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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
Kaiser Aluminum 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 Kaiser Aluminum's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Kaiser Aluminum was 8. The lowest was 1. And the median was 5.
The historical data trend for Kaiser Aluminum'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.
Kaiser Aluminum Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 5.00 | 5.00 | 2.00 | 6.00 |
Kaiser Aluminum Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 1.00 | 4.00 | 6.00 | 6.00 | 7.00 |
For the Aluminum subindustry, Kaiser Aluminum'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 Metals & Mining industry and Basic Materials sector, Kaiser Aluminum's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Kaiser Aluminum'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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was 18.3 + 5.4 + 7.6 + 24.6 = $56 Mil. Cash Flow from Operations was 68.1 + 89.8 + 74.3 + 63.3 = $296 Mil. Revenue was 814.1 + 743.6 + 721.7 + 737.5 = $3,017 Mil. Gross Profit was 95.7 + 78.4 + 81.5 + 94.6 = $350 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (2329.7 + 2267.5 + 2268.1 + 2267.4 + 2299.8) / 5 = $2286.5 Mil. Total Assets at the begining of this year (Mar23) was $2,330 Mil. Long-Term Debt & Capital Lease Obligation was $1,068 Mil. Total Current Assets was $1,023 Mil. Total Current Liabilities was $385 Mil. |
Net Income was -13.8 + 2.5 + -26.4 + 15.9 = $-22 Mil. Revenue was 954.2 + 748.9 + 776 + 807.6 = $3,287 Mil. Gross Profit was 55.8 + 54 + 55 + 76.5 = $241 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (2541.4 + 2461.7 + 2373.6 + 2288.8 + 2329.7) / 5 = $2399.04 Mil. Total Assets at the begining of last year (Mar22) was $2,541 Mil. Long-Term Debt & Capital Lease Obligation was $1,113 Mil. Total Current Assets was $1,060 Mil. Total Current Liabilities was $406 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.
Kaiser Aluminum's current Net Income (TTM) was 56.
==> 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.
Kaiser Aluminum's current Cash Flow from Operations (TTM) was 296.
==> 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 (Mar23) |
= | 55.9 | / | 2329.7 | |
= | 0.02399451 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | -21.8 | / | 2541.4 | |
= | -0.00857795 |
Kaiser Aluminum's return on assets of this year was 0.02399451. Kaiser Aluminum's return on assets of last year was -0.00857795.
==> 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.
Kaiser Aluminum's current Net Income (TTM) was 56. Kaiser Aluminum's current Cash Flow from Operations (TTM) was 296.
==> 296 > 56 ==> 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: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 1067.7 | / | 2286.5 | |
= | 0.46695823 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 1113.1 | / | 2399.04 | |
= | 0.46397726 |
Kaiser Aluminum's gearing of this year was 0.46695823. Kaiser Aluminum's gearing of last year was 0.46397726.
==> 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
Current Ratio (This Year: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 1023.1 | / | 384.7 | |
= | 2.65947492 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 1059.9 | / | 405.9 | |
= | 2.61123429 |
Kaiser Aluminum's current ratio of this year was 2.65947492. Kaiser Aluminum's current ratio of last year was 2.61123429.
==> 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.
Kaiser Aluminum's number of shares in issue this year was 16.23. Kaiser Aluminum's number of shares in issue last year was 16.096.
==> 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 |
= | 350.2 | / | 3016.9 | |
= | 0.11607942 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 241.3 | / | 3286.7 | |
= | 0.07341711 |
Kaiser Aluminum's gross margin of this year was 0.11607942. Kaiser Aluminum's gross margin of last year was 0.07341711.
==> 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 (Mar23) |
= | 3016.9 | / | 2329.7 | |
= | 1.2949736 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 3286.7 | / | 2541.4 | |
= | 1.29326356 |
Kaiser Aluminum's asset turnover of this year was 1.2949736. Kaiser Aluminum's asset turnover of last year was 1.29326356.
==> 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 | + | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Kaiser Aluminum has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Kaiser Aluminum (NAS:KALU) 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 Kaiser Aluminum's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Ray Parkinson | officer: VP - Advanced Engineering | 27422 PORTOLA PARKWAY, SUITE 200, FOOTHILL RANCH CA 92610-2831 |
Teresa Mosley Sebastian | director | 1000 DARDEN CENTER DRIVE, ORLANDO FL 32837 |
Vijai Narayan | officer: VP and CAO | 1550 WEST MCEWEN DRIVE, SUITE 500, FRANKLIN TN 37067 |
Kevin W Williams | director | 27422 PORTOLA PARKWAY, SUITE 200, FOOTHILL RANCH CA 92610 |
Michael C Arnold | director | C/O RYERSON HOLDING CORPORATION, 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
Donald J Stebbins | director | C/O WABCO HOLDINGS INC., ONE CENTENNIAL AVENUE, PISCATAWAY NJ 08855 |
Richard P. Grimley | director | 1550 WEST MCEWEN DRIVE, SUITE 500, FRANKLIN TN 37067 |
Brant Weaver | officer: VP - Strategic Development | 27422 PORTOLA PARKWAY, SUITE 200, FOOTHILL RANCH CA 92610 |
Del L Miller | officer: VP - Metal Strategy | 27422 PORTOLA PARKWAY, STE. 200, FOOTHILL RANCH CA 92610-2831 |
Jennifer Huey | officer: VP & Chief Accounting Officer | 27422 PORTOLA PARKWAY, SUITE 200, FOOTHILL RANCH CA 92610 |
Blain Tiffany | officer: EVP - Sales & Marketing | 3400 N. WOLF ROAD, FRANKLIN PARK IL 60131 |
Neal E West | officer: VP & Chief Accounting Officer | 7565 IRVINE CENTER DRIVE, IRVINE CA 92618 |
Jack A Hockema | director, officer: President and CEO | C/O KAISER ALUMINUM CORP, 27422 PORTOLA PARKWAY, SUITE 350, FOOTHILL RANCH CA 92610-2831 |
Leo Wilfred Gerard | director | 27422 PORTOLA PARKWAY, SUITE 200, FOOTHILL RANCH CA 92610 |
Keith Harvey | officer: SVP - Sales & Marketing | 27422 PORTOLA PARKWAY, SUITE 200, FOOTHILL RANCH CA 92610-2831 |
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