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GRBK (Green Brick Partners) Piotroski F-Score : 6 (As of Oct. 31, 2024)


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What is Green Brick Partners Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Green Brick Partners has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Green Brick Partners's Piotroski F-Score or its related term are showing as below:

GRBK' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Green Brick Partners was 8. The lowest was 2. And the median was 5.


Green Brick Partners Piotroski F-Score Historical Data

The historical data trend for Green Brick Partners'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.

* Premium members only.

Green Brick Partners Piotroski F-Score Chart

Green Brick Partners Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 6.00 5.00 7.00 6.00

Green Brick Partners Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 6.00 6.00 -

Competitive Comparison of Green Brick Partners's Piotroski F-Score

For the Residential Construction subindustry, Green Brick Partners'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.


Green Brick Partners's Piotroski F-Score Distribution in the Homebuilding & Construction Industry

For the Homebuilding & Construction industry and Consumer Cyclical sector, Green Brick Partners's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Green Brick Partners'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 73.02 + 83.301 + 105.358 + 89.111 = $351 Mil.
Cash Flow from Operations was -19.357 + 1.017 + 2.162 + -6.201 = $-22 Mil.
Revenue was 450.382 + 447.338 + 560.631 + 523.66 = $1,982 Mil.
Gross Profit was 141.628 + 148.257 + 189.666 + 171.563 = $651 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(1866.646 + 1902.832 + 1976.574 + 2064.402 + 2172.07) / 5 = $1996.5048 Mil.
Total Assets at the begining of this year (Sep23) was $1,867 Mil.
Long-Term Debt & Capital Lease Obligation was $308 Mil.
Total Current Assets was $2,034 Mil.
Total Current Liabilities was $277 Mil.
Net Income was 55.547 + 64.18 + 75.27 + 72.156 = $267 Mil.

Revenue was 431.089 + 452.061 + 456.289 + 418.978 = $1,758 Mil.
Gross Profit was 112.454 + 124.606 + 142.935 + 139.013 = $519 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(1657.735 + 1655.675 + 1706.456 + 1776.573 + 1866.646) / 5 = $1732.617 Mil.
Total Assets at the begining of last year (Sep22) was $1,658 Mil.
Long-Term Debt & Capital Lease Obligation was $357 Mil.
Total Current Assets was $1,799 Mil.
Total Current Liabilities was $213 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.

Green Brick Partners's current Net Income (TTM) was 351. ==> 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.

Green Brick Partners's current Cash Flow from Operations (TTM) was -22. ==> Negative ==> Score 0.

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 (Sep23)
=350.79/1866.646
=0.18792529

ROA (Last Year)=Net Income/Total Assets (Sep22)
=267.153/1657.735
=0.16115543

Green Brick Partners's return on assets of this year was 0.18792529. Green Brick Partners's return on assets of last year was 0.16115543. ==> 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.

Green Brick Partners's current Net Income (TTM) was 351. Green Brick Partners's current Cash Flow from Operations (TTM) was -22. ==> -22 <= 351 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=307.594/1996.5048
=0.15406625

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=357.033/1732.617
=0.20606574

Green Brick Partners's gearing of this year was 0.15406625. Green Brick Partners's gearing of last year was 0.20606574. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=2034.023/276.593
=7.35384843

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=1798.59/212.73
=8.45480186

Green Brick Partners's current ratio of this year was 7.35384843. Green Brick Partners's current ratio of last year was 8.45480186. ==> 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.

Green Brick Partners's number of shares in issue this year was 44.53. Green Brick Partners's number of shares in issue last year was 45.792. ==> 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
=651.114/1982.011
=0.3285118

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=519.008/1758.417
=0.29515638

Green Brick Partners's gross margin of this year was 0.3285118. Green Brick Partners's gross margin of last year was 0.29515638. ==> 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 (Sep23)
=1982.011/1866.646
=1.06180336

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=1758.417/1657.735
=1.06073468

Green Brick Partners's asset turnover of this year was 1.06180336. Green Brick Partners's asset turnover of last year was 1.06073468. ==> 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+0+1+0+1+0+1+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Green Brick Partners has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Green Brick Partners  (NYSE:GRBK) 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.


Green Brick Partners Piotroski F-Score Related Terms

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Green Brick Partners Business Description

Traded in Other Exchanges
Address
5501 Headquarters Drive, Suite 300 W, Plano, TX, USA, 75024
Green Brick Partners Inc is a homebuilding and land development company. It acquires and develops land, as well as provides land and construction financing to its controlled builders. The company has three reportable segments: builder operations central, builder operations southeast, and land development. The majority of the company's revenue is generated from the builder operations central segment which is entirely the operations of builders in Texas. The company is engaged in various aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, sales, and brand image creation. In addition to homebuilding, the company provides home financing services, such as mortgage and title, through its subsidiaries.
Executives
James R. Brickman director, officer: Chief Executive Officer 3131 HARVARD AVENUE, SUTE 103, DALLAS TX 75205
Kathleen Olsen director 4 BROOKSIDE DRIVE, PORT WASHINGTON NY 11050
Richard Arthur Costello officer: Chief Financial Officer 2805 DALLAS PARKWAY, SUITE 400, PLANO TX 75093
David Einhorn director, 10 percent owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Richard S Press director 101 BOGLE STREET, WESTON MA 02493
Jed Dolson officer: See Remarks 3131 HARVARD AVENUE, SUTE 103, DALLAS TX 75205
Dme Capital Management, Lp director, 10 percent owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Dme Advisors Gp, L.l.c. director, 10 percent owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Dme Advisors, Lp director, 10 percent owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Greenlight Capital Inc director, 10 percent owner 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Elizabeth Blake director BIOFUEL ENERGY CORP., 1600 BROADWAY SUITE 2200, DENVER CO 80202
Harry Brandler director 2 GRAND CENTRAL TOWER, 140 EAST 45TH STREET, 24TH FLOOR, NEW YORK NY 10017
Neal J Suit officer: General Counsel & EVP C/O LEGACY HOUSING CORPORATION, 1600 AIRPORT FREEWAY, #100, BEDFORD TX 76022
Lila A Murphy director 2000 S. COLORADO BLVD., SUITE 10200, DENVER CO 80222
John R Farris director P.O. BOX 309, FRANKFORT KY 40602-0309