Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
US Airways Group has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for US Airways Group's Piotroski F-Score or its related term are showing as below:
US Airways Group Piotroski F-Score Historical Data
The historical data trend for US Airways Group'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.
* 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.
*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.
US Airways Group's current Net Income (TTM) was 461.
==> 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.
US Airways Group's return on assets of this year was 0.06368302. US Airways Group's return on assets of last year was 0.08292936.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
US Airways Group's gearing of this year was 0.51617908. US Airways Group's gearing of last year was 0.47843747.
==> Last year is lower than this year ==> Score 0.
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
US Airways Group's current ratio of this year was 1.45758073. US Airways Group's current ratio of last year was 1.10322953.
==> 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.
US Airways Group's number of shares in issue this year was 208.403. US Airways Group's number of shares in issue last year was 204.603.
==> 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.
US Airways Group's gross margin of this year was 0.48130011. US Airways Group's gross margin of last year was 0.49384678.
==> 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
US Airways Group's asset turnover of this year was 1.51400132. US Airways Group's asset turnover of last year was 1.75846293.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
US Airways Group has an F-score of 4 indicating the company's financial situation is typical for a stable company.
US Airways Group (FRA:USG1) 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.
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.
US Airways Group Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of US Airways Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
US Airways Group Inc., a Delaware corporation, is a holding company formed in 1982. The Company's main business activity is the operation of a major network air carrier through its wholly owned subsidiaries US Airways, Piedmont Airlines, Inc., PSA Airlines, Inc., Material Services Company, Inc. and Airways Assurance Limited. MSC and AAL operate in support of its airline subsidiaries in areas such as the procurement of aviation fuel and insurance. The Company operates the airline in the United States as measured by domestic revenue passenger miles and available seat miles. It has hubs in Charlotte, Philadelphia and Phoenix and a focus city in Washington, D.C. at Ronald Reagan Washington National Airport. It offers scheduled passenger service on more than 3,000 flights daily to 198 communities in the United States, Canada, Mexico, Europe, the Middle East, the Caribbean, and Central and South America. It also has an established East Coast route network, including the US Airways Shuttle service. As of December 31, 2012, it operated 340 mainline jets and was supported by its regional airline subsidiaries and affiliates operating as US Airways Express under capacity purchase agreements, which operated 238 regional jets and 44 turboprops. Its prorate carriers operated four regional jets at December 31, 2012. The Company's main competitors include Southwest, JetBlue, Allegiant, Frontier, Virgin America and Spirit. The airline industry is also subject to increasingly stringent federal, state and local laws aimed at protecting the environment.
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