127 Mil. Cash Flow from Operations was -24.9 + 32.1 + 65.3 + 52.5 = $125 Mil. Revenue was 511.7 + 498.1 + 466.3 + 469.4 = $1,946 Mil. Gross Profit was 180.3 + 173.2 + 168.7 + 170.7 = $693 Mil. Average Total Assets from the begining of this year (Dec21) to the end of this year (Dec22) was (4130.6 + 4124.8 + 3694.2 + 3617.9 + 3676.6) / 5 = $3848.82 Mil. Total Assets at the begining of this year (Dec21) was $4,131 Mil. Long-Term Debt & Capital Lease Obligation was $1,055 Mil. Total Current Assets was $836 Mil. Total Current Liabilities was $377 Mil. |
Net Income was 39.2 + 40.8 + 35.4 + -87.7 = $28 Mil. Revenue was 472.1 + 488.6 + 469.3 + 469.8 = $1,900 Mil. Gross Profit was 171.7 + 175.9 + 169.9 + 157.9 = $675 Mil. Average Total Assets from the begining of last year (Dec20) to the end of last year (Dec21) was (4208.1 + 4167.5 + 4211.9 + 4161.2 + 4130.6) / 5 = $4175.86 Mil. Total Assets at the begining of last year (Dec20) was $4,208 Mil. Long-Term Debt & Capital Lease Obligation was $1,439 Mil. Total Current Assets was $1,168 Mil. Total Current Liabilities was $417 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.
Altra Industrial Motion's current Net Income (TTM) was 127.
==> 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.
Altra Industrial Motion's current Cash Flow from Operations (TTM) was 125.
==> 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 (Dec21) |
= | 127 | / | 4130.6 | |
= | 0.03074614 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec20) |
= | 27.7 | / | 4208.1 | |
= | 0.00658254 |
Altra Industrial Motion's return on assets of this year was 0.03074614. Altra Industrial Motion's return on assets of last year was 0.00658254.
==> This year is higher. ==> Score 1.
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.
Altra Industrial Motion's current Net Income (TTM) was 127. Altra Industrial Motion's current Cash Flow from Operations (TTM) was 125.
==> 125 <= 127 ==> 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: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 1054.7 | / | 3848.82 | |
= | 0.27403204 |
Gearing (Last Year: Dec21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec20 to Dec21 |
= | 1438.6 | / | 4175.86 | |
= | 0.34450389 |
Altra Industrial Motion's gearing of this year was 0.27403204. Altra Industrial Motion's gearing of last year was 0.34450389.
==> 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: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 836.4 | / | 377.3 | |
= | 2.2168036 |
Current Ratio (Last Year: Dec21) | = | Total Current Assets | / | Total Current Liabilities |
= | 1167.8 | / | 416.5 | |
= | 2.80384154 |
Altra Industrial Motion's current ratio of this year was 2.2168036. Altra Industrial Motion's current ratio of last year was 2.80384154.
==> 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.
Altra Industrial Motion's number of shares in issue this year was 65.7. Altra Industrial Motion's number of shares in issue last year was 65.4.
==> 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 |
= | 692.9 | / | 1945.5 | |
= | 0.35615523 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 675.4 | / | 1899.8 | |
= | 0.35551111 |
Altra Industrial Motion's gross margin of this year was 0.35615523. Altra Industrial Motion's gross margin of last year was 0.35551111.
==> 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
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Dec21) |
= | 1945.5 | / | 4130.6 | |
= | 0.47099695 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec20) |
= | 1899.8 | / | 4208.1 | |
= | 0.45146266 |
Altra Industrial Motion's asset turnover of this year was 0.47099695. Altra Industrial Motion's asset turnover of last year was 0.45146266.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | + | 1 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Altra Industrial Motion has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Altra Industrial Motion (NAS:AIMC) 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 Altra Industrial Motion's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
La Vonda Williams | director | 201 MONTGOMERY STREET, #751, JERSEY CITY NJ 07302 |
Haughey Nicole Parent | director | UNITED TECHNOLOGIES CORPORATION, ONE FINANCIAL PLAZA, HARTFORD CT 06101 |
Margot Hoffman | director | 6368 CHAMPIONS DRIVE, WESTERVILLE OH 43082 |
Thomas W Swidarski | director | 5995 MAYFAIR RD, P O BOX 3077, NORTH CANTON OH 44720 |
Todd Patriacca | officer: EVP, CFO and Treasurer | C/O ALTRA INDUSTRIAL MOTION INC., 300 GRANITE STREET, BRAINTREE MA 02184 |
Glenn E. Deegan | officer: Chief Legal and HR Officer | C/O ALTRA INDUSTRIAL MOTION INC., 300 GRANITE STREET SUITE 201, BRAINTREE MA 02184 |
J Scott Hall | director | 1200 ABERNATHY ROAD NE, SUITE 1200, ATLANTA GA 30328 |
Christian Storch | officer: Chief Financial Officer | C/O ALTRA INDUSTRIAL MOTION, 300 GRANITE STREET SUITE 201, BRAINTREE MA 02184 |
Woodward James H Jr | director | 7140 OFFICE CIRCLE, EVANSVILLE IN 47716 |
Craig Schuele | officer: VP Mktg&Bus Dev (see Remarks) | C/O ALTRA INDUSTRIAL MOTION INC., 300 GRANITE STREET, BRAINTREE MA 02184 |
Carl R Christenson | officer: President and COO | C/O ALTRA INDUSTRIAL MOTION INC., 300 GRANITE STREET, BRAINTREE MA 02184 |
Lyle G. Ganske | director | C/O ALTRA INDUSTRIAL MOTION, INC., 300 GRANITE STREET SUITE 201, BRAINTREE MA 02184 |
Larry Mcpherson | director | C/O MEDICAL STAFFING NETWORK HOLDINGS, 901 YAMATO ROAD, SUITE 110, BOCA RATON FL 33431 |
Lipscomb S Michael | director | SIFCO INDUSTRIES, INC., 970 EAST 64TH STREET, CLEVELAND OH 44103 |
Patrick K Murphy | director | C/O FORTIVE CORPORATION, 6920 SEAWAY BOULEVARD, EVERETT WA 98203 |
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