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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
Crestwood Equity Partners LP 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 Crestwood Equity Partners LP's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Crestwood Equity Partners LP was 7. The lowest was 3. And the median was 5.
The historical data trend for Crestwood Equity Partners LP'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.
Crestwood Equity Partners LP Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 5.00 | 6.00 | 5.00 | 7.00 |
Crestwood Equity Partners LP Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
For the Oil & Gas Midstream subindustry, Crestwood Equity Partners LP'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 Oil & Gas industry and Energy sector, Crestwood Equity Partners LP's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Crestwood Equity Partners LP'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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Net Income was 43.5 + 31.4 + 141.6 + -20 = $197 Mil. Cash Flow from Operations was 161.9 + 245.9 + 21.2 + 111.4 = $540 Mil. Revenue was 1402.9 + 1263.1 + 1021.2 + 1139.4 = $4,827 Mil. Gross Profit was 183.6 + 184.3 + 155.5 + 157.6 = $681 Mil. Average Total Assets from the begining of this year (Sep22) to the end of this year (Sep23) was (6899.4 + 6567 + 6389.3 + 6306.5 + 6359.8) / 5 = $6504.4 Mil. Total Assets at the begining of this year (Sep22) was $6,899 Mil. Long-Term Debt & Capital Lease Obligation was $3,318 Mil. Total Current Assets was $600 Mil. Total Current Liabilities was $458 Mil. |
Net Income was 68.2 + 12 + 29.1 + -53.3 = $56 Mil. Revenue was 1380.4 + 1583.8 + 1448 + 1566 = $5,978 Mil. Gross Profit was 185.2 + 144.6 + 154.2 + 192.3 = $676 Mil. Average Total Assets from the begining of last year (Sep21) to the end of last year (Sep22) was (4574.5 + 4445.7 + 6240.1 + 6202.8 + 6899.4) / 5 = $5672.5 Mil. Total Assets at the begining of last year (Sep21) was $4,575 Mil. Long-Term Debt & Capital Lease Obligation was $3,585 Mil. Total Current Assets was $973 Mil. Total Current Liabilities was $628 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.
Crestwood Equity Partners LP's current Net Income (TTM) was 197.
==> 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.
Crestwood Equity Partners LP's current Cash Flow from Operations (TTM) was 540.
==> 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 (Sep22) |
= | 196.5 | / | 6899.4 | |
= | 0.02848074 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep21) |
= | 56 | / | 4574.5 | |
= | 0.01224178 |
Crestwood Equity Partners LP's return on assets of this year was 0.02848074. Crestwood Equity Partners LP's return on assets of last year was 0.01224178.
==> 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.
Crestwood Equity Partners LP's current Net Income (TTM) was 197. Crestwood Equity Partners LP's current Cash Flow from Operations (TTM) was 540.
==> 540 > 197 ==> 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: Sep23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep22 to Sep23 |
= | 3317.9 | / | 6504.4 | |
= | 0.51010085 |
Gearing (Last Year: Sep22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep21 to Sep22 |
= | 3584.5 | / | 5672.5 | |
= | 0.63190833 |
Crestwood Equity Partners LP's gearing of this year was 0.51010085. Crestwood Equity Partners LP's gearing of last year was 0.63190833.
==> 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: Sep23) | = | Total Current Assets | / | Total Current Liabilities |
= | 600.3 | / | 458.1 | |
= | 1.31041257 |
Current Ratio (Last Year: Sep22) | = | Total Current Assets | / | Total Current Liabilities |
= | 972.9 | / | 627.6 | |
= | 1.5501912 |
Crestwood Equity Partners LP's current ratio of this year was 1.31041257. Crestwood Equity Partners LP's current ratio of last year was 1.5501912.
==> 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.
Crestwood Equity Partners LP's number of shares in issue this year was 105.2. Crestwood Equity Partners LP's number of shares in issue last year was 107.1.
==> 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 |
= | 681 | / | 4826.6 | |
= | 0.14109311 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 676.3 | / | 5978.2 | |
= | 0.1131277 |
Crestwood Equity Partners LP's gross margin of this year was 0.14109311. Crestwood Equity Partners LP's gross margin of last year was 0.1131277.
==> 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 (Sep22) |
= | 4826.6 | / | 6899.4 | |
= | 0.69956808 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep21) |
= | 5978.2 | / | 4574.5 | |
= | 1.30685321 |
Crestwood Equity Partners LP's asset turnover of this year was 0.69956808. Crestwood Equity Partners LP's asset turnover of last year was 1.30685321.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Crestwood Equity Partners LP has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Crestwood Equity Partners LP (NYSE:CEQP) 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 Crestwood Equity Partners LP's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Clay C Williams | director | |
Jeffrey M Cathey | officer: SVP, Controller | 2440 PERSHING ROAD, SUITE 600, KANSAS CITY MO 64108 |
Black John William Iii | officer: EVP, Chief Financial Officer | 811 MAIN STREET, SUITE 3400, HOUSTON TX 77002 |
Diaco Aviki | officer: EVP, Chief Operating Officer | 811 MAIN STREET, SUITE 3400, HOUSTON TX 77002 |
Frances M Vallejo | director | 1700 LINCOLN STREET, SUITE 3700, DENVER CO 80203 |
David Lumpkins | director | 600 TRAVIS STREET, SUITE 3250, HOUSTON TX 77002 |
William H. Moore | officer: EVP - Corporate Strategy | TWO BRUSH CREEK BOULEVARD, SUITE 200, KANSAS CITY MO 64112 |
Halpin Robert Thornbury Iii | officer: President | CRESTWOOD MIDSTREAM PARTNERS LP, 717 TEXAS AVENUE, STE 3150, HOUSTON TX 77002 |
Joel Christian Lambert | officer: EVP, Legal, Safety Compliance | 600 TRAVIS STREET, SUITE 6000, HOUSTON TX 77002 |
Robert G Phillips | director, officer: Founder, Chairman & CEO | 2727 NORTH LOOP WEST, HOUSTON TX 77008 |
Janeen S Judah | director | 10713 WEST SAM HOUSTON PARKWAY N, SUITE 800, HOUSTON TX 77064 |
Angela A Minas | director | 3262 WESTHEIMER ROAD #627, HOUSTON TX 77098 |
Warren H Gfeller | director | |
Oasis Petroleum Inc. | 10 percent owner | 1001 FANNIN STREET, SUITE 1500, HOUSTON TX 77002 |
Gary Duane Reaves | director | ONE LAFAYETTE PLACE, THIRD FLOOR, GREENWICH CT 06830 |
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