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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
Duke Realty has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Duke Realty's Piotroski F-Score or its related term are showing as below:
The historical data trend for Duke Realty'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.
Duke Realty Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 4.00 | 6.00 | 4.00 | 7.00 |
Duke Realty Quarterly Data | ||||||||||||||||||||
Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 6.00 | 7.00 | 6.00 | 5.00 |
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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 494.817 + 102.899 + 248.921 + 102.47 = $949 Mil. Cash Flow from Operations was 182.162 + 148.314 + 142.334 + 185.778 = $659 Mil. Revenue was 280.365 + 264.574 + 278.163 + 285.288 = $1,108 Mil. Gross Profit was 201.587 + 202.584 + 207.48 + 216.59 = $828 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (9844.16 + 10048.377 + 10445.655 + 10587.409 + 10958.282) / 5 = $10376.7766 Mil. Total Assets at the begining of this year (Jun21) was $9,844 Mil. Long-Term Debt & Capital Lease Obligation was $3,889 Mil. Total Current Assets was $625 Mil. Total Current Liabilities was $234 Mil. |
Net Income was 71.823 + 168.816 + 79.362 + 175.817 = $496 Mil. Revenue was 262.028 + 266.29 + 289.292 + 271.692 = $1,089 Mil. Gross Profit was 180.166 + 191.106 + 190.529 + 197.743 = $760 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (8567.009 + 8743.025 + 9111.394 + 9295.447 + 9844.16) / 5 = $9112.207 Mil. Total Assets at the begining of last year (Jun20) was $8,567 Mil. Long-Term Debt & Capital Lease Obligation was $3,714 Mil. Total Current Assets was $1,062 Mil. Total Current Liabilities was $254 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.
Duke Realty's current Net Income (TTM) was 949.
==> 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.
Duke Realty's current Cash Flow from Operations (TTM) was 659.
==> 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 (Jun21) |
= | 949.107 | / | 9844.16 | |
= | 0.0964132 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 495.818 | / | 8567.009 | |
= | 0.05787527 |
Duke Realty's return on assets of this year was 0.0964132. Duke Realty's return on assets of last year was 0.05787527.
==> 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.
Duke Realty's current Net Income (TTM) was 949. Duke Realty's current Cash Flow from Operations (TTM) was 659.
==> 659 <= 949 ==> 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: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 3888.68 | / | 10376.7766 | |
= | 0.37474836 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 3714.152 | / | 9112.207 | |
= | 0.4076018 |
Duke Realty's gearing of this year was 0.37474836. Duke Realty's gearing of last year was 0.4076018.
==> 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: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 624.712 | / | 233.922 | |
= | 2.6705996 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 1061.564 | / | 253.705 | |
= | 4.18424548 |
Duke Realty's current ratio of this year was 2.6705996. Duke Realty's current ratio of last year was 4.18424548.
==> 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.
Duke Realty's number of shares in issue this year was 389.199. Duke Realty's number of shares in issue last year was 381.621.
==> 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 |
= | 828.241 | / | 1108.39 | |
= | 0.74724691 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 759.544 | / | 1089.302 | |
= | 0.69727587 |
Duke Realty's gross margin of this year was 0.74724691. Duke Realty's gross margin of last year was 0.69727587.
==> 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 (Jun21) |
= | 1108.39 | / | 9844.16 | |
= | 0.11259366 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 1089.302 | / | 8567.009 | |
= | 0.12715079 |
Duke Realty's asset turnover of this year was 0.11259366. Duke Realty's asset turnover of last year was 0.12715079.
==> 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 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Duke Realty has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Duke Realty (NYSE:DRE) 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 Duke Realty's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Steven W Schnur | officer: EVP, Chief Operating Officer | 600 E. 96TH ST, STE 100, INDIANAPOLIS IN 46240 |
Mark A Denien | officer: EVP & CFO | 600 E 96TH ST, #100, INDIANAPOLIS IN 46240 |
Scott P Anderson | director | 1031 MENDOTA HEIGHTS ROAD, ST. PAUL MN 55120 |
Chris T. Sultemeier | director | 1650 JOHN KING BLVD, #3602, ROCKWALL TX 75032 |
John Case | director | 600 LA TERRAZA BOULEVARD, ESCONDIDO CA 92025 |
Michael E Szymanczyk | director | DOMINION RESOURCES, INC., 100 TREDEGAR STREET, RICHMOND VA 23219 |
Warren M Thompson | director | 4951 LAKE BROOK DRIVE, SUITE 500, GLEN ALLEN VA 23060 |
Melanie R Sabelhaus | director | 227 GREENSPRING VALLEY DRIVE, OWINGS MILLS MD 21117 |
Lynn C Thurber | director | JONES LANG LASALLE INCORPORTED, 200 E RANDOLPH DR, CHICAGO IL 60601 |
Scott Peter M Iii | director | P O BOX 1551, RALEIGH NC 27601 |
Tamara D Fischer | director | 5200 DTC PARKWAY, SUITE 200, GREENWOOD VILLAGE CO 80111 |
James B. Connor | director, officer: President and CEO | 600 E 96TH ST, #100, INDIANAPOLIS IN 46240 |
Ann C. Dee | officer: EVP,General Counsel & Corp Sec | 600 E 96TH ST, #100, INDIANAPOLIS IN 46240 |
Nicholas C. Anthony | officer: EVP, Chief Investment Officer | 600 E 96TH STREET, SUITE 100, INDIANAPOLIS IN 46240 |
Kelly T Killingsworth | director | 2430 SW 75TH TERRACE, PORTLAND OR 97225 |
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