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Good Sign:
Piotroski F-Score is 7, 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
Air Lease has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Air Lease's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Air Lease was 8. The lowest was 3. And the median was 5.
The historical data trend for Air Lease'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.
Air Lease Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 4.00 | 4.00 | 5.00 | 6.00 |
Air Lease Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 6.00 | 6.00 | 7.00 |
For the Rental & Leasing Services subindustry, Air Lease'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 Business Services industry and Industrials sector, Air Lease's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Air Lease'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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Net Income was 132.45 + 221.051 + 107.866 + 102.946 = $564 Mil. Cash Flow from Operations was 401.407 + 464.574 + 371.33 + 413.813 = $1,651 Mil. Revenue was 659.364 + 716.568 + 663.31 + 667.288 = $2,707 Mil. Gross Profit was 230.202 + 274.1 + 204.455 + 195.302 = $904 Mil. Average Total Assets from the begining of this year (Jun23) to the end of this year (Jun24) was (29757.822 + 29672.225 + 30452.252 + 30912.435 + 31018.377) / 5 = $30362.6222 Mil. Total Assets at the begining of this year (Jun23) was $29,758 Mil. Long-Term Debt & Capital Lease Obligation was $19,679 Mil. Total Current Assets was $456 Mil. Total Current Liabilities was $1,046 Mil. |
Net Income was 110.381 + 145.31 + 128.72 + 132.401 = $517 Mil. Revenue was 561.334 + 601.61 + 636.142 + 672.904 = $2,472 Mil. Gross Profit was 196.483 + 214.447 + 224.849 + 232.144 = $868 Mil. Average Total Assets from the begining of last year (Jun22) to the end of last year (Jun23) was (27646.457 + 28223.971 + 28396.705 + 29363.141 + 29757.822) / 5 = $28677.6192 Mil. Total Assets at the begining of last year (Jun22) was $27,646 Mil. Long-Term Debt & Capital Lease Obligation was $18,896 Mil. Total Current Assets was $580 Mil. Total Current Liabilities was $1,569 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.
Air Lease's current Net Income (TTM) was 564.
==> 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.
Air Lease's current Cash Flow from Operations (TTM) was 1,651.
==> 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 (Jun23) |
= | 564.313 | / | 29757.822 | |
= | 0.01896352 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun22) |
= | 516.812 | / | 27646.457 | |
= | 0.01869361 |
Air Lease's return on assets of this year was 0.01896352. Air Lease's return on assets of last year was 0.01869361.
==> 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.
Air Lease's current Net Income (TTM) was 564. Air Lease's current Cash Flow from Operations (TTM) was 1,651.
==> 1,651 > 564 ==> 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: Jun24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun23 to Jun24 |
= | 19679.063 | / | 30362.6222 | |
= | 0.6481345 |
Gearing (Last Year: Jun23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun22 to Jun23 |
= | 18895.793 | / | 28677.6192 | |
= | 0.65890383 |
Air Lease's gearing of this year was 0.6481345. Air Lease's gearing of last year was 0.65890383.
==> 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: Jun24) | = | Total Current Assets | / | Total Current Liabilities |
= | 455.656 | / | 1045.99 | |
= | 0.43562176 |
Current Ratio (Last Year: Jun23) | = | Total Current Assets | / | Total Current Liabilities |
= | 580.435 | / | 1568.925 | |
= | 0.36995714 |
Air Lease's current ratio of this year was 0.43562176. Air Lease's current ratio of last year was 0.36995714.
==> 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.
Air Lease's number of shares in issue this year was 111.741. Air Lease's number of shares in issue last year was 111.239.
==> 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 |
= | 904.059 | / | 2706.53 | |
= | 0.33402881 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 867.923 | / | 2471.99 | |
= | 0.35110296 |
Air Lease's gross margin of this year was 0.33402881. Air Lease's gross margin of last year was 0.35110296.
==> 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 (Jun23) |
= | 2706.53 | / | 29757.822 | |
= | 0.09095188 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun22) |
= | 2471.99 | / | 27646.457 | |
= | 0.08941435 |
Air Lease's asset turnover of this year was 0.09095188. Air Lease's asset turnover of last year was 0.08941435.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Air Lease has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Air Lease (NYSE:AL) 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 Air Lease's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Gregory B Willis | officer: SVP FINANCE AND CFO | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 600N, LOS ANGELES CA 90067 |
Alex A Khatibi | officer: EVP | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Grant A Levy | officer: EVP, GENL. COUNSEL & SECRETARY | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Kishore Korde | officer: EVP, Marketing | 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
John L Plueger | director, officer: PRESIDENT AND COO | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Carol Hyland Forsyte | officer: EVP, GC, Corp Secretary & CCO | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Yvette Hollingsworth Clark | director | C/O 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Steven F Udvar-hazy | director, officer: Chairman and CEO | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Jie Chen | officer: EVP & MANAGING DIRECTOR, ASIA | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Marshall O Larsen | director | 870 WINTER STREET, WALTHAM MA 02451 |
Cheryl Gordon Krongard | director | LEGG MASON, INC., 100 INTERNATIONAL DRIVE, BALTIMORE MD 21202 |
Susan Mccaw | director | LIONSGATE, 2700 COLORADO AVENUE, SANTA MONICA CA 90404 |
Marc H Baer | other: EVP | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
John D Poerschke | officer: SVP | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
Ian M Saines | director | C/O AIR LEASE CORPORATION, 2000 AVENUE OF THE STARS, SUITE 1000N, LOS ANGELES CA 90067 |
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