Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
True Religion Apparel, 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 True Religion Apparel,'s Piotroski F-Score or its related term are showing as below:
True Religion Apparel, Piotroski F-Score Historical Data
The historical data trend for True Religion Apparel,'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.
True Religion Apparel,'s current Net Income (TTM) was 28.1.
==> 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.
True Religion Apparel,'s current Cash Flow from Operations (TTM) was 49.4.
==> 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.
True Religion Apparel,'s return on assets of this year was 0.10091162. True Religion Apparel,'s return on assets of last year was 0.16117634.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
True Religion Apparel,'s gearing of this year was 0. True Religion Apparel,'s gearing of last year was 0.
==> 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
True Religion Apparel,'s current ratio of this year was 6.18936356. True Religion Apparel,'s current ratio of last year was 8.26385516.
==> 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.
True Religion Apparel,'s number of shares in issue this year was 25.571. True Religion Apparel,'s number of shares in issue last year was 25.354.
==> 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.
True Religion Apparel,'s gross margin of this year was 0.63230606. True Religion Apparel,'s gross margin of last year was 0.64670724.
==> 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
True Religion Apparel,'s asset turnover of this year was 1.34291964. True Religion Apparel,'s asset turnover of last year was 1.50087161.
==> 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
True Religion Apparel, has an F-score of 4 indicating the company's financial situation is typical for a stable company.
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.
True Religion Apparel, Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of True Religion Apparel,'s Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
True Religion Apparel, (FRA:UYO) Business Description
True Religion Apparel, Inc. is incorporated in Delaware. The Company is engaged in designing, marketing, selling and distributing fashion apparel under the brand name "True Religion Brand Jeans" to fashion-conscious consumers on six continents, including North America, Europe, Asia, Australia, Africa and South America. It operates in four primary business segments: U.S. Consumer Direct, International, U.S. Wholesale, and Core Services. It sells directly to consumers in the United States through full-price retail stores, outlet stores and through its retail internet site located at www.truereligionbrandjeans.com. Its International sales are made through a variety of channels, including subsidiaries and a joint venture that operate retail stores and sell to wholesale customers who operate retail stores; distributors who warehouse products at their expense and then ship to, and collect payment from, their customers; and directly to wholesale customers who operate retail stores. In addition, it selectively licenses to third parties the right to use its various trademarks in connection with the manufacture and sale of designated products in specified geographical areas for specified periods. This licensing business is included in its Core Services segment. Its corporate operations, which include the design, production, marketing, distribution, credit, customer service, information technology, accounting, executive, legal, and human resources departments, are also included in the Core Services segment. The Company markets its products to domestic and international wholesale customers by attendance at industry trade shows. Its collections are also presented to wholesale customers in its showrooms, located in New York City, Los Angeles, Hong Kong, Seoul, Tokyo, London, Milan and Dusseldorf. The Company competes with numerous designers and manufacturers of apparel and accessories, domestic and foreign, including 7 for All Mankind, AG Adriano Goldschmied, Citizens of Humanity, Diesel, G-Star, Hudson Jeans, J Brand, Joe's Jeans and Levi Strauss & Co. The Company is subject to customs, truth-in-advertising and other laws, including consumer protection regulations and zoning and occupancy ordinances that regulate retailers generally and/or govern the promotion and sale of merchandise and the operation of retail stores.
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