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Gildan Activewear (Gildan Activewear) Piotroski F-Score

: 5 (As of Today)
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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

Gildan Activewear 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 Gildan Activewear's Piotroski F-Score or its related term are showing as below:

GIL' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Gildan Activewear was 8. The lowest was 4. And the median was 5.


Gildan Activewear Piotroski F-Score Historical Data

The historical data trend for Gildan Activewear'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.

Gildan Activewear Annual Data
Trend Sep14 Sep15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 4.00 8.00 4.00 5.00

Gildan Activewear Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 4.00 3.00 4.00 5.00 5.00

Competitive Comparison

For the Apparel Manufacturing subindustry, Gildan Activewear'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.


Gildan Activewear Piotroski F-Score Distribution

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Gildan Activewear's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Gildan Activewear'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 97.617 + 155.288 + 127.367 + 153.308 = $534 Mil.
Cash Flow from Operations was -179.417 + 181.825 + 305.137 + 239.061 = $547 Mil.
Revenue was 702.863 + 840.438 + 869.901 + 782.709 = $3,196 Mil.
Gross Profit was 187.663 + 216.596 + 239.237 + 236.558 = $880 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(3440.214 + 3629.139 + 3671.832 + 3572.318 + 3514.873) / 5 = $3565.6752 Mil.
Total Assets at the begining of this year (Dec22) was $3,440 Mil.
Long-Term Debt & Capital Lease Obligation was $769 Mil.
Total Current Assets was $1,688 Mil.
Total Current Liabilities was $724 Mil.
Net Income was 146.363 + 158.241 + 153.036 + 83.9 = $542 Mil.

Revenue was 774.871 + 895.581 + 850.008 + 720.022 = $3,240 Mil.
Gross Profit was 240.433 + 264.985 + 252.169 + 234.825 = $992 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(3136.682 + 3349.755 + 3355.254 + 3439.998 + 3440.214) / 5 = $3344.3806 Mil.
Total Assets at the begining of last year (Dec21) was $3,137 Mil.
Long-Term Debt & Capital Lease Obligation was $860 Mil.
Total Current Assets was $1,727 Mil.
Total Current Liabilities was $642 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.

Gildan Activewear's current Net Income (TTM) was 534. ==> 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.

Gildan Activewear's current Cash Flow from Operations (TTM) was 547. ==> 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 (Dec22)
=533.58/3440.214
=0.15510082

ROA (Last Year)=Net Income/Total Assets (Dec21)
=541.54/3136.682
=0.1726474

Gildan Activewear's return on assets of this year was 0.15510082. Gildan Activewear's return on assets of last year was 0.1726474. ==> Last year is higher ==> Score 0.

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.

Gildan Activewear's current Net Income (TTM) was 534. Gildan Activewear's current Cash Flow from Operations (TTM) was 547. ==> 547 > 534 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=768.9/3565.6752
=0.21563938

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=860.162/3344.3806
=0.25719621

Gildan Activewear's gearing of this year was 0.21563938. Gildan Activewear's gearing of last year was 0.25719621. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=1687.536/724.09
=2.33056112

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1726.952/641.673
=2.6913272

Gildan Activewear's current ratio of this year was 2.33056112. Gildan Activewear's current ratio of last year was 2.6913272. ==> 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.

Gildan Activewear's number of shares in issue this year was 171.787. Gildan Activewear's number of shares in issue last year was 179.828. ==> 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
=880.054/3195.911
=0.27536874

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=992.412/3240.482
=0.30625444

Gildan Activewear's gross margin of this year was 0.27536874. Gildan Activewear's gross margin of last year was 0.30625444. ==> 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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=3195.911/3440.214
=0.9289861

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=3240.482/3136.682
=1.03309229

Gildan Activewear's asset turnover of this year was 0.9289861. Gildan Activewear's asset turnover of last year was 1.03309229. ==> 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+0+1+1+0+1+0+0
=5

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

Gildan Activewear has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Gildan Activewear  (NYSE:GIL) 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.


Gildan Activewear Piotroski F-Score Related Terms

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Gildan Activewear (Gildan Activewear) Business Description

Traded in Other Exchanges
Address
600 de Maisonneuve Boulevard West, 33rd Floor, Suite 330, Montreal, QC, CAN, H3A 3J2
Gildan is a vertically integrated designer and manufacturer of basic apparel, including T-shirts, underwear, socks, and hosiery. Its primary market is the sale of blank T-shirts, sweatshirts, and other apparel to wholesalers, major clothing brands, and printers (printwear). Gildan also sells branded clothing through retail and direct-to-consumer channels. Brands include Gildan, American Apparel, Comfort Colors, and Gold Toe. Gildan produces most of its clothing at factories in Latin America and recently began operating a new plant in Bangladesh. Incorporated in 1984, the Montreal-based company operates internationally but generates nearly 90% of its sales in the U.S.